数据显示，易方达基金旗下1只基金位居海通发展十大流通股东。易方达港股通红利混合A（005583） 三季度新进十大流通股东，持有股数341.6万股，占流通股的比例为1.23%。根据测算，今日浮盈赚取约 225.46万元。连续6天上涨期间浮盈赚取502.15万元。 易方达港股通红利混合A（005583）成立日期2018年3月7日，最新规模53.29亿。今年以来收益 28.56%，同类排名3041/8213；近一年收益40.24%，同类排名1264/8130；成立以来亏损9.56%。 易方达港股通红利混合A（005583）基金经理为唐博伦。 11月17日，海通发展涨5.31%，截至发稿，报13.08元/股，成交5.18亿元，换手率14.83%，总市值121.49 亿元。海通发展股价已经连续6天上涨，区间累计涨幅13.42%。 截至发稿，唐博伦累计任职时间1年202天，现任基金资产总规模63.53亿元，任职期间最佳基金回报 49.22%， 任职期间最差基金回报1.52%。 资料显示，福建海通发展股份有限公司位于福建省福州市台江区长汀街23号升龙环球大厦42层，成立日 期2009年3月19日，上市日期2023年3月29 ...

Financial Data and Key Metrics Changes - For Q3 2025, total net revenues were reported at $40.4 million, with a net loss attributable to controlling shareholders of $0.7 million, equating to a loss of $0.24 per share. Adjusted net loss was $0.6 million or $0.23 per share. Adjusted EBITDA for the quarter was $4.1 million [3][4][21] - For the first nine months of 2025, total net revenues were $34.9 million, representing a 25% decrease from $46.6 million in the same period of 2024. Adjusted EBITDA for this period was $5 million, down from $7.6 million in 2024 [23][24] Business Line Data and Key Metrics Changes - The company operated an average of 12 vessels in Q3 2025, earning an average time charter equivalent rate of $13,232 per day, compared to 13 vessels earning $13,105 per day in Q3 2024. The commercial utilization rate was 100% [25][26] - Daily cash flow break-even level for Q3 2025 was $12,482 per vessel, down from $15,145 per vessel in Q3 2024 [26] Market Data and Key Metrics Changes - Panama export rates increased from approximately $14,500 per day to $14,950 per day by the end of Q3 2025, with spot rates for Panamax vessels rising to around $15,500 per day as of November 7 [7][8] - The Baltic Dry Index and Baltic Panamax Index recorded year-over-year increases of approximately 6% and 14%, respectively, indicating a better market compared to the previous year [8][11] Company Strategy and Development Direction - The company plans to continue executing share repurchases under its $10 million plan, which has been extended for an additional year, while also modernizing its fleet in preparation for future market conditions [4][18] - The company is focusing on securing longer-term coverage when rates reach between $15,000 and $17,000 per day [32] Management's Comments on Operating Environment and Future Outlook - Management noted that the overall market remains uncertain due to geopolitical developments, but there are signs of recovery in the dry bulk sector, supported by strong demand for minor bulks and robust grain trade flows [15][16] - The IMF projects global growth to ease slightly, with persistent trade tensions and policy uncertainty impacting investment and trade activity [9][10] Other Important Information - The company has two Ultramax vessels under construction, scheduled for delivery in 2027, which will expand the fleet to 13 vessels with a total carrying capacity of just under 900,000 deadweight tons [6] - As of September 30, 2025, the company's debt stood at $97.9 million, with a repayment schedule indicating $13.1 million in repayments for 2025 [28][30] Q&A Session Summary Question: What is the threshold for shifting from short-term index-linked exposure to securing longer-term coverage? - Management indicated that they would consider longer-term coverage if rates reach around $15,000 to $17,000 [32] Question: What is the timeline for the extra RENI vessel? - The extra RENI was fixed for a trip via South America and back to the Far East, expected to take about 90-100 days at a rate of approximately $16,500 per day [33] Question: What are the plans for improving near-term liquidity? - Management highlighted improved liquidity due to the sale of the Irini vessel and financing arrangements for new buildings, projecting a liquidity increase of over $15 million by year-end [35] Question: Can you clarify the new build financing and incremental debt? - Management confirmed that approximately $53 million in debt would be drawn to finance the two new buildings by their delivery in 2027 [37] Question: What is the outlook for rates on specific vessels? - Management explained that rates can vary significantly based on the type of voyage, with higher rates expected for voyages from the Atlantic to the Far East [38]

Group 1: Core Views - The article emphasizes that the food and beverage industry is approaching a turning point with supply and demand clearing, particularly in the liquor sector where inventory is being rapidly reduced and demand is being stimulated by falling prices [3][4]. - It suggests a focus on growth opportunities in various segments, including liquor, beverages, snacks, and food raw materials, while highlighting the resilience of mass-market products [3][5]. Group 2: Liquor Market Insights - The liquor market is experiencing accelerated clearing, with a notable decline in inventory and sales, indicating that the market has reached its bottom [4]. - The current adjustment cycle is characterized as U-shaped, with a significant quarterly decline that surpasses previous lows, suggesting a potential for recovery as the market stabilizes [4]. Group 3: Beer and Beverage Sector - The beer market is stable, with consistent pricing and sales, while the beverage sector shows strong structural growth driven by leading brands [5]. - The article recommends focusing on regional beer leaders with competitive advantages and emphasizes the long-term value potential of traditional beverage companies [5]. Group 4: Mass-Market Products - The mass-market segment is stabilizing, with certain industries like food raw materials and health products still in a growth phase [6]. - There is a notable divergence within the sector, with strong performance in condiments and dairy products, while the snack segment is experiencing a slight decline [6]. Group 5: Investment Recommendations - The article advises increasing holdings in liquor stocks that are showing growth and clearing trends, while also considering undervalued beverage stocks with high dividends [3][5]. - It highlights the importance of innovation and channel expansion for companies in the snack sector to maintain competitiveness [6].

