B[The construction of the world's first 325,000-ton methanol dual-fuel ore ship was completed] September 1st, the world's first 325,000-ton methanol dual-fuel ore ship was completed in Yangzhou, Jiangsu this morning and named the "Ocean Silk Road" ship. The ship is equipped with the world's first digital ship delivery system, marking a new breakthrough for China's shipbuilding industry in the two frontier fields of green power and digital delivery. This giant ship was jointly designed by COSCO Shipping Heavy Industry and Shanghai Ship Research and Design Institute. It has a length of 339.9 meters, a width of 62 meters, and a load capacity of 325,000 tons. During the construction process, the ship made breakthroughs in a number of key technologies for the application of methanol fuel, and its cargo hold capacity is increased by more than 40% compared with traditional ore ships of the same size. According to reports, the ship is scheduled to be put into operation in October this year. It will provide a "Chinese solution" for the green and intelligent transformation of global shipping and provide more reliable transport capacity support for the stable and smooth flow of the bulk commodity supply chain. A[Asia's diesel exports to Africa surged in August, replacing supplies from the Middle East] August 31 (Xinhua), ship tracking data and data provided by trade sources show that Asia's diesel exports to Africa in August are expected to hit a new high in at least four and a half years. Previously, as diesel shipments from the Middle East declined, African buyers began to look for alternative sources of supply. Data from Kpler, Vortexa and a trade source showed that Asia, including India, will export 1.8 million to 2 million tons of diesel to Africa this month, equivalent to 13.4 million to 14.9 million barrels. Meanwhile, Middle East diesel exports to Africa fell to 600,000 to 800,000 tons in August, the lowest level in nearly nine years, due to ongoing shipping risks in the Bab el-Mandeb and Straits of Hormuz, data from LSEG, Kpler and the aforementioned trade sources showed. About 50% of Africa's diesel imports last year came from the Middle East, with 40% coming from Saudi Arabia, according to Kpler. A[CITIC Securities: AI is concentrated in Q2, and energy may gradually heat up in the future] On August 30, CITIC Securities Research Report pointed out that "structural rapid rotation" of A-shares after 2022 will be the norm. The duration of extremely high rotation speed is generally 1 to 2 months. The commonality behind high-speed rotation is insufficient breadth of earnings upward revisions and scarcity of sustainable main lines. At present, trade frictions have entered a period of high incidence, and the impact of exchange gains and losses is also amplifying. Going overseas, one of the most important performance clues for A-shares, has encountered valuation constraints, which has restricted the width of the market and easily led to a market state of rapid industry rotation. Breaking the deadlock requires new changes. Recent AI progress has strengthened the existing trend of rapid growth in computing power demand, but it is not enough to change the long-term commercialization narrative. If possible new changes such as RSI and anti-distillation appear in the future, it is expected to open up the forward valuation space. In the stage of rapid market rotation, among the main style strategies, most of the winners are the "low valuation system" strategies. However, only the PB-ROE strategy is clearly dominant in the rapid rotation environment, and the strategy return rate is further enhanced as the rotation speed increases. The momentum strategy is the most damaged strategy in the rapid rotation stage. Market opportunities under high rotation may be more reflected in the valuation restoration of performance-supported varieties. In terms of configuration, we proposed a barbell structure of "AI + energy" in our mid-term strategy. AI will be concentrated in Q2, and energy may gradually heat up in the future.
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