Financial Performance - For the third quarter of 2025, the company's operating revenue was RMB 2,131,000,236.75, representing a year-on-year increase of 1.34%[10] - The total profit for the same period was RMB 684,079,888.37, showing a decrease of 14.15% compared to the previous year[10] - The net profit attributable to shareholders was RMB 510,395,317.56, down 14.96% year-on-year[10] - The net profit after deducting non-recurring gains and losses was RMB 507,500,271.59, a decrease of 8.43%[10] - The basic earnings per share for the third quarter was RMB 0.193, reflecting a decline of 24.02%[10] - Total operating revenue for the first nine months of 2025 reached RMB 6,049,555,577.49, an increase of 3.24% compared to RMB 5,859,778,932.60 in the same period of 2024[32] - Net profit attributable to shareholders of the parent company for the first nine months of 2025 was RMB 1,470,287,308.40, up from RMB 1,374,015,126.12 in 2024, reflecting a growth of 7.02%[33] - The total comprehensive income for the first nine months of 2025 was RMB 1,647,721,941.03, compared to RMB 1,347,431,676.64 in 2024, showing a significant increase of 22.25%[33] Assets and Liabilities - As of September 30, 2025, total assets amounted to RMB 71,106,518,855.44, an increase of 5.25% from December 31, 2024[10] - Total liabilities as of September 30, 2025, amounted to RMB 38,496,420,029.38, a decrease of 4.27% from RMB 40,356,460,239.19 at the end of 2024[30] - Non-current liabilities totaled RMB 23,658,235,925.68 as of September 30, 2025, down from RMB 26,181,164,708.79 at the end of 2024, indicating a reduction of 9.57%[30] - The company's total equity increased to RMB 32,610,098,826.06 as of September 30, 2025, compared to RMB 27,201,570,709.39 at the end of 2024, representing a growth of 19.73%[30] - The total current assets as of September 30, 2025, amounted to RMB 12,431,036,754.32, an increase from RMB 7,643,838,856.74 at the end of 2024[27] - The group’s long-term equity investments were valued at RMB 19,952,265,223.91 as of September 30, 2025, showing a slight increase from RMB 19,755,383,217.22 at the end of 2024[27] Shareholder Information - The company reported a total of 20,849 shareholders, with 20,526 being A-share shareholders[14] - The top shareholder, Xintong Industrial Development (Shenzhen) Co., Ltd., holds 28.79% of the shares[15] - The company’s total shareholding structure includes significant stakes from major shareholders, with Jiangsu Yunsong Capital holding 12.27% of total shares[2] Cash Flow and Investments - The net cash flow from operating activities for the first nine months of 2025 increased by 31.12% year-on-year[10] - Operating cash flow for the period from January to September 2025 reached approximately $3.61 billion, an increase of 31.1% compared to $2.75 billion in the same period of 2024[35] - Total cash inflow from operating activities was approximately $6.07 billion, up from $5.56 billion year-over-year, reflecting a growth of 9.2%[35] - Cash and cash equivalents at the end of September 2025 totaled approximately $3.74 billion, an increase from $2.70 billion at the end of September 2024, marking a growth of 38.5%[36] - The group invested RMB 1.5 billion in five principal guaranteed floating income financial products during the reporting period, with a total of RMB 3.74 billion remaining in financial product funds[22] Operational Performance - Daily average mixed traffic volume for the Meiguan Expressway was 172,000 vehicles in Q3 2025, with toll revenue of RMB 423,000[18] - Daily average mixed traffic volume for the Jihe East Section was 340,000 vehicles in Q3 2025, generating toll revenue of RMB 1,986,000[18] - The company holds 89.93% of Longda Expressway, which reported a daily average traffic volume of 175,000 vehicles and toll revenue of RMB 437,000 in Q3 2025[18] - The company has a 50% stake in Shuiguan Expressway, with a daily average traffic volume of 278,000 vehicles and toll revenue of RMB 1,811,000 in Q3 2025[18] - The company’s stake in the Guangzhou West Second Ring is 25%, with a daily average traffic volume of 103,000 vehicles and toll revenue of RMB 1,457,000 in Q3 2025[18] - The company’s revenue from the Yangjiang project will revert to normal toll rates starting January 1, 2025, after a government compensation agreement ends[18] - The company’s revenue from the Q3 2025 toll operations reflects a consistent growth trend compared to previous quarters, indicating strong operational performance[18] Project Performance - The organic waste treatment projects processed a total of 361.61 thousand tons in the first nine months of 2025, generating operating revenue of RMB 184,578.89 thousand[20] - The clean energy power generation projects produced 191,842.33 MWh in the first nine months of 2025, with wind power business revenue reaching RMB 88,733.81 thousand[21] - The group reported a total operating revenue of RMB 124,604.60 thousand from its organic waste treatment projects in the third quarter of 2025[20] Research and Development - Research and development expenses for the first nine months of 2025 were RMB 25,976,025.88, compared to RMB 23,025,773.58 in 2024, marking an increase of 12.66%[32]