1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints of the Report - As of the reporting date, the shipment volume of industrial products remained high, marginally supporting the transportation demand for Capesize vessels. The Capesize vessel freight index BCI maintained a weekly increase, supporting the continued rise of the BDI composite freight index. However, the BPI freight index continued to decline, and the BSI freight index turned from rising to falling, indicating that freight rates on some routes were starting to weaken. The significant reduction in wheat and soybean shipments dragged down the transportation demand for Handysize vessels, while the high shipment volume of industrial products such as Australian iron ore, South African coal, Russian coal, and Guinean bauxite supported the transportation demand for Capesize vessels [1]. 3. Summary by Directory 3.1 Spot Index Review 3.1.1 BDI Freight Index Analysis - Compared with the data on September 12, the range of decline in the route - specific freight index widened, the decline of the BPI freight index increased, and the BSI freight index turned from rising to falling. In addition, the weekly increase of the BCI freight index narrowed, which also led to a narrowing of the increase in the BDI composite freight index. The BDI composite freight index closed at 2203 points, a week - on - week increase of 3.62%; the BCI freight index closed at 3437 points, a week - on - week increase of 11.95%; the BPI freight index closed at 1845 points, a week - on - week decrease of 8.03%; the BSI freight index closed at 1489 points, a week - on - week decrease of 0.2%; the BHSI freight index closed at 815 points, a week - on - week increase of 1.37% [4]. 3.1.2 FDI Far - East Dry Bulk Freight Index - On September 18, the FDI composite index, FDI rental freight index, and FDI spot freight index all rebounded, but the rebound amplitude decreased. In the FDI rental freight index, the rental freight of Capesize vessels still increased month - on - month. Specifically, the FDI composite freight index closed at 1389.93 points, a month - on - month increase of 0.8%; the FDI rental index closed at 1725.57 points, a month - on - month increase of 0.97%; among them, the Capesize vessel rental index closed at 1926.47 points, a month - on - month increase of 2.29%; the Panamax vessel rental index closed at 1550.88 points, a month - on - month increase of 0.09%; the Handymax vessel rental index closed at 1632.4 points, a month - on - month decrease of 0.21%; the FDI freight index closed at 1166.17 points, a month - on - month increase of 0.63% [9]. 3.2 Dry Bulk Shipment Situation Tracking 3.2.1 Number of Vessels Used for Shipment in Sending Countries on the Day - The main sending countries of industrial products include Indonesia, Australia, Guinea, Russia, the United States, South Africa, Brazil, Canada, India, Colombia, Serbia, and Mozambique. The main sending countries of agricultural products include Russia, Argentina, Australia, Ukraine, and the United States. On September 22, among the main sending countries of agricultural products, Brazil used 50 vessels for shipment, Russia used 14 vessels, Argentina used 22 vessels, and Australia used 3 vessels. Among the main sending countries of industrial products, Australia used 57 vessels, Guinea used 34 vessels, Indonesia used 39 vessels, Russia used 20 vessels, South Africa used 18 vessels, Brazil used 12 vessels, and the United States used 11 vessels [14][15]. 3.2.2 Analysis of Shipment Volume and Vessel Usage on the Day - In terms of agricultural product shipments, 21 vessels were used for corn shipment, 21 for wheat, 11 for soybeans, 12 for soybean meal, and 17 for sugar. In terms of industrial product shipments, 108 vessels were used for coal, 82 for iron ore, and 15 for other dry goods. In terms of vessel types, the largest number of vessels required for agricultural product shipments was 35 Post - Panamax vessels, followed by 21 Handymax vessels, and finally 17 Handysize vessels. For industrial product shipments, the largest number was 96 Capesize vessels, followed by 71 Post - Panamax vessels, and finally 53 Handymax vessels [15]. 3.3 Tracking of the Number of Vessels at Major Ports - The data for the week showed that the number of vessels at major Chinese ports decreased week - on - week. Data from mid - to late September showed that "three ports increased, two ports decreased." The expected number of dry - bulk vessels docked at Chinese ports increased by 8 week - on - week, the number of vessels docked at six Australian ports decreased by 5 week - on - week, the number of vessels at South African ports increased by 1 week - on - week, the number of vessels at Brazilian ports increased by 1 week - on - week, and the number of vessels at six Indonesian ports decreased by 2 week - on - week [16]. 3.4 Relationship between Freight and Commodity Prices - On September 19, Brazilian soybeans were priced at $40 per ton. On September 22, the near - term shipping quote for Brazilian soybeans was 3945.57 yuan per ton. On September 18, the latest quote for the BCI C10_14 route freight was $30205 per day. On September 19, the latest quote for the CIF price of iron ore was $120.75 per thousand tons. On September 18, the latest quote for the BPI P3A_03 route freight was $14490 per day. On September 18, the latest quote for the CIF price of thermal coal was 558.34 yuan per ton. On September 19, the Handysize vessel freight index was quoted at 807.6 points. On September 19, the CFR price of 4 - meter medium - grade ACFR radiata pine was quoted at $114 per cubic meter [19].

