the spot exchange rate of RMB against the US dollar fell below the 6.74, 6.75, 6.76, 6.77, 6.78 and 6.79 mark in a row, closing at 6.7900 at 16:30, down 626 basis points from the previous trading day. This closing price hit a new low since October 2020. After entering the night trading time, the spot exchange rate of RMB against the US dollar once approached the 6.80 mark. On May 12, the offshore RMB exchange rate against the US dollar fell below the 6.77, 6.78, 6.79, 6.80, 6.81 and 6.82 levels one after another, down more than 550 basis points from the previous trading day. Compared with the onshore market, the offshore RMB fell more this year, with a cumulative decline of more than 7%. "At the closing price, the RMB fell against the US dollar for six consecutive trading days. Overnight, the US April inflation data exceeded expectations, driving the US dollar index to break through the 104 mark, catalyzing the sharp decline of the RMB on the 12th." A person from the financial market department of a large state-owned bank said that in addition, affected by the epidemic, the trading volume of the spot exchange rate did not improve, which also amplified the fluctuation of the RMB. After the sharp decline that began in late April, the spot exchange rate of RMB against the US dollar has fallen by 6.5% this year. "According to the time point and the relevant process during the period, the weakening of market expectations after the impact of the epidemic on China's economy is an important reason for the sudden depreciation of the RMB against the US dollar. After April, the market's concern about the impact on the economy gradually increased. Coupled with the weaker than expected economic data in the first quarter, the market's expectation of China's economic prospects shifted, thus breaking the stable process of the RMB against the US dollar. "Shanghai Securities pointed out in the latest research report that" China's economy is already in the decline period of economic growth in the shift period of growth. The impact of the superposition of the conflict between Russia and Ukraine on the prospects of economic growth has made the market form different expectations for the change direction of economic growth between China and the United States. " The agency predicts that the fluctuation range of RMB exchange rate will increase in the short term, or rise again after devaluation, and the RMB will rise to the equilibrium zone of 6.30-6.40 in the medium term. Although the depreciation of RMB improves the profit margin of export enterprises, it also hopes that the exchange rate will be stable For import and export enterprises, the impact of exchange rate changes is more complex. Generally speaking, the depreciation of RMB is a good thing for export enterprises, because the US dollars they get at the time of settlement can be exchanged for more RMB. Although the devaluation of RMB can improve a certain profit margin, the operation of enterprises is complex and can not be generalized. Many listed enterprises involved in product export said that the depreciation of RMB can improve the profits of foreign trade orders undertaken by the company, and will subsequently improve the competitiveness of the company's product prices in the international market and facilitate the undertaking of new orders. However, the positive factors brought by the exchange rate actually have a limited impact on small and medium-sized enterprises. In the long run, the sharp fluctuation of interest rate in a short time may bring uncertainty to future orders. One reason is that there is a mismatch between the exchange rate advantage period and the accounting period. If the exchange rate depreciation period does not coincide with the settlement remittance period, the impact of the exchange rate is not large. Generally speaking, enterprises do not have a fixed settlement period. Generally, the settlement begins when an order is "out of the box", which means that the customer has received the goods. Therefore, exchange rate settlement is actually randomly distributed in various time periods of a year, so it is difficult to predict the actual settlement time. In addition, the buyer's payment also has an accounting period. It is impossible to pay on the day of receipt. Generally, it takes 1 to 2 months, and some large customers may take 3 to 4 months. At present, the goods in the collection period account for only 5% to 10% of the annual trade volume, which has little impact on the annual profit. The second reason is that small and micro foreign trade enterprises are in the weak side of price negotiation, and the rapid fluctuation of exchange rate leads to being forced to give up profits. He said, "it's not good for the exporter to devalue the US dollar for a period of 40 days, but it's not good for the exporter to devalue the US dollar for a period of two months. In this way, he said, it's not good for the exporter to devalue the US dollar for a period of 40 days." Compared with the impact of exchange rate changes, small and micro export enterprises are facing two more difficult problems: one is the reduction of orders and the other is the rise of costs. From the macro data, the latest data released by the