On November 1st, Guosen Securities' research report pointed out that Cosco Shipping Holdings (601919.SH) achieved significant growth in Q3 performance. In the third quarter, it achieved revenue of 73.513 billion yuan, a year-on-year increase of 72%, and achieved a net income attributable to the parent company of 21.254 billion yuan, a year-on-year increase of 285.7%. In the third quarter, Cosco Shipping Holdings achieved a cargo volume of 6.58 million TEU, a 2.3% increase from Q2, but achieved route revenue of 67.36 billion yuan, an increase of about 42.7% compared to the previous quarter, mainly benefiting from the improvement of the CCFI. In the third quarter, the average CCFI reached 1991 points, an increase of 552 points from Q2, showing significant improvement. In addition, the Red Sea crisis led to the global Far East-Europe route bypassing the Cape of Good Hope. The temporary supply-demand mismatch brought a significant increase in the shipping industry's prosperity, but the one-time impact of the Red Sea crisis on growth rates is starting to diminish. Current spot prices are gradually entering a phase of gradual decline, and the CCFI price index in the fourth quarter may substantially decline, still needing to continue monitoring the consumption demand situation in Europe and America. Maintain the "outperform the market" rating.