Report Industry Investment Rating No relevant content provided. Core View of the Report As of the reporting date, the shipment volume of industrial products remained high, which marginally supported the transportation demand for large vessels such as Capesize ships. The week-on-week increase in the Capesize ship freight index BCI expanded, driving the further rise of the BDI composite freight index. Meanwhile, the increase in the BSI & BHSI freight indices narrowed, and the BPI freight index turned down, indicating weak freight rates on some routes. The significant increase in shipments from countries like Russia and Australia, especially the growth in wheat and soybean shipments, supported the transportation demand for Panamax and Handysize ships. The continued substantial increase in the shipment volume of industrial products such as Australian iron ore, South African coal, Russian coal, and Guinean bauxite supported the transportation demand for Capesize ships. Against the backdrop of the significant increase in agricultural product shipments and the high demand for industrial product shipments, dry bulk carriers continued to benefit [1]. Summary by Relevant Catalogs 1. Spot Index Review 1.1 BDI Freight Index Analysis Compared with the data on September 11, except for the week-on-week decline of the BPI freight index, the week-on-week increase of the freight indices of other mainstream ship types continued. Among the sub - ship type freight indices, the weekly increase of the BCI freight index expanded to 12%, and the increase of the BSI & BHSI freight indices narrowed to less than 1%. However, the increase of the BDI composite freight index expanded. Specifically, the BDI composite freight index closed at 2205 points, a week-on-week increase of 4.45%; the BCI freight index closed at 3411 points, a week-on-week increase of 12.17%; the BPI freight index closed at 1881 points, a week-on-week decrease of 5.86%; the BSI freight index closed at 1492 points, a week-on-week increase of 0.54%; the BHSI freight index closed at 809 points, a week-on-week increase of 1% [4]. 1.2 FDI Far - East Dry Bulk Freight Index On September 18, the FDI composite index, FDI rental freight index, and FDI spot freight index all rebounded. In the FDI rental freight index, the rental freight of Capesize ships still increased month - on - month. Specifically, the FDI composite freight index closed at 1378.93 points, a month - on - month increase of 1.18%; the FDI rental index closed at 1708.96 points, a month - on - month increase of 1.68%; among them, the Capesize ship rental index closed at 1883.36 points, a month - on - month increase of 4.23%; the Panamax ship rental index closed at 1549.47 points, a month - on - month decrease of 0.24%; the Handymax ship rental index closed at 1635.91 points, a month - on - month decrease of 0.25%; the FDI freight index closed at 1158.92 points, a month - on - month increase of 0.7% [9]. 2. Dry Bulk Shipment Situation Tracking 2.1 Number of Vessels Used for Shipment by Shipping Countries on the Day The main shipping countries for industrial products include Indonesia, Australia, Guinea, Russia, the United States, South Africa, Brazil, Canada, India, Colombia, Serbia, and Mozambique. The main shipping countries for agricultural products include Russia, Argentina, Australia, Ukraine, and the United States. On September 19, among the main agricultural product shipping countries, Brazil used 54 ships for shipment, Russia used 20 ships, Argentina used 23 ships, Romania used 1 ship, and Australia used 4 ships. Among the main industrial product shipping countries, Australia used 57 ships, Guinea used 36 ships, Indonesia used 44 ships, Russia used 24 ships, South Africa used 15 ships, Brazil used 15 ships, and the United States used 9 ships [13][14]. 2.2 Shipment Volume and Vessel Usage Analysis on the Day In terms of agricultural product shipments, 20 ships were used for corn shipments, 29 for wheat, 25 for soybeans, 9 for soybean meal, and 15 for sugar. In terms of industrial product shipments, 110 ships were used for coal, 77 for iron ore, and 14 for other dry goods. By ship type, the shipment of agricultural products required the most Post - Panamax ships (40), followed by 28 Handymax ships and 22 Handysize ships. The shipment of industrial products required the most Capesize ships (96), followed by 69 Post - Panamax ships and 53 Handymax ships [15]. 3. Tracking of the Number of Ships at Major Ports The weekly data showed that except for the decrease in the number of ships at Australian ports, the number of ships at other ports increased week - on - week. In particular, the number of ships at major Chinese ports increased by 8. The data for mid - to - late September showed an increase at "four ports" with an expanding growth rate. It is expected that the number of dry bulk ships docked at Chinese ports will increase by 4 week - on - week, the number of ships docked at six Australian ports will increase by 9, the number of ships at South African ports will increase by 2, and the number of ships at Brazilian ports will increase by 1 [15][16]. 