信达证券近日发布航运港口2025年9月专题：2025年10月8日，波罗的海原油航运运费指 数BDTI收于1078点，同比增长5.27%，环比2025年10月1日下滑2.36%，2025年10月1日， TD3C、TD25、TD22航线TCE分别收于7.29、3.75、6.25万美元/日，同比增速分别为 115.05%、106.35%、67.01%，环比2025年9月24日增速分别为-20.62%、11.3%、-14.66%。 以下为研究报告摘要： 本期内容提要: 一、综述：全国进出口总额及货物吞吐量情况 油运运价：2025年10月8日，波罗的海原油航运运费指数BDTI收于1078点，同比增长 5.27%，环比2025年10月1日下滑2.36%，2025年10月1日，TD3C、TD25、TD22航线TCE分 别收于7.29、3.75、6.25万美元/日，同比增速分别为115.05%、106.35%、67.01%，环比2025 年9月24日增速分别为-20.62%、11.3%、-14.66%。 货物吞吐量：2025年1～8月，全国沿海主要港口货物吞吐量实现76.88亿吨，同比增长 3.1%，全国沿海主要港口外贸货物 ...

广州港（601228）(601228.SH)发布公告，2025年9月份，公司预计完成集装箱吞吐量205.1万标准箱，同 比下降0.8%;预计完成货物吞吐量4,784.5万吨，同比增长4.1%。 2025年1-9月，公司预计完成集装箱吞吐量2,016.5万标准箱，同比增长7.0%;预计完成货物吞吐量 43,367.8万吨，同比增长2.7%。 ...

人民财讯10月9日电，广州港（601228）10月9日公告，9月公司预计完成集装箱吞吐量205.1万标准箱， 同比下降0.8%；预计完成货物吞吐量4784.5万吨，同比增长4.1%。2025年1—9月，公司预计完成集装箱 吞吐量2016.5万标准箱，同比增长7.0%；预计完成货物吞吐量43367.8万吨，同比增长2.7%。 ...

智通财经APP讯，广州港(601228.SH)发布公告，2025年9月份，公司预计完成集装箱吞吐量205.1万标准 箱，同比下降0.8%;预计完成货物吞吐量4,784.5万吨，同比增长4.1%。 2025年1-9月，公司预计完成集装箱吞吐量2,016.5万标准箱，同比增长7.0%;预计完成货物吞吐量 43,367.8万吨，同比增长2.7%。 ...

这数字不是天上掉下来的，得益于全球集装箱运价反弹，加上红海危机绕道好望角，航程拉长，运费水涨船高。长荣的船队规模稳在221艘，总运力174万标 准箱，每年能运1亿吨货物，全球排名第七。 他们没瞎折腾，专注远东到美东的定期航线，准时率高，客户黏性强。 说起台湾的海运圈，长荣海运这几年真是风头正劲，2024年全年营收直接冲破140亿美元大关，这数字搁谁听都得挑挑眉毛。毕竟航运这行，风大浪急，一 年好一年坏，2024年能有这成绩，靠的还是全球贸易回暖加上自家船队运营稳扎稳打。 反观内地，中远海控作为央企航运老大哥，规模体量更大，2024年营收直奔2300多亿人民币，折合美元也得300亿出头。两家企业，一个专注集装箱航线， 一个覆盖更广的全球网络，搁一块儿比比，谁更牛？毕竟，咱们买的进口货，能不能准时到手，全靠他们这些船王们顶着。 长荣海运这家台湾老牌航运企业，2024年全年合并营收达到了4635.68亿新台币，折合美元约140亿美元，比2023年的2767亿新台币翻了近一倍，增长率高达 67.53%。 净利润也跟着水涨船高，归母净利润1394.53亿新台币，约42亿美元，每股盈余64.87元，创下历史第二高。 员工 ...