General Administration of Customs on May 9 showed that the total value of China's import and export of goods trade in April was 3.16 trillion yuan, a year-on-year increase of 0.1%, and the growth rate was 5.7 percentage points lower than that in March. Among them, exports increased by 1.9% year-on-year, much lower than the 12.9% growth rate in March; Imports fell by 2%, an increase of 0.3 percentage points over March. From January to April, the total value of China's foreign trade import and export was 12.58 trillion yuan, a year-on-year increase of 7.9%, 2.8 percentage points lower than that in the first quarter. Among them, exports increased by 10.3% and imports increased by 5%. The general manager of a commodity export enterprise in Ningbo said that he began to feel the decline in order volume after the Spring Festival this year, that is, in February and March, especially in April, "at least 20% less". He analyzed that last year, foreign customers panic shopping, so last year's export business was very hot. At the same time, last year's shipping costs also experienced a surge. "In March and April 2020, the freight of American and European routes was basically $2000-3000 per container. Last year, it was a peak in August, September and October, rising to $18000-20000." The transmission of prices takes time. Last year's goods may be sold this year, and the price of products will rise with the rise of freight. As a result, inflation in the United States is very serious and prices are soaring. In this case, the goods are overstocked, the inventory is particularly large, and the order volume this year is reduced accordingly. In addition, the traditional way of contact between foreign trade enterprises and customers is mainly offline exhibitions, such as the Canton Fair. Affected by the epidemic, the opportunity to contact customers is also relatively reduced. An exporter of sanitary products in Yiwu felt another reason for the decrease in orders - industrial transfer. "In recent years, labor-intensive industries have shifted significantly, mainly to Vietnam, Turkey, India and other countries, and the export of hardware and bathroom products has felt great pressure." He said. "Industrial transfer is very terrible for us, because this process is irreversible. Customers find alternative suppliers in other countries. As long as there is no problem with cooperation, they will not come back." Rising costs There are two increases in costs: one is the rise in the price of raw materials, and the other is the increase in logistics costs. Raw materials: an exporter engaged in metal products said that the supply of upstream products decreased by about 10% due to the rise of raw material prices, and the cost also increased greatly. Among them, an exporter engaged in domestic engineering equipment in Qingdao, Shandong said that due to the impact of the epidemic, the traffic and logistics are not smooth, the raw materials are very short and the price rises. "The price of iron products purchased some time ago has increased by 20% - 30%." Logistics: the indirect interruption of logistics makes the production exporters pay a lot of additional costs. First, the penalty for failing to deliver goods on time is about $300-400 per day. The reason why the goods cannot be delivered on time lies in the upstream production links. For example, the manufacturers are closed due to the epidemic, the logistics of raw materials is not smooth, and it is difficult to find freight drivers, so various factors are difficult to control. Second, queue up for warehousing. The need for epidemic prevention and control has led to a longer process and time for entering the warehouse. It could have been completed in one day, but now it may have to be delayed to the next day, which requires an additional "overnight fee" to be paid to the driver. Third, the "lottery fee" of containers. 6. July and August are the peak of foreign trade. A large number of commodities will be concentrated in the port waiting for transportation, resulting in a shortage of containers. At that time, the lottery system will be adopted. The lottery time is between 9:00 a.m. and 3:00 p.m. if the number is not reached, it means that the goods cannot be delivered on time, and the customer needs to be compensated with liquidated damages, which is about 300-400 dollars. In order to ensure that the goods are delivered on time, foreign trade enterprises have to find scalpers to shake, and it will cost an additional 600 yuan to brush a container. An exporter in Yiwu said that its suppliers are distributed in Hebei, Fujian, Guangdong and other places. "Now many goods are stuck in logistics and can't get down at high speed." In addition, the export of products mainly starts from Ningbo port. The positive confirmed cases from time to time make the logistics output of Ningbo Port unstable. Disclaimer The information in this report comes from public data. Tianjin Keyun Logistics Group Co., Ltd. makes no guarantee for the accuracy and completeness of these information. The information, conclusions and views contained in the report are only for reference. Any investment decision made by the investor on this basis has nothing to do with the company.