Core Insights - The Hong Kong Dividend Low Volatility ETF (520890) closed down 0.89% with a trading volume of 37.99 million yuan on October 28, 2024 [1] - The fund was established on September 4, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 27, 2024, the fund's latest share count was 74.008 million, with a total size of 108 million yuan, reflecting a decrease of 39.83% in shares and 26.31% in size year-to-date [1] Fund Performance - The current fund manager, Li Qian, has managed the fund since its inception, achieving a return of 45.70% during her tenure [2] - The fund's performance benchmark is the Hang Seng Stock Connect High Dividend Low Volatility Index [1] Holdings and Liquidity - The top holdings of the fund include Shougang Resources, Yanzhou Coal Mining, and China Shenhua Energy, with respective weightings of 3.76%, 2.94%, and 2.17% [2] - Over the last 20 trading days, the fund's cumulative trading amount reached 1.311 billion yuan, with an average daily trading amount of 65.55 million yuan [1]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a year-on-year growth of 12.7% in September, indicating a steady expansion of the market [4][25] - The logistics sector is witnessing technological advancements, with JD Logistics planning to procure 3 million robots and 100,000 unmanned vehicles over the next five years, which may enhance supply chain efficiency [5] - The shipping market is expected to benefit from geopolitical factors and trade negotiations, potentially increasing demand for oil transportation and bulk shipping [6][10] - The aviation sector is experiencing growth, with a 10.8% increase in international flight volumes for the upcoming winter-spring season, reflecting a recovery in air travel [10][12] Summary by Sections Express Delivery - In September 2025, the express delivery business volume reached 16.88 billion pieces, a 12.7% year-on-year increase, with revenue of 127.37 billion yuan, up 7.2% [4][25] - Major players like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost control, with significant growth potential [14] Shipping and Ports - The VLCC market may benefit from U.S. sanctions on Russian oil, potentially increasing long-distance shipping demand [6] - The shipping market is expected to see a recovery driven by environmental regulations and geopolitical stability, with recommendations to focus on companies like China Shipping and COSCO [14][15] Aviation - The aviation industry is projected to maintain steady growth, with a 10.3% increase in total transport turnover and a 5.2% rise in passenger transport volume in the first three quarters of 2025 [10] - Airbus has opened a new A320 assembly line in Tianjin, marking a significant milestone in Sino-European cooperation [9] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.33% and highway freight truck traffic rising by 24.72% [13] - Strategic partnerships in the highway sector are being formed to enhance service offerings and operational efficiency [13] Overall Market Performance - From October 20 to October 24, 2025, the transportation sector index increased by 1.12%, underperforming the Shanghai Composite Index, which rose by 2.88% [20][23]

Core Insights - The 2025 Shenzhen International Property Management Industry Expo successfully concluded, attracting around 300 exhibitors and over 50,000 professional visitors, with nearly 4,000 intended collaborations and a total strategic cooperation amount exceeding 350 million yuan [1][2] Group 1: Event Overview - The expo was themed "Inspiring New Opportunities, Linking the Future" and was organized by the Shenzhen Property Management Industry Association, showcasing a diverse range of property management innovations [1] - Key exhibition areas included the "Beautiful Life Experience Hall" and "AI + Property Technology Hall," along with four special exhibition zones highlighting various aspects of property management [1] Group 2: Industry Insights - The integration of AI technology in the property management sector was prominently featured, with various intelligent solutions for landscaping, community safety, and elevator operations showcased [2] - The 2024 industry report revealed that the total revenue for the Shenzhen property management industry reached 158.83 billion yuan, with main business income around 142.79 billion yuan, and a total of 67.27 million employees in the sector [2]

