Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central Enterprise Dividend ETF (159333) has shown a positive performance with a closing increase of 0.65% on September 26, 2024, and a trading volume of 17.6977 million yuan [1] Fund Overview - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of September 25, 2024, the fund's total shares stood at 380 million, with a total size of 525 million yuan, reflecting a decrease of 11.83% in shares and an increase of 2.22% in size compared to December 31, 2024 [1] Liquidity Analysis - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 580 million yuan, with an average daily trading amount of 29.0115 million yuan [1] - Since the beginning of the year, the ETF has accumulated a trading amount of 7.238 billion yuan over 181 trading days, averaging 39.9865 million yuan per day [1] Fund Management - The current fund manager, Yang Kun, has managed the ETF since its inception, achieving a return of 38.74% during the management period [2] - The ETF's top holdings include major companies such as COSCO Shipping Holdings, Orient Overseas International, CITIC Bank, China Petroleum, and others, with specific holding percentages detailed [2]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.03% in its closing price on September 25, with a trading volume of 40.68 million yuan [1]. Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of September 24, the fund's latest share count is 344 million shares, with a total size of 335 million yuan [1]. - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a performance return of -2.80% during the management period [1]. Group 2: Fund Holdings - The top holdings of the Tianhong ETF include: - China COSCO Shipping (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2].

Core Points - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies in various key areas such as innovation, shareholder returns, social responsibility, and growth [1][2] - The "Best Shareholder Return Listed Company" award emphasizes sustainable profitability and shareholder equity growth, integrating financial metrics with ESG performance [2][6] Group 1: Award Winners - The winners of the "Best Shareholder Return Listed Company" award include COSCO Shipping Holdings, Orient Overseas International, Industrial and Commercial Bank of China, Gujing Distillery, and Bosideng [2][4] - Orient Overseas International has distributed over $14.4 billion in dividends over the past four years, maintaining a stable dividend payout ratio of 50% [5][6] - COSCO Shipping Holdings has distributed cash dividends totaling 113.6 billion yuan over the past four years, with a dividend payout ratio of 50% in the last three years [9][10] - Industrial and Commercial Bank of China has maintained a dividend payout ratio of over 30% since its listing in 2006, with a total cash dividend exceeding 1.5 trillion yuan [12][13] - Gujing Distillery plans to distribute 3.172 billion yuan in cash dividends for 2024, maintaining a high dividend payout ratio [15][16] - Bosideng achieved a revenue of 25.902 billion yuan in the 2025 fiscal year, with a net profit of 3.514 billion yuan, and a high dividend payout ratio of 84.1% [18][19] Group 2: Company Performance - Orient Overseas International reported a net profit of $2.577 billion for 2024, with a basic earnings per share of $3.90 [6][10] - COSCO Shipping Holdings achieved a revenue of 233.859 billion yuan in 2024, with a net profit of 49.172 billion yuan, reflecting a year-on-year increase of 105.78% [10] - Industrial and Commercial Bank of China has maintained a stable net interest margin and steady growth in intermediary business income, with a non-performing loan ratio better than the industry average [13] - Gujing Distillery's revenue for the first half of 2025 was 13.880 billion yuan, with a net profit margin of 27.22% [16] - Bosideng's revenue growth of 11.6% in a challenging industry environment demonstrates its resilience and commitment to shareholder returns [19]

Core Viewpoint - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.71% in its closing price on September 22, with a trading volume of 41.02 million yuan [1] Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - The fund's performance benchmark is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return (adjusted for valuation exchange rate) [1] Fund Size and Performance - As of September 19, the fund had a total of 344 million shares and a total size of 343 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.41% during the management period [1] Top Holdings - The latest report indicates that the top holdings of the fund include: - COSCO Shipping Holdings (0.85% holding, 2.9175 million yuan market value) - Orient Overseas International (0.40% holding, 1.3717 million yuan market value) - China National Offshore Oil Corporation (0.29% holding, 1.0041 million yuan market value) - Other significant holdings include China Petroleum, CITIC Bank, China Shenhua Energy, and Agricultural Bank of China, among others [2]

