【中信期货】霍尔木兹海峡通行跟踪及对油轮运输影响-260415（38页）.pdf

1、Investment consulting business qualification:CSRC License 2012 No.669投资咨询业务资格：证监许可【2012】669号Important Notice:This report is not a service under the futures trading consulting business.The opinions and information provided are for reference only and do not constitute investment advice to anyone.CITIC

2、 Futures do not consider relevant personnel as client due to the attention,receipt,or reading of this report重要提示：重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。More English Reports on【CITIC Futures Insights】https:/ of Hormuz Transits Monitoring and Impact

3、on Oil Shipping霍尔木兹海峡通行跟踪及霍尔木兹海峡通行跟踪及对对油轮油轮运输运输影响影响2026/04/15武嘉璐武嘉璐WU JialuQualification No.：F03100682从业资格号Investment Consulting No.：Z0021085投资咨询号桂晨曦桂晨曦Gui ChenxiCFA PhD从业资格号：F3023159Qualification No.投资咨询号：Z0013632Investment consulting No.安安崨崨锐锐An JieruiQualification No.F03117373从业资格号Investment cons

4、ulting No.Z0022651投资咨询号This report is not a service under the futures trading consulting business.The opinions and information provided are for reference only and do not constitute investment advice to anyone.CITIC Futures do not consider relevant personnel as client due to the attention,receipt,or

5、reading of this report本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。1Comprehensive Perspective综合观点综合观点Ongoing situation in the Middle East persists,with a marginal rebound in traffic through the Strait of Hormuz:Iran maintains strongcontrol over strait passage

6、,and a paid passage mechanism is gradually being established;we believe a limited recovery may occur.With theHouthi forces entering the conflict,navigation in the Red Sea also deserves attention.Iraqi vessels are expected to resume passagesubsequently,which will provide a certain marginal increase i