4. Relationship between Freight and Commodity Prices - Brazilian soybeans: On September 18, the price of Brazilian soybeans was $40/ton. On September 19, the near - term shipping quote for Brazilian soybeans was 3986.98 yuan/ton. - Iron ore: On September 18, the latest quote for the BCI C10_14 route freight was $30,205/day. On September 18, the latest quote for the iron ore arrival price was $120.8/thousand tons. - Steam coal: On September 18, the latest quote for the BPI P3A_03 route freight was $14,490/day. On September 18, the latest quote for the steam coal arrival price was 555.93 yuan/ton. - Logs: On September 18, the Handysize ship freight index was quoted at 805.4 points. On September 19, the quote for 4 - meter medium ACFR radiata pine was $114/cubic meter [20].

Summary - As of the reporting date, the shipping volume of industrial products increased significantly, marginally increasing the demand for large - vessel transportation, especially for Capesize vessels. The Capesize vessel freight index BCI soared week - on - week. Meanwhile, the BPI, BSI, and BHSI freight indices maintained an upward trend, supporting the further rise of the BDI composite freight index. The shipping demand for both agricultural and industrial products remained high, benefiting dry - bulk carriers, especially Capesize vessels [2]. Spot Index Review BDI Freight Index Analysis - Compared with the data on September 9, the week - on - week increase of mainstream vessel - type freight indices continued, but the growth rate slightly narrowed. Among the sub - vessel - type freight indices, the BCI freight index had a weekly increase of over 5%, the largest among all vessel types. The previously strongest BPI freight index's growth rate shrank to less than 3%, and the BSI & BHSI freight index's growth rate shrank to less than 2%. Specifically, the BDI composite freight index closed at 2154 points, up 3.61% week - on - week; the BCI freight index closed at 3189 points, up 5.74% week - on - week; the BPI freight index closed at 1968 points, up 2.34% week - on - week; the BSI freight index closed at 1491 points, up 1.22% week - on - week; the BHSI freight index closed at 804 points, up 1.52% week - on - week [5]. FDI Far - East Dry - Bulk Freight Index - On September 16, the FDI composite index, FDI rent - freight index, and FDI spot - freight index all rebounded. In the FDI rent - freight index, the rent and freight of most Capesize vessels increased month - on - month with a relatively large increase. The FDI composite freight index closed at 1371.6 points, up 0.78% month - on - month; the FDI rent index closed at 1700.97 points, up 1.1% month - on - month; among them, the Capesize vessel rent index closed at 1852.66 points, up 2.28% month - on - month; the Panamax vessel rent index closed at 1559.38 points, up 0.69% month - on - month; the Supramax vessel rent index closed at 1640.29 points, down 0.26% month - on - month; the FDI freight index closed at 1152.03 points, up 0.47% month - on - month [10]. Dry - Bulk Shipping Situation Tracking Shipping Vessel Quantity of Shipping Countries on the Day - On September 17, among major agricultural product shipping countries, Brazil used 50 shipping vessels, Russia used 15, Argentina used 17, Ukraine used 1, Canada used 1, and Australia used 2. Among major industrial product shipping countries, Australia used 60 shipping vessels, Guinea used 35, Indonesia used 46, Russia used 22, South Africa used 17, Brazil used 11, and the United States used 9 [18]. Shipping Volume and Vessel - Usage Analysis on the Day - In terms of agricultural product shipping, 23 vessels were used for corn shipping, 19 for wheat, 19 for soybeans, 9 for soybean meal, and 13 for sugar. In terms of industrial product shipping, 111 vessels were used for coal shipping, 68 for iron ore, and 15 for other dry goods. In terms of vessel types, the most Panamax - plus vessels were needed for agricultural product shipping (36), followed by 21 Supramax vessels and 18 Handysize vessels. For industrial product shipping, the most Capesize vessels were needed (100), followed by 66 Panamax - plus vessels and 44 Supramax vessels [19]. Tracking of the Number of Vessels at Major Ports - The data of the current week showed that except for the number of vessels at Australian ports decreasing month - on - month, the number of vessels at other ports increased month - on - month. In particular, the number of vessels at major Chinese ports increased by 9. The data in mid - to - late September showed that "the number of vessels at four ports increased", but the increase rate was much lower than the previous statistics. It was expected that the number of dry - bulk vessels docked at Chinese ports would increase by 4 month - on - month, the number of vessels docked at six Australian ports would increase by 8 month - on - month, the number of vessels at South African ports would increase by 2 month - on - month, and the number of vessels at Brazilian ports would increase by 2 month - on - month [19][20]. Relationship between Freight and Commodity Prices - On September 17, Brazilian soybeans were priced at $40 per ton, and the near - term shipping quote for Brazilian soybeans was 4056.24 yuan per ton. On September 16, the latest quote for the BCI C10_14 route freight was $27,720 per day, and the latest quote for the iron - ore arrival price was $122.65 per thousand tons. On September 16, the latest quote for the BPI P3A_03 route freight was $14,689 per day, and on September 15, the latest quote for the steam - coal arrival price was 548.64 yuan per ton. On September 16, the Handysize vessel freight index was quoted at 802.4 points, and on September 12, the ACFR quote for 4 - meter medium - grade radiata pine was $114 per cubic meter [23].