Recently, China International Freight Forwarding Association released the data of China's international freight forwarding logistics industry in 2020, including the top 100 Chinese international freight forwarding logistics enterprises in 2020, the top 50 in maritime, air and land transportation business, the top 20 in warehousing business and the top 50 in private enterprises. Top 100 list Shipping list Air transport list Land transport list Storage list Private list (the list data and pictures are from "China International Freight Forwarders Association")

Xi Jinping attends the opening ceremony of the second UN Global Conference on sustainable transportation and delivers a keynote speech It emphasizes that we should adhere to openness, linkage, common development, innovation driven, ecological priority and multilateralism, and write a new chapter in infrastructure connectivity, smooth trade and investment, and civilized integration and communication On the evening of October 14th, President Xi Jinping attended the opening ceremony of the second United Nations Global Conference on sustainable transportation by video and delivered a keynote speech entitled "crossing with the world and connecting with the times and striding forward on the road of sustainable development". Photo by Xinhua News Agency reporter Li Tao Xinhua news agency, Beijing, October 14 (Xinhua News Agency) - President Xi Jinping attended the opening ceremony of the second United Nations Global Sustainable Transportation Conference by video on the evening of 14 and delivered a keynote speech entitled "crossing with the world and connecting with the times on the road of sustainable development". Xi Jinping pointed out that transportation is the vein of economy and the link of civilization. From the camel bells and sails on the ancient Silk Road, to the chopping waves in the era of navigation, and then to the extension of modern transportation network in all directions, transportation promotes economic integration and cultural exchanges, making the world a closely connected "global village". At present, the superposition of century changes and century epidemics has brought serious challenges to world economic development and the improvement of people's livelihood. We should comply with the general trend of world development, promote global transportation cooperation, and write a new chapter in infrastructure connectivity, smooth trade and investment, and civilized integration and communication. On the evening of October 14th, President Xi Jinping attended the opening ceremony of the second United Nations Global Conference on sustainable transportation by video and delivered a keynote speech entitled "crossing with the world and connecting with the times and striding forward on the road of sustainable development". Photographed by Xinhua News Agency reporter Liu Bin First, adhere to open linkage and promote interconnection. We should promote the construction of an open world economy, avoid discriminatory and exclusive rules and systems, and promote economic globalization in a more open, inclusive, inclusive, balanced and win-win direction. We should strengthen the "hard connection" of infrastructure and the "soft connection" of systems and rules, and promote the "four in one" interconnection of land, sea, sky and network. Second, adhere to common development and promote fairness and inclusiveness. Development together is real development, and common prosperity is real prosperity. Only by solving the problem of unbalanced development can we open up broader prospects for the common development of mankind. We should give play to the leading role of transportation, increase investment in transportation in poor areas, and make the economy and people's livelihood in poor areas prosper because of the road. We will strengthen North South and South South cooperation, provide more support for the transportation infrastructure construction of the least developed countries and landlocked developing countries, and promote common prosperity. Third, adhere to innovation driven and enhance the momentum of development. We should vigorously develop smart transportation and smart logistics, promote the deep integration of new technologies such as big data, Internet, artificial intelligence and blockchain with the transportation industry, so that people can enjoy their travel and things can flow smoothly. Fourth, adhere to ecological priority and realize green and low-carbon. The long-term strategy to achieve sustainable development is to establish a green and low-carbon economic system and promote the comprehensive green transformation of economic and social development. We should accelerate the formation of green and low-carbon transportation modes, strengthen green infrastructure construction, promote new energy, intelligent, digital and lightweight transportation equipment, encourage and guide green travel, and make transportation more environmentally