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） ...

（原标题：欧美航线运价大跌！航运市场今年"旺季不旺" 什么原因？） 受中美关税影响，美线航运市场在经历一轮狂热之后迎来了迅速回落，本应是航运市场传统旺季的9 月，相比往年却显得尤为冷清：一方面，美线航运价大幅跳水，另一方面，出货量也不及预期。 "这波运价跌幅确实有点大，欧美线的航运价格甚至跌破了部分船公司的成本价了。"众包物流总经理甘 建军对记者表示。为航运电商提供运价服务的Geek Rate官网显示，根据9月29日最新报价，10月7日从 上海至美国洛杉矶15日航程的航线报价为1220美元/40尺货柜，这较两周前的价格跌幅超30%。欧洲线 方面，上海至鹿特丹航线最低报价为1400美元/FEU，也较9月中旬有所下滑。 宁波航运交易所9月27日NCFI指数亦显示，美西航线运价指数报868.22 点，环比下滑 8.11%；美东航线 报834.04 点，环比下滑4.99%。此外，欧洲线也呈现较大跌幅，环比下滑 8.83%。此外，上海集装箱运 价指数在9 月15日—19 日创下2016年以来最大的单周跌幅，大跌14%。 欧美航线运价下跌幅度之大，甚至跌破部分船公司的成本价。"9月份欧线价格都已经跌到三位数了，正 常情况 ...

受中美关税影响，美线航运市场在经历一轮狂热之后迎来了迅速回落，本应是航运市场传统旺季的9月，相比往年却显得尤为冷清：一方面，美线航运价 大幅跳水，另一方面，出货量也不及预期。 "这波运价跌幅确实有点大，欧美线的航运价格甚至跌破了部分船公司的成本价了。"众包物流总经理甘建军对记者表示。为航运电商提供运价服务的Geek Rate官网显示，根据9月29日最新报价，10月7日从上海至美国洛杉矶15日航程的航线报价为1220美元/40尺货柜，这较两周前的价格跌幅超30%。欧洲线方 面，上海至鹿特丹航线最低报价为1400美元/FEU，也较9月中旬有所下滑。 宁波航运交易所9月27日NCFI指数亦显示，美西航线运价指数报868.22 点，环比下滑 8.11%；美东航线报834.04 点，环比下滑4.99%。此外，欧洲线也呈现 较大跌幅，环比下滑 8.83%。此外，上海集装箱运价指数在9 月15日—19 日创下2016年以来最大的单周跌幅，大跌14%。 欧美航线运价下跌幅度之大，甚至跌破部分船公司的成本价。"9月份欧线价格都已经跌到三位数了，正常情况下绕行好望角的成本要比走苏伊士运河高 30%，现在加起来反而比以前还便宜很多 ...

Core Viewpoint - The company, Haixia Co., has implemented emergency measures in response to Typhoon "Bolaoi," ensuring the safety and needs of stranded drivers and passengers during the storm [1][3]. Group 1: Emergency Response - Haixia Co. initiated a "Warm Heart Escort" emergency plan to safeguard stranded drivers and passengers as Typhoon "Bolaoi" impacted operations [1]. - A dedicated service team was formed to provide support to stranded individuals, delivering 1,281 care packages to truck drivers and passengers [3]. - The service team also addressed concerns regarding the resumption of ferry services and provided a "One-stop Customs Clearance Guide" to facilitate efficient post-typhoon operations [3]. Group 2: Operational Preparedness - The company is closely monitoring weather conditions 24/7 and has all staff on standby to expedite the resumption of ferry services [3]. - Passengers are advised to purchase tickets in advance and for truck drivers to make reservations, with a recommendation to arrive at the port two hours before departure to avoid inconvenience [4]. - The company emphasizes its commitment to prioritizing the needs of the public and ensuring safe and smooth travel for all passengers and drivers [4].

