[CITIC Construction Investment: The shipping industry is in a ten-year upward boom cycle] On September 9, CITIC Securities Research reported that the shipping industry is in a ten-year upward boom cycle, with iterative updates of existing shipping capacity and tightening environmental policies, providing the core supporting logic for the industry. Affected by external events, the prosperity of subdivided ship types has diverged and the rhythm of rotation has varied. The current high oil shipping prices have stimulated a wave of orders for oil tankers. New ship orders have been increasing continuously since November 2025, and oil tanker orders are expected to remain high throughout the year. Looking to the market outlook, bulk carrier orders may become the main line of the next stage of prosperity. From the perspective of marginal data, in terms of new ships, the new ship price index in August was 186.34, +0.04% year-on-year and +0.46% month-on-month. It has rebounded for five consecutive months, fully confirming that the industry is a seller's market with tight supply and demand, and we are optimistic about the subsequent market trends of the sector.