friendly and low-carbon. Fifth, adhere to multilateralism and improve global governance. We should practice the global governance concept of consultation, co construction and sharing, mobilize global resources, meet global challenges and promote global development. Maintain the authority and status of the United Nations, and comprehensively promote cooperation in poverty reduction, health, transportation and logistics and infrastructure construction around the implementation of the United Nations 2030 agenda for sustainable development. It is hoped that all parties will actively participate in the global development initiatives put forward by China. On the evening of October 14th, President Xi Jinping attended the opening ceremony of the second United Nations Global Conference on sustainable transportation by video and delivered a keynote speech entitled "crossing with the world and connecting with the times and striding forward on the road of sustainable development". Photo by Xinhua News Agency reporter Yin Bogu Xi Jinping pointed out that since the founding of the people's Republic of China, generations of people have built a large transport country and are accelerating the construction of a powerful transport country. We have built the world's largest high-speed railway network, expressway network and world-class port group, with air and navigation access to the world. We adhere to the guidance of innovation. Major breakthroughs have been made in the manufacturing of high-speed rail, large aircraft and other equipment. New energy vehicles account for more than half of the global total. Super large transportation projects such as Hong Kong Zhuhai Macao Bridge and Beijing Daxing International Airport have been completed and put into operation. Transportation has become a pioneer in China's modernization. We adhere to the world's transportation, and have become the economy with the highest maritime connectivity and the largest cargo trade volume in the world. During the new crown pneumonia epidemic, China Europe trains and ocean going freighters shuttled day and night to fully ensure the stability of the global industrial chain and supply chain, reflecting China's responsibility. Xi Jinping stressed that China will continue to hold high the true banner of multilateralism, adhere to the intersection with the world and connect with the times, and make greater contributions to global development while realizing its own development. China's direction of building a new high-level open economic system will not change, and its determination to promote trade and investment liberalization and facilitation will not change. The door of China's opening up will only open wider and wider and will never be closed. China will continue to promote high-quality joint construction of the "the Belt and Road Initiative", strengthen infrastructure connectivity with other countries, and accelerate the construction of the green silk road and the digital silk road. Xi Jinping announced that China will establish China's international innovation and knowledge center for sustainable transportation and contribute to global transportation development. Xi Jinping finally stressed that let us join hands to follow the right path of interconnection, mutual benefit and win-win, jointly build a world of lasting peace, universal security, common prosperity, openness, inclusiveness, cleanness and beauty, and promote the construction of a community of shared future for mankind. Ding Xuexiang, Liu He, Cai Qi, Wang Yi and he Lifeng attended the opening ceremony. The second United Nations Global Conference on sustainable transportation was held in Beijing from October 14 to 16. Russian President Vladimir Putin, Turkmenistan president Berdymukhamedov, Ethiopian president Sahel walker, Panamanian President cortiso, Dutch Prime Minister Ruud and UN Secretary General Guterres were invited to deliver speeches by video. Representatives of 171 countries attended the opening ceremony. Source: Xinhua News Agency

in recent days, the shortage of supply chain continues to affect American consumers. The holiday season is coming, and the shortage of supply chain continues to affect American consumers. Many media have said that this year's Christmas may not even be delivered in time. The Biden administration of the United States issued a plan on the 13th local time, requiring the ports of Long Beach, California and Los Angeles to operate around the clock. In addition, many zero sales and logistics companies will also announce the extension of freight operation time on the 13th to increase commodity supply. It is reported that in his speech at the White House on the 13th, Biden announced a 7-day, 24-hour uninterrupted logistics measure for cooperation with ports, express delivery and retailers, and said that after several weeks of negotiations, the parties finally reached a consensus. Biden stressed that the transportation period at night is