Core Insights - The overall operation of China's transportation economy has remained stable in 2023, with growth in key indicators such as freight volume, port cargo throughput, and inter-regional personnel flow, alongside high levels of transportation investment [1] Group 1: Freight Volume - From January to August, the total operating freight volume reached 38.06 billion tons, marking a year-on-year increase of 3.8%. By mode, railway, road, waterway, and civil aviation freight volumes grew by 2.6%, 3.9%, 3.8%, and 14.5% respectively [2] Group 2: Port Cargo Throughput - During the same period, port cargo throughput totaled 12.03 billion tons, reflecting a year-on-year growth of 4.4%. Specifically, domestic and foreign trade throughput increased by 5.2% and 2.7% respectively. Container throughput reached 23 million TEUs, up 6.3%, with domestic and foreign trade container throughput rising by 3.2% and 8.4% respectively [3] Group 3: Inter-Regional Personnel Flow - The inter-regional personnel flow amounted to 45.55 billion person-times, showing a year-on-year increase of 3.6%. By mode, railway and civil aviation passenger volumes grew by 6.7% and 5.3%, while road personnel flow increased by 3.4% [4] Group 4: Transportation Fixed Asset Investment - Fixed asset investment in transportation reached 2.26 trillion yuan from January to August. Investment by mode included 504.1 billion yuan for railways, 1.5412 trillion yuan for roads (with 807 billion yuan for expressways, 373 billion yuan for national and provincial roads, and 238.2 billion yuan for rural roads), 143.3 billion yuan for waterways, and 70.7 billion yuan for civil aviation. Major projects under the "14th Five-Year Plan" are progressing smoothly, with significant advancements in key infrastructure projects [5]

Core Insights - The overall operation of China's transportation economy has remained stable this year, with growth in key indicators such as freight volume, port cargo throughput, and inter-regional personnel flow [1] Group 1: Freight Volume - From January to August, the completed operating freight volume reached 380.6 billion tons, representing a year-on-year increase of 3.8%. By mode of transport, railway, road, waterway, and civil aviation freight volumes grew by 2.6%, 3.9%, 3.8%, and 14.5% respectively [2] Group 2: Port Cargo Throughput - During the same period, port cargo throughput totaled 120.3 billion tons, with a year-on-year growth of 4.4%. Specifically, domestic and foreign trade throughput increased by 5.2% and 2.7% respectively. Container throughput reached 23 million TEUs, marking a 6.3% year-on-year increase, with domestic and foreign trade container throughput growing by 3.2% and 8.4% respectively [3] Group 3: Inter-Regional Personnel Flow - The inter-regional personnel flow amounted to 455.5 billion person-times, reflecting a year-on-year increase of 3.6%. By mode of transport, railway and civil aviation passenger volumes increased by 6.7% and 5.3% respectively, while road personnel flow grew by 3.4% [4] Group 4: Transportation Fixed Asset Investment - From January to August, transportation fixed asset investment reached 2.26 trillion yuan. By mode, railway investment was 504.1 billion yuan; road investment totaled 1.5412 trillion yuan, with specific investments of 807 billion yuan for expressways, 373 billion yuan for ordinary national and provincial roads, and 238.2 billion yuan for rural roads; waterway investment was 143.3 billion yuan; and civil aviation investment was 70.7 billion yuan. Major transportation projects under the "14th Five-Year Plan" are progressing smoothly, with significant projects like the Chengdu to Emei Mountain Expressway and the Guangzhou Port Nansha Port Area accelerating construction [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoints - Amidst the long - short game, the market is in the bottom - building process. It's not advisable to increase positions further, and stop - losses should be set [1]. - The tariff issue has a marginal effect, and the current core is the direction of spot freight rates. The main contract may be in the bottom - building process, and it's recommended to participate with a light position or just observe [3]. - Market pessimism has been repaired. The rise in crude oil prices has boosted the sentiment of long - positions to some extent, but the market pulled back after the morning surge due to capital withdrawal, showing a generally strong and volatile trend. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [3]. 3. Summary by Related Content 3.1 Freight Index - On September 22, the Shanghai Export Container Settlement Freight Index (SCFIS) for the European route was 1254.92 points, down 12.9% from the previous period; for the US - West route, it was 1193.64 points, down 11.6% [2]. - On September 19, the Ningbo Export Container Freight Index (NCFI) for the comprehensive index was 783.71 points, down 13.24% from the previous period; for the European route, it was 673.61 points, down 7.65%; for the US - West route, it was 944.89 points, down 23.30% [2]. - The Shanghai Export Container Freight Index (SCFI) announced a price of 1198.21 points on September 19, down 199.90 points from the previous period. Its European - line price was 1052 USD/TEU, down 8.8%; the US - West route was 1636 USD/FEU, down 31.0% [2]. - On September 19, the China Export Container Freight Index (CCFI) for the comprehensive index was 1125.30 points, down 2.1% from the previous period; for the European route, it was 1537.28 points, down 6.2%; for the US - West route, it was 757.45 points, down 2.2% [2]. 3.2 Market Conditions of Main Contracts - On September 24, the main contract 2510 closed at 1100.0, with a 2.67% increase. The trading volume was 24,680 lots, and the open interest was 40,900 lots, a decrease of 568 lots from the previous day [3]. 3.3 Strategy Recommendations - **Short - term Strategy**: The main contract is weak, while the far - month contracts are strong. It's recommended to stop losses on long positions and wait for bottom - building opportunities. Pay attention to subsequent market trends, avoid holding losing positions, and set stop - losses [4]. - **Arbitrage Strategy**: Given the volatile international situation, each contract still follows seasonal logic with large fluctuations. It's recommended to wait and see or try with a light position [4]. - **Long - term Strategy**: It's recommended to take profits when the contracts rise and wait for the market to stabilize after a pull - back before determining the subsequent direction [4]. 3.4 Policy and Geopolitical Events - The Sino - US tariff extension negotiation has made no substantial progress. The tariff issue has shown a marginal effect [3]. - On September 23, a ship reported an explosion in the sea area about 222 kilometers east of Aden, Yemen, but the ship and its crew were safe and continued normal navigation [5]. - The United Nations investigation committee stated on September 23 that the Israeli government intends to establish permanent control over the Gaza Strip and ensure a Jewish majority in the occupied West Bank. In July, Israel's control area in the Gaza Strip expanded to 75% [5]. - On September 24, the Ministry of Transport, the National Railway Administration, and China National Railway Group Co., Ltd. issued a plan to promote the in - depth integration of container rail - water intermodal transportation from 2025 to 2027, aiming for an average annual growth of about 15% in container rail - water intermodal transportation volume by 2027 [5]. 3.5 Contract Adjustments - The daily limit for contracts from 2508 to 2606 has been adjusted to 18% [4]. - The margin for contracts from 2508 to 2606 has been adjusted to 28% [4]. - The daily opening limit for all contracts from 2508 to 2606 is 100 lots [4].