Core Insights - The 2026 Second Commercial Space Industry Development Conference and Exhibition will be held on March 19-20, 2026, in Shenzhen, focusing on promoting academic exchange, technical cooperation, and industrial innovation in the commercial space sector [1][2] - The conference theme is "Innovation Leap, Building Dreams in Space," aiming to gather top experts, scholars, leading enterprises, and industry regulators to discuss cutting-edge topics in space technology, low-orbit satellites, and commercial space launches [1][2] Exhibition and Scale - The exhibition will feature over 200 participating companies, covering an area of 10,000 square meters, with an expected audience of over 10,000 and more than 150 business matchmaking sessions [2] - The commercial space industry in China is projected to exceed 2.5 trillion yuan by 2025, becoming a new driving force for economic growth [2][8] - The event will showcase advancements in satellite applications, commercial rocket development, digital space, low-cost manufacturing, and reusable technologies [2][4] Forum and Discussions - The conference will include a main forum and six specialized sub-forums, focusing on key areas such as space economy development, satellite internet, and low-orbit constellations [5][6] - Over 150 top experts will present insights on policy backgrounds, market opportunities, and technological breakthroughs in the commercial space sector [6] Industry Collaboration - The conference aims to address challenges in the commercial space industry by enhancing supply-demand matching through various activities such as project roadshows and business negotiations [7] - It will facilitate collaboration among government agencies, space institutions, satellite operators, and investment firms to promote industry chain synergy [7] Future Outlook - The commercial space sector is recognized as a vital direction for nurturing emerging industries, with significant growth expected in the next decade as nearly 60,000 satellites are anticipated to be deployed in low Earth orbit [8]

Core Insights - The 113th National Sugar and Wine Commodity Fair successfully concluded in Nanjing, showcasing a vibrant atmosphere with numerous renowned brands participating [1] - The company "Twelve Summer Days" stood out at the event due to its robust supply chain in the health food sector, particularly in bird's nest products, attracting significant attention from visitors and potential partners [1][3] Company Overview - Twelve Summer Days has a comprehensive control over bird's nest raw materials, with two large initial processing factories in Indonesia and a modern smart factory in Xiamen, ensuring a stable supply of over 20 tons of high-quality bird's nest annually [3] - The Xiamen factory features a 100,000-level GMP dust-free workshop and the industry's first fully automated high-speed production line, achieving a daily output of 200,000 bowls of products [3] Product Offering - The brand emphasizes using whole bird's nest in its products, differentiating itself from competitors who often use inferior ingredients, ensuring superior nutrition and taste through rigorous production processes [4] - A diverse range of products was showcased, including gift boxes and health convenience foods, catering to various consumer needs such as festive gifts and personal enjoyment [3][4] Market Engagement - The professional demeanor and attentive service of the Twelve Summer Days team contributed to a positive experience for visitors, enhancing the brand's appeal and fostering potential partnerships [6] - Several chain supermarkets and leading e-commerce platforms expressed interest in collaborating with Twelve Summer Days during the event [4] Future Plans - Following the success in Nanjing, Twelve Summer Days plans to participate in the upcoming exhibition in Shenzhen, aiming to further expand its network and showcase its product offerings [8] - The company is committed to maintaining high standards of quality and aims to bring safe, healthy, and high-quality convenience foods to consumers across the country [8]