crucial because there are fewer vehicles on the highway at that time. In addition, Biden called on all private businesses to cooperate to ease the tension in the supply chain, and threatened to name those companies that did not cooperate. The port of Los Angeles announced on the 13th that it would operate 24 hours a day, 7 days a week. In September, California's Long Beach port began to adopt this approach (the two major ports account for about 40% of the imported containers in the United States). The Biden administration believes that allowing ports to speed up the handling of containers and extending the working hours of freight railways and warehousing logistics is the fastest and most effective way to alleviate the tension of the supply chain. On October 7, 60 container ships were waiting to dock and unload in the peripheral waters of Los Angeles port and Long Beach port, but it was extremely rare for one container ship to wait before the epidemic. According to the analysis: The reasons for the sluggish port operation include the rebound in consumer demand in the United States, the backward freight railway system and the insufficient number of dockers and truck drivers. These problems have also led to soaring freight costs. Soaring transportation costs also stimulated the rise of prices, which eventually affected American consumers. Some retail companies have begun to encourage consumers to buy gifts and goods in advance of the holiday season in case of late purchase, shortage or transportation delay. The reasons for the sluggish port operation include the rebound in consumer demand in the United States, the backward freight railway system and the insufficient number of dockers and truck drivers, which also make freight costs soar. In August 2020, the cost of each container from China to the west coast of the United States was only $3000. By September this year, the price soared to more than $20000. Soaring transportation costs also stimulated the rise of prices, which eventually affected American consumers. Some retail companies have begun to encourage consumers to buy gifts and goods in advance of the holiday season in case of late purchase, shortage or transportation delay. With the arrival of the peak season and the surge in shipments, the problem of port congestion in the United States may not be solved for a while. Disclaimer The information in this report comes from public data. Tianjin Keyun Logistics Group Co., Ltd. makes no guarantee for the accuracy and completeness of these information. The information, conclusions and views contained in the report are only for reference. Any investment decision made by the investor on this basis has nothing to do with the company.

the consignor and forwarder should pay special attention to that the goods will not be delivered to the consignee unless the consignor provides the general average adjuster with the general average guarantee and relevant documents. According to Lloyd's daily, the Suez Canal Authority (SCA) will claim about $1 billion in compensation for the blockage of the Suez Canal by the "long grant" ship. Osama rabie, chairman of the Suez Canal Authority, said in a television interview that the fee involved toll losses, damage to the canal caused by dredging and salvage work, as well as equipment and labor costs. Shoei Kisen Kaisha, the owner of the vessel, has confirmed that it will discuss the issue of compensation with SCA. It is understood that the insurance company of "long grant" is UK club, which is a member of P & I Club. According to public information, P & I Club is composed of 13 member associations. It provides liability insurance for about 90% of ocean going ships in the world, and will jointly share claims of more than US $10 million. Regarding the claim, a Senior P & I Club source said: "SCA is known for making exaggerated salvage claims, even for small jobs. The exact amount will depend on the relevant regulations and transportation terms." The source said the annual revenue of the Suez Canal is about $5.7 billion, about $110 million a week, and the rescue cost is about tens of millions of dollars. "Do you really think they're going to lose a billion dollars in six days?" At the same time, Japan's Zhengrong steamship also proposed general average, and Richard Hogg Lindley was appointed as the adjuster. Dear customer, on March 23, 2021, our chartered ship ever gift (hereinafter referred to as "the ship") was on the way from Malaysia to Rotterdam when it ran aground in Egypt's Suez Canal. After six days of towing and rescue operation, the ship was resurfaced on March 29. The above-mentioned towing operation is a general average act. Therefore, the ship East declared general average on April 1 and appointed general average adjuster Richards Hogg Lindley to collect relevant general average guarantee. Please refer to the general average declaration, standard instruction and average guarantee issued by the owner and Richards