Report Summary 1. Investment Rating The provided content does not mention the investment rating for the industry. 2. Core View As of the reporting date, due to the continuous improvement in commodity shipping volume, the demand for mainstream ship types has significantly increased, especially for Capesize and Panamax vessels. This has led to a substantial week - on - week increase in the BCI and BPI freight rate indices, supporting the BDI composite freight rate index to rise by over 8%. The shipping demand for both agricultural and industrial products has increased significantly, benefiting all dry - bulk carriers. [1][4] 3. Summary by Directory 2.1 BDI Freight Rate Index Analysis - Compared with September 3 data, the week - on - week increase in the freight rate indices of mainstream ship types was significant. The BDI composite freight rate index closed at 2112 points, up 8.87% week - on - week; the BCI freight rate index was at 3071 points, up 10.75% week - on - week; the BPI freight rate index was at 1975 points, up 14.89% week - on - week; the BSI freight rate index was at 1478 points, up 0.75% week - on - week; and the BHSI freight rate index was at 798 points, up 1.27% week - on - week. [4] - The BDI composite freight rate index increased by 4.30% month - on - month and 105.25% compared to the beginning of the year; the BCI index decreased by 6.37% month - on - month but increased by 143.54% compared to the beginning of the year; the BPI index increased by 23.90% month - on - month and 97.5% compared to the beginning of the year; the BSI index increased by 10.63% month - on - month and 64.40% compared to the beginning of the year; the BHSI index increased by 15.65% month - on - month and 44% compared to the beginning of the year. [5][7] 2.2 FDI Far - East Dry Bulk Freight Rate Index - On September 10, the FDI composite index, FDI rental freight index, and FDI spot freight index all increased. Among them, the rental freight of Panamax vessels in the FDI rental freight index had the largest month - on - month increase. - The FDI composite freight rate index closed at 1366.34 points, up 1.11% month - on - month; the FDI rental index was at 1686.96 points, up 1.3% month - on - month. The Capesize vessel rental index was at 1822.95 points, up 1.77% month - on - month; the Panamax vessel rental index was at 1546.77 points, up 2.03% month - on - month; the Handymax vessel rental index was at 1645.83 points, down 0.03% month - on - month; the FDI freight rate index was at 1152.59 points, up month - on - month. [8] 3.1 Daily Shipping Country Shipping and Vessel Usage Quantity - On September 11, among the major agricultural product shipping countries, Brazil used 58 vessels, Russia 8 vessels, Argentina 18 vessels, Uruguay 0 vessels, and Australia 0 vessels. Among the major industrial product shipping countries, Australia used 58 vessels, Guinea 37 vessels, Indonesia 47 vessels, Russia 15 vessels, South Africa 19 vessels, Brazil 13 vessels, and the United States 8 vessels. [15][16] 3.2 Daily Shipping Volume and Vessel Usage Analysis - In terms of agricultural product shipping, 22 vessels were used for corn shipping, 21 for wheat, 21 for soybeans, 10 for soybean meal, and 20 for sugar. In terms of industrial product shipping, 104 vessels were used for coal, 75 for iron ore, and 23 for other dry goods. - For agricultural product shipping, the most required were Post - Panamax vessels (42), followed by Handymax vessels (22), and then Handysize vessels (27). For industrial product shipping, the most required were Capesize vessels (92), followed by Post - Panamax vessels (72), and then Handymax vessels (60). [17] 4. Main Port Vessel Quantity Tracking - In mid - September, the number of vessels docked at Chinese ports continued to increase. The data showed that the number of dry - bulk vessels docked at Chinese ports was expected to increase by 22 week - on - week, while the number at Australian ports decreased by 2, and the number at Indonesian ports increased by 1. The number of vessels at Brazilian and South African ports remained unchanged. [18] 5. Relationship between Freight and Commodity Prices - On September 10, Brazilian soybeans were priced at $39/ton, and the near - term shipping quote was 4033.52 yuan/ton. - On September 10, the latest quote for the BCI C10_14 route freight was $28045/day, and the latest quote for iron ore CIF price was $123.95/kiloton. - On September 