Market Updates - UBTECH (09880) rose over 4% after signing a global strategic cooperation agreement with Cloud Intelligence Technology on September 21, with initial orders expected to be fulfilled [1] - Changfei Fiber Optics (06869) fell over 2% as shareholders reduced their holdings by a total of 10% in H-shares, with no significant impact on financial data from the hollow-core fiber [1] - Gold stocks mostly increased, with Lingbao Gold (03330) up over 4%, Zhaojin Mining (01818) up over 3%, China Silver Group (00815) up over 4%, and Shandong Gold (01787) up over 3%. The Federal Reserve's interest rate cut is expected to support a fluctuating upward trend in gold prices [1] - Yihuatong (02402) surged over 18% after partnering with Toyota to establish a fuel cell company and announcing the termination of the acquisition of Xuyang Hydrogen Energy [1] - WuXi AppTec (02268) increased over 6% after finalizing a subscription agreement that will raise WuXi Biologics' stake to over 50% [1] - Hong Kong Broadband (01310) dropped over 3% after announcing a share placement by its controlling shareholder, China Mobile Hong Kong, to restore public shareholding [1] - Huiju Technology (01729) rose over 10% following a strategic cooperation agreement with OpenAI to develop a revolutionary AI device for consumers [1] Shipping Sector - Shipping stocks experienced significant declines, with China Merchants Energy (01138) down over 6%, Seaspan (01308) down over 5%, Orient Overseas International (00316) down over 4%, and China Merchants Industry Holdings (01919) down over 4%. The Shanghai Shipping Exchange reported weak demand for Chinese export container transport, leading to continued adjustments in ocean freight rates [2] US Market Highlights - Pony.ai (PONY.US) increased by 18.55% as the CFO announced expectations to achieve key profit targets by early 2026 [3] - FedEx (FDX.US) rose 2.32% with projected revenue growth of up to 6% this year, exceeding analyst forecasts [3] - JD.com (JD.US) saw a 0.86% increase, with the iPhone 17 series achieving record sales within the first minute of pre-sale [3] - XPeng Motors (XPEV.US) rose 1.74%, reporting a 137% year-on-year increase in overseas deliveries from January to August [3] - ZTO Express (ZTO.US) fell 0.96%, with analysts noting a significant rebound in express delivery prices in August [3] - WeRide (WRD.US) surged 10.23% after its autonomous bus Robobus received Belgium's first federal-level L4 autonomous driving test license [3] - Tesla (TSLA.US) rose 2.21% as Baird upgraded its rating to "outperform," with expectations for significant stock price increases [4] - Apple (AAPL.US) increased by 3.20% following the successful launch of the iPhone 17 series on September 19 [4] - Quantum Song (QSG.US) rose 13.22%, with the chairman announcing a focus on the trendy toy sector [4]

Group 1 - The shipping stocks in Hong Kong experienced significant declines on September 22, with China Merchants Energy (01138.HK) falling by 7.07% to HKD 9.07 [1] - Seaspan Corporation (01308.HK) saw a decrease of 5.61%, trading at HKD 28.92 [1] - Orient Overseas International (00316.HK) dropped by 4.12%, with shares priced at HKD 128.1 [1] - China Cosco Holdings (01919.HK) declined by 3.98%, reaching HKD 13.27 [1]

Core Viewpoint - The shipping stocks have experienced significant declines due to weak demand for container shipping exports from China, leading to a continued adjustment in freight rates across various routes [1] Group 1: Stock Performance - China COSCO Shipping Energy Transportation (600026) saw a drop of 7.07%, trading at HKD 9.07 [1] - Seaspan Corporation (01308) declined by 5.61%, with shares at HKD 28.92 [1] - Orient Overseas International (00316) fell by 4.12%, priced at HKD 128.1 [1] - China COSCO Shipping Holdings (601919) decreased by 3.98%, trading at HKD 13.27 [1] Group 2: Market Conditions - The Shanghai Shipping Exchange reported a 14.3% decrease in the Shanghai Export Container Freight Index, which is now at 1198.21 points [1] - European routes are facing weak demand growth, resulting in declining spot market booking prices [1] - North American routes have seen a decrease in demand since early September, leading to a significant drop in spot market booking prices [1] - The Persian Gulf route is also experiencing weak demand, with freight rates continuing to adjust downward [1] - The Australia-New Zealand route shows stable demand, but market rates are still on a downward trend [1] - South American routes are under pressure due to weak demand growth, causing a continued decline in spot market booking prices [1]

Core Viewpoint - Shipping stocks have experienced significant declines due to weak demand for container shipping in China, leading to a continued adjustment in market freight rates [1] Group 1: Stock Performance - China COSCO Shipping Energy Transportation (01138) fell by 7.07%, trading at HKD 9.07 [1] - Seaspan Corporation (01308) decreased by 5.61%, trading at HKD 28.92 [1] - Orient Overseas International (00316) dropped by 4.12%, trading at HKD 128.1 [1] - China COSCO Shipping Holdings (01919) declined by 3.98%, trading at HKD 13.27 [1] Group 2: Market Conditions - The Shanghai Shipping Exchange reported a 14.3% decrease in the Shanghai Export Container Freight Index, which is now at 1198.21 points [1] - European routes are facing weak demand growth, resulting in declining spot market booking prices [1] - North American routes have seen a decrease in demand since early September, with significant drops in spot market booking prices [1] - The Persian Gulf route is experiencing weak demand, leading to substantial adjustments in spot market freight rates [1] - The Australia-New Zealand route shows stable demand, but market freight rates continue to decline [1] - South American routes are under pressure due to weak demand growth, with spot market booking prices continuing to fall [1]

東方海外(國際)有限公司 ORIENT OVERSEAS (INTERNATIONAL) LIMITED * （於百慕達註冊成立之成員有限責任公司） (Incorporated in Bermuda with members' limited liability) (Stock Code 股份代號: 316) NOTIFICATION LETTER 通 知 信 函 18th September 2025 Dear Non-registered Shareholder(1), Orient Overseas (International) Limited (the "Company") – 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication are available on the Company's website (https://www.ooilgroup.com) under the sub-s ...

東方海外(國際)有限公司 ORIENT OVERSEAS (INTERNATIONAL) LIMITED * （於百慕達註冊成立之成員有限責任公司） (Incorporated in Bermuda with members' limited liability) (Stock Code 股份代號: 316) NOTIFICATION LETTER 通 知 信 函 18th September 2025 Dear Shareholder, Orient Overseas (International) Limited (the "Company") – 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Current Corporate Communication are available on the Company's website (https://www.ooilgroup.com) under the sub-section titled "Fin ...