Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

Short Selling Ratios - The top three companies with the highest short selling ratios are Sun Hung Kai Properties (80016) and China Resources Beer (80291) at 100.00%, and Li Ning (82331) at 96.79% [1][2] - Other notable companies include Lenovo Group (80992) at 92.85% and Anta Sports (82020) at 87.03% [2] Short Selling Amounts - Alibaba (09988) leads in short selling amount with HKD 4.096 billion, followed by Xiaomi (01810) at HKD 3.491 billion and Tencent (00700) at HKD 2.244 billion [1][2] - Other significant amounts include SMIC (00981) at HKD 1.248 billion and Pop Mart (09992) at HKD 1.064 billion [2] Deviation Values - The highest deviation values are seen in China COSCO Shipping International (00517) at 50.31%, followed by Bank of China Hong Kong (82388) at 42.42% and Grand Hotel (00045) at 39.95% [1][2] - Other companies with notable deviation values include Lenovo Group (80992) at 36.64% and China Resources Beer (80291) at 35.99% [2]

Core Insights - The 2025 Shenzhen International Adult Health Care Products Exhibition showcased the innovative product "Dianjile" by Aoxiang Medical, attracting significant attention from industry professionals and audiences globally [3][4] - The exhibition covered an area of 20,000 square meters and featured over 450 international exhibitors, highlighting the scale and importance of the event [3] - "Dianjile" is a non-invasive, non-drug, and non-spray device utilizing pulsed radiofrequency technology for nerve sensitivity training, distinguishing it from traditional treatments [3] - The product received positive feedback during demonstrations, with many industry experts expressing interest in collaboration [3][4] - Aoxiang Medical's scientific team engaged in academic exchanges with Professor Emmanuele A. Jannini, a leading expert in sexual medicine, who showed strong interest in the product's mechanism and potential as a new intervention method [3][4] - The recent exhibition and discussions with international experts signify a new phase for "Dianjile" in gaining global professional recognition [4] - The company aims to continue collaborating with top scholars and industry partners to promote the globalization of male health technology [4]

Core Viewpoint - ST New Power (300152) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, while the company claims its operations remain normal during the investigation [2][6]. Group 1: Investigation and Regulatory Actions - ST New Power has not specified the exact reasons for the investigation in its announcement, but it has faced multiple regulatory penalties over the past year [6]. - In January, the Hebei Securities Regulatory Bureau issued several administrative regulatory measures against ST New Power, citing violations in operational norms, internal controls, and information disclosure [6]. - The company has been criticized for poor governance, including unclear understanding of governance requirements by the chairman and directors, ineffective decision-making mechanisms, and inadequate management of insider information [6]. Group 2: Financial Performance - ST New Power has reported continuous losses for four consecutive years since 2021, with a revenue of 0.97 billion yuan in the first half of this year, representing a year-on-year decrease of 5.66% [7]. - The net profit for the same period was -7.2861 million yuan, showing a reduction in losses compared to previous periods but still indicating a loss [7]. Group 3: Business Overview - The main business of ST New Power focuses on energy-saving combustion, providing comprehensive solutions for energy-saving ignition, clean combustion, and industrial exhaust gas treatment, serving various industries including power generation, petrochemicals, metallurgy, and construction [7].

Core Viewpoint - ST New Power (300152) is under investigation by the China Securities Regulatory Commission (CSRC) for suspected violations of information disclosure laws, while the company claims its operations remain normal during the investigation [1][5]. Group 1: Investigation and Regulatory Actions - ST New Power has been subjected to multiple regulatory penalties over the past year, indicating ongoing governance issues [5]. - The Hebei Securities Regulatory Bureau issued several administrative regulatory measures against ST New Power in January, citing violations in operational norms, internal controls, and information disclosure [6]. - Specific issues included unclear governance by the chairman and directors, ineffective decision-making mechanisms, and inadequate management of insider information [6][7]. Group 2: Financial Performance - ST New Power has reported continuous losses for four consecutive years since 2021, with a revenue of 0.97 billion yuan in the first half of this year, representing a year-on-year decrease of 5.66% [9]. - The net profit for the same period was -7.2861 million yuan, showing a reduction in losses compared to previous periods but still indicating a loss [9]. Group 3: Corporate Governance Changes - On the same day as the investigation announcement, ST New Power completed the long-delayed election of its board of directors and supervisory board, appointing a new executive team [5].