Core Insights - The 2025 Shenzhen International Health and Nutrition Products Exhibition (HNC) will take place from December 16-18, 2025, at the Shenzhen International Convention and Exhibition Center, highlighting the rapid growth of the health industry driven by national strategies and public demand [1][2] - The health industry in China is projected to exceed 18 trillion yuan by 2025, with an annual compound growth rate of over 9.5%, particularly in sectors like nutrition, health food, anti-aging, and beauty [1][2] Industry Overview - The health industry is experiencing a golden period of rapid development, supported by a multi-layered policy framework established since the release of the "Healthy China 2030" plan [1][2] - The exhibition aims to create a high-level platform for innovation, resource connection, and trend insights, facilitating the transformation of policy dividends into market dynamics [2][7] Exhibition Highlights - The HNC exhibition will feature over 2,500 leading global companies and is expected to attract more than 150,000 professional buyers, creating a "super ecosystem" across six major fields including nutrition, health, lifestyle, and hospitality [2][10] - The event will integrate various health industry resources, offering specialized zones for different product categories and regional characteristics, providing a one-stop global procurement channel [6][10] Product Focus - The exhibition will emphasize "upgrading consumer demand" and "technological transformation," showcasing a wide range of health products including dietary supplements, functional foods, and traditional Chinese medicinal products [4][5] - Special attention will be given to the integration of traditional health wisdom with modern biotechnology, particularly in the food therapy and beauty sectors [5][6] Industry Trends and Forums - A series of thematic forums and discussions will be held, featuring industry experts and representatives from professional associations to address key issues and opportunities in the health sector [7][8] - The event will also explore new marketing strategies and innovative approaches to product development, aiming to enhance the operational efficiency and marketing capabilities of participating companies [8][10]

Core Viewpoint - The 21st Shenzhen International Marine Clean Day event emphasizes the importance of marine ecological protection and community involvement in environmental conservation efforts [2] Group 1: Event Overview - The event took place on October 12 at Dameisha Beach Park, guided by the Shenzhen Marine Development Promotion Center and organized by the Shenzhen Blue Ocean Environmental Protection Association [2] - Over 150 volunteers, corporate representatives, and students participated in beach cleaning and marine protection awareness activities [2] Group 2: Activities and Engagement - Volunteers engaged in collecting trash such as cigarette butts and plastic bottles, while 37 free divers worked to retrieve abandoned fishing nets from the sea [2] - A unique underwater live broadcast allowed citizens unable to attend to witness the cleaning process and the commitment to marine protection [2] - A "Turtle Rescue Mini-Theater" was set up to recreate the scene of a turtle entangled in fishing nets, highlighting the fragility of marine ecosystems and raising public awareness [2] Group 3: Future Initiatives - Shenzhen is advancing its goal of becoming a global marine center through policy guidance and technological empowerment, with this event representing a collective effort from various sectors [2] - The organizers plan to collaborate with more enterprises, schools, and NGOs to continue marine education and beach cleaning activities, aiming to make marine protection a habitual practice among citizens [2]

Core Viewpoint - The 21st Shenzhen International Marine Clean Day event was launched with the theme "Guarding the Blue Ecological Sea," emphasizing community involvement in marine conservation efforts [2] Group 1: Event Overview - The event took place on October 12 at Dameisha Beach Park, guided by the Shenzhen Marine Development Promotion Center and organized by the Shenzhen Blue Ocean Environmental Protection Association [2] - Over 150 volunteers, corporate representatives, and students participated in beach cleaning and marine protection awareness activities [2] Group 2: Activities and Engagement - Volunteers acted as "treasure hunters," collecting trash such as cigarette butts and plastic bottles from the shore, while 37 freedivers worked underwater to retrieve abandoned fishing nets [2] - Children dressed as "mermaids" raised awareness by holding signs urging to "leave shells for the sea," promoting environmental consciousness [2] - The event featured underwater live streaming, allowing citizens unable to attend to witness the cleaning process and the commitment to protecting the marine environment [2] Group 3: Future Initiatives - Shenzhen is advancing its goal of becoming a global marine center through policy guidance and technological empowerment, with this event representing a collective effort from various sectors [2] - The organizers plan to collaborate with more enterprises, schools, and NGOs to continue marine education and beach cleaning activities, aiming to make "guarding the blue" a habit among citizens and strengthen the foundation for marine ecological protection in Shenzhen [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 深圳國際控股有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00152 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 3,000,000,000 | HKD | | 1 | HKD | | 3,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 3,000,000,000 | HKD | | 1 | HKD | | 3,000,000,000 | 本月底法定/註冊股 ...