Investment Rating - The report maintains a recommendation for the transportation industry, highlighting opportunities in undervalued assets with a focus on high dividend yields [3]. Core Insights - The report emphasizes the recovery in the shipping sector, the attractiveness of infrastructure assets with dividend yields above 5%, and the positive outlook for the aviation industry in 2025-2026 [1][17][22]. - It also notes the potential for valuation recovery in the express delivery sector due to easing price competition [20]. Shipping Sector Summary - The shipping industry is experiencing a mixed performance, with container shipping rates declining due to reduced cargo volumes ahead of the National Day holiday. However, shipowners expect price stabilization in late October [10][17]. - Oil tanker rates remain high but are experiencing slight fluctuations, with VLCC rates at $89,000/day, down 6% from the previous week [13][47]. - The dry bulk market shows signs of recovery, with the BDI index rising by 2.5% to 2259 points [16][43]. Infrastructure Sector Summary - The infrastructure sector is highlighted for its stability, with major highways showing a dividend yield of over 5%, making them attractive for investment [18][19]. - Recent data indicates a slight increase in truck traffic and stable growth in rail freight, with national rail cargo volume increasing by 0.2% week-on-week [18][50]. Express Delivery Sector Summary - The express delivery industry is projected to maintain strong growth, with a 12.3% year-on-year increase in business volume in August 2025 [20][60]. - The report notes a shift towards price stabilization due to "anti-involution" policies, which are expected to improve industry valuations [20]. Aviation Sector Summary - The aviation industry is experiencing a slight decline in passenger volume due to adverse weather conditions, but ticket prices and load factors remain strong, with domestic ticket prices up 13.2% year-on-year [22][21]. - The report highlights the potential for recovery in the aviation sector in Q4, driven by low base effects and increased travel demand [22].

Core Viewpoint - Zhongtai Securities initiates coverage on Intercontinental Shipping (02409) with a "Buy" rating, projecting steady revenue growth driven by a dual strategy of light and heavy asset management [1][2] Group 1: Company Strategy - Intercontinental Shipping operates as a comprehensive shipping service provider, employing a dual strategy of light and heavy asset management to enhance operational flexibility and cash flow stability [2] - The heavy asset side focuses on bulk shipping services, while the light asset side emphasizes ship management and supervision services [2] Group 2: Shipping Services - The company has a fleet of nearly 40 vessels, including 26 bulk carriers, 2 general cargo ships, and 10 tankers/chemical carriers, with a total capacity of 1.48 million dwt [3] - The fleet structure is continuously optimized, with a focus on increasing the proportion of high-margin controlled vessels and reducing average vessel age [3] - The company has 18 vessels under construction through self-owned and chartered methods, with an additional 21 vessels being built through joint ventures, expected to be delivered between late 2025 and early 2028 [3] Group 3: Ship Management - As a leading third-party ship management service provider, the company offers a comprehensive suite of lifecycle management and value-added services [4] - The company has established a standardized and replicable operational system, with a contract duration typically ranging from 1 to 15 years, ensuring high customer retention [4] - By the end of 2024, the company managed 288 vessels, marking a year-on-year increase of 24.14% [4] Group 4: Catalysts for Growth - The new IMO carbon emission regulations are expected to enhance the competitive advantage of shipping services, pushing the industry towards greener practices [5] - The company has significantly reduced its greenhouse gas emissions per unit of total assets from 1.381 tCO₂/thousand USD in 2020 to 0.556 tCO₂/thousand USD in 2024 [5] - The "National Fleet National Management" initiative is anticipated to strengthen the company's leading position in the ship management industry, enhancing compliance and operational capabilities for domestic shipping enterprises [6]