10, the latest quote for the BPI P3A_03 route freight was $14227/day, and the latest quote for steam coal CIF price was 544.6 yuan/ton. - On September 10, the Handysize vessel freight rate index was quoted at 790.4 points. On September 12, the 4 - meter medium ACFR radiata pine was quoted at $114/cubic meter. [22]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The BPI freight rate index turned up week-on-week, and the increase in the (large) handy-sized ship transport market widened, with the freight rate rising by over 3% week-on-week. However, the BDI composite freight rate index and the BCI freight rate index declined month-on-month, and the decline widened [1]. - The demand for industrial product shipments remained strong, supporting the demand for Capesize and Panamax ships. The demand for agricultural product shipments also increased, especially in the import shipments of corn, soybeans, and soybean meal [1]. 3. Summary by Relevant Catalogs 3.1 Spot Index Review - **BDI Freight Rate Index Analysis**: On August 19, the BDI composite freight rate index and the BCI freight rate index continued to decline month-on-month, while the BPI, BSI, and BHSI freight rate indices maintained an upward trend. Specifically, the BDI composite freight rate index closed at 1,964 points, down 2.63% week-on-week; the BCI freight rate index closed at 3,023 points, down 7.3% week-on-week; the BPI freight rate index closed at 1,637 points, up 2.63% week-on-week; the BSI freight rate index closed at 1,369 points, up 3.01% week-on-week; and the BHSI freight rate index closed at 708 points, up 3.06% week-on-week [4]. - **FDI Far East Dry Bulk Freight Rate Index**: On August 19, except for the continued improvement in the large handy-sized ship rental transport market, the FDI composite index and most of the sub-ship type rental freight rates declined. Among them, the FDI Capesize ship rental index had the largest decline. Specifically, the FDI composite freight rate index closed at 1,290.71 points, down 1.39% month-on-month; the FDI rental index closed at 1,566.63 points, down 1.78% month-on-month; the Capesize ship rental index closed at 1,558.15 points, down 4.49% month-on-month; the Panamax ship rental index closed at 1,586.21 points, down 0.17% month-on-month; the large handy-sized ship rental index closed at 1,558.34 points, up 0.35% month-on-month; and the FDI freight rate index closed at 1,106.76 points, down 1.02% month-on-month [9]. 3.2 Dry Bulk Shipment Situation Tracking - **Shipment Country Ship Usage Quantity**: On August 20, among the major agricultural product shipment countries, Brazil used 40 ships, Russia used 10 ships, Argentina used 21 ships, and Australia used 2 ships. Among the major industrial product shipment countries, Australia used 56 ships, Guinea used 30 ships, Indonesia used 37 ships, Russia used 24 ships, South Africa used 17 ships, Brazil used 14 ships, and the United States used 17 ships [16]. - **Shipment Volume and Ship Usage Analysis**: In terms of agricultural product shipments, 23 ships were used for corn shipments, 17 ships for wheat shipments, 16 ships for soybean shipments, 11 ships for soybean meal shipments, and 11 ships for sugar shipments. In terms of industrial product shipments, 110 ships were used for coal shipments, 81 ships for iron ore shipments, and 16 ships for other dry goods shipments. By ship type, the most Ultramax ships were needed for agricultural product shipments, with 37 ships; followed by 19 Handymax ships; and finally 20 Handy ships. For industrial product shipments, the most Capesize ships were needed, reaching 88 ships; followed by 71 Panamax ships; and finally 58 Handymax ships [16]. 3.3 Main Port Ship Quantity Tracking - In August, the number of ships docked at ports in South Africa, Indonesia, and Brazil increased month-on-month. During the week, the number of ships in China and Indonesia continued to increase month-on-month, while the number of ships docked at Australian ports continued to decrease significantly month-on-month. From August 1 to August 19, "two ports decreased, and three ports increased." The number of dry bulk ships docked at Chinese ports decreased by 9 ships month-on-month; the number of ships docked at six Australian ports decreased by 13 ships month-on-month; the number of ships docked at six Indonesian ports increased by 1 ship month-on-month; the number of ships docked at five Brazilian ports increased by 5 ships month-on-month; and the number of ships docked at one South African port increased by 3 ships month-on-month [16][17]. 3.4 Relationship between Freight and Commodity Prices - **Brazilian Soybeans**: On August 19, Brazilian soybeans were priced at $38 per ton. On August 20, the near-term shipment price of Brazilian soybeans was 4,061.54 yuan per ton. - **Iron Ore**: On August 19, the latest freight rate quote for the BCI C10_14 route was $21,986 per day. On August 19, the latest CIF price of iron ore was $118.25 per thousand tons. - **Steam Coal**: On August 19, the latest freight rate quote for the BPI P3A_03 route was $13,887 per day. On August 19, the latest CIF price of steam coal was 557.32 yuan per ton. - **Logs**: On August 19, the Handy-sized ship freight rate index was quoted at 698.6 points. On August 15, the CFR price of 4-meter radiata pine was $116 per cubic meter [21].