Hogg Lindley. According to Clause 27 of our bill of lading, the goods shall not be delivered to the consignee unless the shipper submits the necessary general average guarantee (including such additional guarantee as we may require) and relevant documents to the general average adjuster who agrees to release the goods. In order to enable you to receive the goods smoothly and avoid delay in delivery, please contact the general average adjuster as soon as possible and provide the necessary guarantee and documents in accordance with the instructions below. The insured goods (a) a letter of average guarantee signed by the cargo insurer and a copy of the cargo invoice should be provided. Please send the documents to the following e-mail box according to your region. Please make sure to note the name of the vessel, your B / L number and container number in the email. Europe / UK, email:eg-casualty@rhl-ct.com , Tel. + 44 151 433 3320 other regions, email: Singapore.GA @rhl- ct.com , Tel. + 65 6506 2897 / 8 (b) the shipowner chooses not to ask for the letter of average bond from the shipper, but the general average adjuster reserves the right to ask for the letter from the shipper at any time. Uninsured goods (a) the average bond signed by the owner And provide a copy of the invoice, which can be directly uploaded to the following link: https://eu.docusign.net/Member/PowerFormSigning.aspx?PowerFormId=86f508b6-b5f4-46fc-8fbf-e9ae19d5a58f&env=eu&acct=c8fe1757-d24b-4004-a382-f736dd5cf208&v=2&CasualtyId=7&CasualtyName=EVER+GIVEN+Grounding+in+Suez+Canal+on+23-Mar-2021 (b) The consignor shall pay cash guarantee, and the amount of cash guarantee The degree has not yet been determined. Please refer to the attachment standard instruction and Richards Hogg Lindley website for details of cash guarantee amount and bank account arrangement. For more information or download the guarantee form separately, please go to the website of the general average adjuster below. Please select the name of the vessel Gift, password ge2123 https://rhlclientarea.ctplc.com * precautions for consolidation * in order to quickly identify the details of individual cargo in the container, the forwarder / cargo Contractor shall provide the general average adjuster with complete manifest information of consolidation cargo as soon as possible, including bill of lading number, description of cargo content, cargo weight, shipper and consignee. In order to avoid unnecessary delay in receiving the goods, please deal with it as soon as possible to meet the requirements of general average. I would like to remind you again that unless the cargo provides the general average adjuster with the above general average guarantee and related documents, the goods will not be delivered to the consignee. If you have any other questions, you can contact Richard Hogg Lindley directly through the email address in standard instructions. We reserve the right to claim in accordance with the terms of the bill of lading. Thank you for your cooperation! According to sun Mingqi, member of the expert committee of China Maritime Arbitration Commission, it is a common shipwreck that the ship is stranded during the voyage. In the event of a shipwreck, the shipowner or master has the right to arrange emergency rescue on behalf of the shipowner, so that the ship and cargo can be out of danger in time and the ship can continue its voyage. When the ship entrusts the salvor to carry out the salvage, it should immediately announce the general average, and entrust an internationally qualified general average adjustment company as soon as possible to assist in collecting all the evidence necessary for handling the accident, so as to facilitate the future general average adjustment. The salvage expenses incurred shall be included in the loss of general average, which shall be apportioned between the ship and the cargo according to their respective proportions of the value of the property rescued. As for the salvage expenses shared by all parties of the cargo, they need to claim compensation from their respective insurance companies in accordance with the terms of the insurance policy. The expenses usually classified as general average include: repair expenses of hull and machinery damage (including temporary repair expenses), direct loss of cargo on board (including expenses of moving cargo), expenses of ship's own or towing to the port of refuge (including fuel, fresh water, port expenses and towing expenses), expenses related to ship and cargo inspection, and expenses for adjustment of total loss Relevant expenses. Disclaimer The information in this report is from public information. Tianjin KEYUN Logistics Group Limited by Share Ltd does not guarantee the accuracy and completeness of these information. The information, conclusions and opinions contained in the report are for reference only. Any investment decision made by investors based on this is irrelevant to the company.