Core Viewpoint - The report from Zhongtai Securities projects Intercontinental Shipping's revenue and net profit growth from 2025 to 2027, highlighting a dual strategy of asset-light and asset-heavy operations to drive growth in shipping services and ship management [1][4]. Group 1: Shipping Services - The company is a comprehensive shipping service provider and a leading ship management service provider based in China, employing a dual strategy of asset-light and asset-heavy operations [1]. - The fleet structure is continuously optimized, with a controlled fleet of 38 vessels as of June 30, 2025, including 26 bulk carriers, 2 general cargo ships, and 10 tankers/chemical carriers, achieving a total capacity of 1.48 million dwt [2]. - The company has established partnerships with 1,355 suppliers globally, enhancing its operational capabilities [2]. Group 2: Ship Management - Intercontinental Shipping has been recognized as one of the top ten ship management companies globally, reinforcing its industry-leading position [3]. - The company employs a dual charging model combining a lump-sum and management fee, ensuring strong business sustainability and high customer retention [3]. - As of the end of 2024, the company managed 288 vessels, reflecting a year-on-year growth of 24.14% [3]. Group 3: Catalysts for Growth - The new IMO carbon emission regulations are expected to enhance the competitive advantage of shipping services, pushing the industry towards greener practices [4]. - The company has significantly reduced its greenhouse gas emissions per unit of total assets from 1.381 tCO2/thousand USD in 2020 to 0.556 tCO2/thousand USD by 2024 [4]. - The "National Ship, National Management" initiative is anticipated to strengthen the company's leading position in the ship management industry, enhancing compliance and operational capabilities for domestic shipping enterprises [5].

Core Viewpoint - The event "2025 Shanghai Listed Companies Collective Reception Day and Mid-Year Performance Briefing" was successfully held, highlighting the company's strategic focus on expanding into emerging markets and enhancing its service network in Asia [1] Group 1: Company Strategy - The company reported steady expansion into emerging markets during the first half of the year, particularly in Southeast Asia, aiming to establish it as a second growth pole [1] - In the second half of 2025, the company will continue to adhere to its brand strategy, deepen its presence in Northeast Asia, and expand into Southeast Asia, South Asia, and the Middle East [1] - The company plans to optimize logistics resource allocation and enhance service capabilities across the supply chain to improve operational resilience [1] Group 2: Long-term Goals - The company aims to achieve high-quality sustainable development, creating long-term value and continuous returns for all shareholders [1]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the provided content. 2. Core Viewpoints - The 10 - contract of EC is relatively weak due to the resumption of China - Europe freight trains on Wednesday, while it was strong following the overall commodity sentiment on Tuesday. The 12 - contract was supported by factors such as the suspension of China - Europe freight trains, National Day sailing suspension expectations, and price - holding, and showed strength on Monday [9]. - In the European shipping market, based on IPMI data, the cargo volume will bottom out in October and turn around in November. From late September to late October, shipping companies will "compete for cargo", but the "ROLLINGPOOL" strategy in the off - season may intensify the decline in freight rates. It is expected that the offline freight rates will fall back to the low point in May this year in late October, and shipping companies will start signing contracts to support prices after the cargo volume recovers in November. Although some shipping capacity will not resume after the National Day holiday, the impact of reducing ships in the off - season on the market is limited [10]. 3. Summary by Relevant Content 3.1 Shipping Freight Index - **Shanghai Export Container Freight Index (SCFI)**: The current value is 1398, with a previous value of 1444 and a decline of 3.21% [6]. - **China Export Container Freight Index (CCFI)**: The current value is 1125, with a previous value of 1149 and a decline of 2.07% [6]. - **SCFI - West America**: The current value is 2370, with a previous value of 2189 and an increase of 8.27% [6]. - **SCFIS - West America**: The current value is 1349, with a previous value of 980 and an increase of 37.65% [6]. - **SCFI - East America**: The current value is 3307, with a previous value of 3073 and an increase of 7.61% [6]. - **SCFI - Northwest Europe**: The current value is 1154, with a previous value of 1315 and a decline of 12.24% [6]. - **SCFIS - Northwest Europe**: The current value is 1440, with a previous value of 1566 and a decline of 8.05% [6]. - **SCFI - Mediterranean**: The current value is 1738, with a previous value of 1971 and a decline of 11.82% [6]. 3.2 Shipping Derivative Contracts - **Contract Prices**: For contracts EC2506, EC2608, EC2510, EC2512, EC2602, and EC2604, the current values are 1468.7, 1616.7, 1109.7, 1672.0, 1578.8, and 1285.0 respectively, with corresponding changes of - 0.20%, - 0.57%, - 5.13%, - 0.11%, 0.43%, and 0.10% [7]. - **Contract Positions**: For positions EC2606, EC2608, EC2410, EC2412, EC2602, and EC2604, the current values are 924, 439, 49609, 20437, 7105, and 8334 respectively, with changes of (33), (5), 2092, 678, 386, and 101 [7]. - **Monthly Spreads**: For spreads 10 - 12, 12 - 2, and 12 - 4, the current values are - 562.3, 93.2, and 387.0 respectively, with changes of (58.2), (8.5), and (3.1) [7]. 3.3 Spot Prices - **GEMINI**: The overall average in September is 1600, with Maersk's wk38 opening at 1700, HPL - QQ at 1750 in late September, and HPL - SPOT at 1550 [10]. - **OA**: The overall average is 1800, with CMA at 2000, OOCL at 1650, and EMC at 1900 [10]. - **PA**: The overall average is 1700, with ONE at 1800 and HMM at 1600 [10]. - **MSC**: The price in late September is reported at 1750 [10].