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The Handysize ship transport market continued to rise this week, with the weekly freight rate increasing by over 2%. However, the BDI composite freight index and most sub - ship type freight indices decreased week - on - week, but the decline was not significant. Industrial product shipping demand remained strong, while agricultural product shipping demand showed a downward trend [1]. Summary by Directory 1. Summary - The Handysize ship transport market maintained an upward trend, with the weekly freight rate rising by over 2%. The BDI composite freight index and other sub - ship type freight indices decreased week - on - week, but the decline was small. Industrial product shipping demand, such as coal, iron ore, and other dry goods, remained high, supporting the demand for Capesize and Handysize ships. Agricultural product shipping demand, especially soybean imports, declined. During the 90 - day suspension of reciprocal tariff increases between China and the US, soybean trade, including freight and domestic commodity prices, deserves further attention [1]. 2. Spot Index Review 2.1 BDI Freight Index Analysis - On August 15, the BDI composite freight index and most ship - type freight indices decreased week - on - week. The Capesize ship freight index BCI had the largest decline, while the Handysize ship freight index continued to rise. Specifically, the BDI composite freight index closed at 2044 points, down 0.34% week - on - week; the BCI freight index closed at 3295 points, down 1.41% week - on - week; the BPI freight index closed at 1622 points, down 0.8% week - on - week; the BSI freight index closed at 1353 points, up 2.5% week - on - week; the BHSI freight index closed at 698 points, up 2.2% week - on - week [4]. 2.2 FDI Far East Dry Bulk Freight Index - On August 15, except for the continued improvement in the Handysize ship rental transport market, the FDI composite index and most sub - ship type rental freight rates declined. The FDI composite freight index closed at 1329.9 points, down 0.45% month - on - month; the FDI rental index closed at 1630.3 points, down 0.42% month - on - month. The Capesize ship rental index closed at 1719.06 points, down 1.16% month - on - month; the Panamax ship rental index closed at 1590.25 points, down 0.23% month - on - month; the Handysize ship rental index closed at 1552.01 points, up 0.48% month - on - month; the FDI freight index closed at 1129.64 points, down 0.47% month - on - month [9]. 3. Dry Bulk Shipping Situation Tracking 3.1 Number of Ships Used for Shipping in Sending Countries on the Day - On August 18, among major agricultural product sending countries, Brazil used 14 ships, Russia used 8 ships, Argentina used 21 ships, Canada used 3 ships, and Australia used 4 ships. Among major industrial product sending countries, Australia used 63 ships, Guinea used 27 ships, Indonesia used 44 ships, Russia used 25 ships, South Africa used 14 ships, Brazil used 12 ships, and the US used 13 ships [16]. 3.2 Analysis of Shipping Volume and Ship Usage on the Day - In agricultural product shipping, 7 ships were used for corn, 21 for wheat, 9 for soybeans, 7 for soybean meal, and 13 for sugar. In industrial product shipping, 120 ships were used for coal, 77 for iron ore, and 14 for other dry goods. By ship type, agricultural product shipping required the most Post - Panamax ships (19), followed by Supramax ships (18), and then Handysize ships (16). Industrial product shipping required the most Capesize ships (86), followed by Post - Panamax ships (71), and then Supramax ships (60) [17]. 4. Tracking of the Number of Ships at Major Ports - This week, the number of ships at Chinese and Indonesian ports continued to increase week - on - week, while the number of ships at Australian ports decreased significantly week - on - week. From August 1 to August 17, after adjustment, "one port decreased, and four ports increased." The number of dry - bulk ships at Chinese ports increased by 9; the number of ships at six Australian ports decreased by 12; the number of ships at six Indonesian ports increased by 1; the number of ships at five Brazilian ports increased by 6; the number of ships at one South African port increased by 3 [18]. 5. Relationship between Freight and Commodity Prices - On August 15, Brazilian soybeans were priced at $39 per ton, and the near - term shipping quote was 4040.42 yuan per ton. The latest quote for the BCI C10_14 route freight was $25535 per day, and the latest quote for iron ore's CIF price was $119.6 per thousand tons. The latest quote for the BPI P3A_03 route freight was $13956 per day, and the latest quote for the CIF price of thermal coal was 554.88 yuan per ton. The Handysize ship freight index was quoted at 691 points, and the price of 4 - meter medium - grade ACFR radiata pine was $116 per cubic meter [22].