Core Viewpoint - Shenzhen International (00152) announced the issuance of its fourth phase of corporate bonds aimed at professional investors, with a total issuance amount of 1.9 billion RMB and a coupon rate of 2.95% [1] Group 1: Bond Details - The bond is referred to as "23 International P7" with a code of 148465 [1] - The total issuance amount for this bond is 1.9 billion RMB [1] - The coupon rate for the current interest period is set at 2.95% [1] - For every 10 bonds with a face value of 1,000 RMB, the interest payment will be 29.50 RMB (including tax) [1] Group 2: Payment Schedule - The interest for the period from September 21, 2024, to September 20, 2025, will be paid on September 22, 2025 [1]

2023年境內公司債券（第四期）— 2025年付息公告 本海外監管公告乃由深圳國際控股有限公司（「本公司」）根據香港聯合 交易所有限公司證券上市規則第13.10B條刊發。 中國證券監督管理委員會已於2021年9月24日批准本公司在中國境內向專 業投資者公開發行金額不超過人民幣100億元之公司債券。謹此提述本公 司日期為2023年9月18日及其後相關的公告（「該等公告」），本公司已 於2023年9月21日完成發行人民幣19億元的2023年境内公司債券（第四 期）。除另有界定者外，本公告所用詞彙與該等公告所界定者具相同涵義。 本公司就2023年境内公司債券（第四期）於深交所網站(www.szse.cn)上 載以下文件： 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份 內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於百慕達註冊成立之有限公司） （股份代號：00152） 海外監管公告 - https://www.szse.cn/disclosure/listed/bulletinDetail/inde ...

Group 1 - The third Shenzhen International Smart Elderly Care Industry Expo opened with the theme "Empowering Technology, Activating New Momentum for the Silver Economy," featuring over 200 global companies and showcasing more than 2000 smart elderly care products across the entire industry chain [3][5] - The exhibition area of 15,000 square meters includes seven thematic areas such as smart home care, intelligent service robots, and elderly financial services, highlighting the latest achievements in smart elderly care [3][5] - Shenzhen Guoshou's booth attracted significant attention, with many elderly visitors inquiring about pension security details and engaging with staff about products like "Yinling Ankang" [3][5] Group 2 - A strategic cooperation agreement was signed between the Shenzhen Civil Affairs Bureau and Shenzhen Guoshou, focusing on innovation in pension security products, upgrading community elderly care services, and promoting age-friendly services [3][5] - Shenzhen Guoshou exemplifies the responsibility of financial central enterprises in the smart elderly care sector through its "product + service + scenario" approach, aiming to transform elderly care into a more enjoyable experience [5] - The expo included over 20 specialized forums and "supply-demand procurement matching sessions," gathering international academic experts and industry leaders to drive efficient resource connectivity in the elderly care ecosystem [5]

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(Stock Code: 00152) （股份代號：00152） NOTIFICATION LETTER 通知信函 17 September 2025 (incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） Note: Corporate Communication(s) refer to any document issued or to be issued by the Company for information or action of holders of securities of the Company, including but not limited to annual report, interim report, notice of meeting, listing document and circular. 各位登記股東： 有關2025年中期報告（「本次公司通訊」）的刊發通知 深圳國際控股有限公司（「本公司」)現謹通知 閣下，本公司之本次公司通訊（英文及中文版）已登載於本公司網站www.szihl. com ...