为促进港产城融合发展，条例规定，大力发展集装箱运输，优化大宗货物、冷链、汽车等货类的物流服 务，拓展仓储、分装、加工、维修等功能，延伸服务链条，提高港口货物增值空间。 条例还提出，加快建设宜居宜业宜游的港产城融合发展特色片区，市有关部门和相关区政府应当加强统 筹规划，优化资源配置，完善生活和生产性服务设施，激发港口城市活力。 新华社天津9月24日电（记者周润健）24日，天津市十八届人大常委会第二十一次会议审议通过新修订 的《天津港口条例》，对加强智慧绿色枢纽港口建设、促进港产城融合发展等作出明确规定，这一条例 将于12月1日起施行。 条例还明确，市有关部门和滨海新区政府应开展重点临港产业链分析，优化相关产业发展规划和临港区 域产业布局；市有关部门和相关区政府应当支持航运服务集聚区建设，以重点航运楼宇为载体，完善城 市航运服务功能，积极引进总部型、成长型航运服务企业，推动高端航运服务产业集群发展。 近年来，天津港以港产城融合为引擎，在服务京津冀协同发展与共建"一带一路"的征程中勇立潮头，构 建起以港促业兴城、港产城相互赋能的发展新格局。 同时，支持海洋装备、绿色石化等产业发展，推动培育跨境电商、冷链等产业发展， ...

Core Insights - The event "2025 Shanghai Listed Companies Collective Reception Day and Mid-Year Performance Briefing" was successfully held on September 19 [1] - The company responded to investor inquiries regarding the expansion of its fleet, indicating that its oil tanker, dry bulk, and container segments significantly outperformed the market in the first half of the year [1] - The oil tanker and container segments were the primary contributors to the company's profits [1] - For the second half of the year, the company maintains a cautiously optimistic outlook on the market and is actively expanding its fleet and operational scale in the oil tanker and dry bulk markets [1] - New vessels, including LNG carriers and car roll-on/roll-off ships, are being delivered gradually [1]