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - The BDI composite freight index and most sub - ship type freight indices continued to rebound week - on - week, with the BSI freight index's increase expanding. The BPI freight index continued to decline. Industrial product shipments maintained strong demand, and the shipment of wheat and soybean meal among agricultural products brought new demand for (large) handy - sized ships [1][4]. - The FDI index declined across the board on August 12, but the FDI handy - sized ship rental market was active, and most route freight rates rebounded [7]. - In terms of dry bulk shipments, on August 13, the number of ships used for Russian commodity shipments increased significantly. The shipment volumes of wheat and soybean meal increased notably, bringing new demand for (large) handy - sized ships [14][17]. - The number of ships docked at Brazilian ports continued to increase significantly. From August 1st to 12th, the number of dry bulk ships docked at Chinese ports increased, while that in Australian ports decreased, and the number in Indonesian ports increased [17][18]. - The import landed prices of commodities increased significantly, such as Brazilian soybeans, iron ore, thermal coal, and logs [22]. 3. Summary by Directory 2.1 BDI Freight Index Analysis - On August 12, except for the BPI freight index which continued to decline, the BDI composite freight index and most sub - ship type freight indices rebounded week - on - week. The BCI freight index had the largest rebound, driving the BDI's weekly increase to expand. The BDI composite freight index closed at 2017 points, up 5% week - on - week; the BCI freight index closed at 3261 points, up 8.48% week - on - week; the BPI freight index closed at 1595 points, down 1.85% week - on - week; the BSI freight index closed at 1329 points, up 3.91% week - on - week; the BHSI freight index closed at 687 points, up 1.63% week - on - week [4]. 2.2 FDI Far - East Dry Bulk Freight Index - On August 12, the FDI index declined across the board. However, the FDI handy - sized ship rental market strengthened, and most route freight rates rebounded. The FDI composite freight index closed at 1331.54 points, down 0.82% month - on - month; the FDI rental index closed at 1624.18 points, down 0.97% month - on - month. Among them, the cape - sized ship rental index closed at 1734.98 points, down 3.92% month - on - month; the panamax ship rental index closed at 1575.53 points, up 1.48% month - on - month; the large handy - sized ship rental index closed at 1525.1 points, up 1.23% month - on - month; the FDI freight index closed at 1136.44 points, down 0.67% month - on - month [7]. 3.1当日发运国发运用船数量 - On August 13, among major agricultural product shipping countries, Brazil, Russia, and Argentina each used 22 ships for shipping, Canada used 3 ships, and Australia used 1 ship. Among major industrial product shipping countries, Australia used 49 ships, Guinea used 28 ships, Indonesia used 46 ships, Russia used 23 ships, South Africa used 17 ships, Brazil used 18 ships, and the United States used 12 ships [16]. 3.2当日发运量及用船分析 - In terms of agricultural product shipments, 7 ships were used for corn, 24 for wheat, 11 for soybeans, 9 for soybean meal, and 12 for sugar. For industrial product shipments, 112 ships were used for coal, 75 for iron ore, and 20 for other dry goods. In terms of ship types, 27 post - panamax ships were needed for agricultural product shipments, followed by 15 super - handy - sized ships and 16 handy - sized ships. For industrial product shipments, 88 large cape - sized ships were needed, followed by 65 post - panamax ships and 58 super - handy - sized ships [17]. 四、主要港口船舶数量跟踪 - The number of ships docked at Brazilian ports continued to increase significantly. From August 1st to 12th, the number of dry bulk ships docked at Chinese ports increased by 9, that in Australian ports decreased by 6, that in Indonesian ports increased by 5, that in Brazilian ports increased by 10, and that in South African ports remained unchanged [18]. 五、运费与商品价格的关系 - On August 12, Brazilian soybeans were priced at $39/ton, and on August 13, the near - term shipping quote was 4117.68 yuan/ton. On August 12, the latest quote for the BCI C10_14 route freight was $26486/day, and the latest quote for iron ore landed price was $121.8/kiloton. On August 12, the latest quote for the BPI P3A_03 route freight was $13428/day, and the latest quote for thermal coal landed price was 543.42 yuan/ton. On August 8, the handy - sized ship freight index was quoted at 678.2 points, and the price of 4 - meter radiata pine ACFR was $116/cubic meter [22].