Report Title - "【中信期货航运】美西、欧洲计划运力高位回落,至美国发运量维持低位 -- 数据报告20250916" [1] Report Analysts - An Jierui,从业资格号:F03100682,投资咨询号: Z0021085 [1] - Wu Xilu,从业资格号:F03117373,投资咨询号:Z0022651 [1] Core Views - High - frequency shipping capacity shows mixed trends, with the planned capacity of the US West route rebounding month - on - month and the North European capacity rising slightly. The shipping volume of container ships carrying goods from China to the US has dropped again at a low level, and the arrival volume at US ports has declined in the past two weeks. Domestic port throughput fluctuates but remains higher than the same period last year. US booking data also shows a downward trend [4][5] Summary by Content High - frequency Shipping Capacity - In the 39th week (September 21 - 28 planned capacity), the capacity of the US West route dropped to 340,000 TEU, a year - on - year decrease of 9.3% and a month - on - month decrease of 11.4%. The capacity of the US East route was 217,000 TEU, a year - on - year increase of 7.5% and a month - on - month increase of 31%. The capacity of the China - Southeast Asia route was operating at a high level, with a year - on - year positive growth of 37% but a narrowing increase, and a month - on - month decrease of 12.5% with an expanding decline. The capacity of the China - North Europe route in the 39th week decreased month - on - month, dropping to 325,000 TEU, a month - on - month decrease of 8.4% and a year - on - year decrease of 23.2%. The capacity of the Mediterranean route increased by 46.7% year - on - year and decreased by 8% month - on - month [4] Shipping Volume of Container Ships Carrying Goods to the US - As of September 15, the shipping volume of container ships carrying goods from China to the US reached 444,000 TEU, a week - on - week decrease of 8%, and the number was 54, a week - on - week decrease of 1.8%. The shipping volume of container ships carrying goods from Vietnam to the US rebounded last week, reaching 130,000 TEU, a week - on - week increase of 44% [4] Arrival Volume at US Ports - In the 37th week, the weekly arrival volume of imported goods at US ports was 531,000 TEU, a week - on - week decrease of 20%. The weekly arrival volume of imported goods from China was 189,000 TEU, a week - on - week decrease of 24.6%, and the arrival volume from Vietnam was 68,000 TEU, a week - on - week decrease of 14.9%. This week, the weekly arrival volume of imported goods at US ports was 486,000 TEU, a week - on - week decrease of 8.4%. The weekly arrival volume of imported goods from China was 170,000 TEU, a week - on - week decrease of 10.5%, and the arrival volume from Vietnam was 61,000 TEU, a week - on - week decrease of 9.9% [5] Domestic Port Throughput - In the week of September 14, the container throughput of domestic ports increased by 0.1% week - on - week and 13.5% year - on - year, reaching 665.2 million TEU [5] Vizion Booking Data - From August 18 - 25, the total US bookings were 336,000 TEU, a week - on - week decrease of 5.2% and a year - on - year decrease of 17.2%. From August 18 - 25, the US bookings from China were 122,000 TEU, a week - on - week decrease of 3.2% and a year - on - year decrease of 30%. In the first three weeks of August, the average weekly total US bookings were 355,000 TEU, a month - on - month decrease of 7.1% compared to July. The average weekly US bookings from China were 124,000 TEU, a month - on - month decrease of 9.6% compared to July [5]