从港口看经济：关税风暴下跟踪及展望 20250923 摘要 2025 年 4 月关税冲击导致美线货量缩减 30%-50%，大型集装箱港口 通过汇集周边腹地货物对冲影响，小型港口受跳港影响较大。5 月关税 下调后运价飙升，6 月货量恢复正常，旺季美线减班但运价不稳。 散杂货码头服务于钢厂、电厂等腹地需求，区位优势显著，陆运费用占 比高，成本敏感。唐山金唐港区是重要散杂货码头，黄骅港、秦皇岛及 唐山港服务于北煤南运。 港口通过与货主码头合资建立股权关系，改变区位优势，但复杂的股权 关系导致一省一港整合缓慢。散杂货码头议价能力强，集装箱港口竞争 激烈，船舶大型化使得大港深水港资源稀缺。 2025 年上半年，澳洲天气扰动影响铁矿石供应，煤价下跌导致电厂减 少北煤采购。全年干散货运价前高后低，但吞吐量仍增长，受益于争取 内贸钢厂业务、铝铁矿需求增加及贸易模式转变。 钢厂更多从港口采购现货以规避价格波动风险，港口增加堆场面积。大 宗商品价格回落使得进口维持健康水平，下游钢厂利润率改善带动补库 需求，终端钢材需求有驱动力。 Q&A 中国港口的业务分类和商业模式有哪些差异？ 中国港口行业类型多样，主要分为集装箱港口和散杂货港 ...

General Principles - The purpose of the fundraising management measures is to standardize the management and use of funds raised by the company, protect investors' rights, and comply with relevant laws and regulations [1][2] - The board of directors is responsible for ensuring the effective implementation of these measures [1][2] Fundraising and Storage - The company must open a special account for fundraising, and funds should be stored in this account for centralized management [6][7] - A tripartite supervision agreement must be signed with the sponsor or independent financial advisor and the commercial bank within one month of the funds being received [7][8] - The company must report to the Shanghai Stock Exchange within two trading days after signing the agreement [8] Use of Funds - Funds must be used according to the fundraising plan outlined in the issuance application documents [9][10] - If a fundraising project faces significant changes or delays, the company must reassess its feasibility and disclose the situation [10][11] - The company is prohibited from using funds for financial investments or providing funds to controlling shareholders or related parties [11][12] Management of Surplus Funds - Surplus funds should be used for ongoing projects, new projects, or share repurchases, and a specific plan for their use must be disclosed [16][17] - If surplus funds are used for cash management or temporary working capital, it must be approved by the board and disclosed [17][18] Changes in Fund Usage - Any changes in the use of funds must be approved by the board and disclosed to shareholders [19][20] - The company must conduct a feasibility analysis for new investment projects to ensure they enhance competitiveness and innovation [20][21] Supervision and Reporting - The company must maintain detailed records of fund usage and undergo regular internal audits [24][25] - The sponsor or independent financial advisor must conduct ongoing supervision and report any irregularities [29][30] Final Provisions - Any matters not covered by these measures will be governed by relevant national laws and regulations [30][31] - The board of directors is responsible for interpreting these measures [31][32]

又称苏伊士型油轮，根据 Clarksons 的分类标准，为 Suez/Suez 型油轮 指 Bareboat Charter，即船舶出租人将船舶在约定的时 光租 指 间内出租给他人使用，不配备操作人员，不承担运输 过程中发生的各项费用，只收取固定租赁费的业务 Time Charter，即出租人向承租人提供配备船员的船 舶，由承租人在约定的期间内按照约定的用途使用， 期租 指 并按日计算租金的船舶租赁。期租情况下，承租人承 担船舶的燃油费、港口使费等费用 Voyage Charter，即出租人向承租人提供船舶或船舶 的部分舱位，在约定的港口间装运约定的货物，由承 程租/航次租船 指 租人支付约定运费。程租情况下，出租人承担船舶的 燃油费、港口费等费用 招商局南京油运股份有限公司2025 年半年度报告 BCTI 指 波罗的海成品油综合运价指数 BDTI 指 波罗的海原油综合运价指数 克拉克森，Clarksons 指 英国著名航运经纪公司 Time Charter Equivalent，等价期租租金，即[程租 TCE 指 总运费－（燃油费+港口使用费+其他航次费用）]/实 际程租航次天数，通常以美元/天为单位 Co ...