Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.70% on December 29, with a trading volume of 33.25 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 26, the fund had a total of 350 million shares and a total size of 349 million yuan [1] Group 2 - The fund's recent trading activity shows a cumulative trading amount of 559 million yuan over the last 20 trading days, with an average daily trading amount of 27.93 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.04% during the management period [1] - The top holdings of the fund include COSCO Shipping Holdings, Orient Overseas International, China National Freight, PetroChina, CITIC Bank, CNOOC, China Shenhua Energy, China Pacific Insurance, China Unicom, and Agricultural Bank of China, with respective holding percentages [2]

1. Report's Industry Investment Rating - Not mentioned in the provided content 2. Core Viewpoints of the Report - The 12 - month contract is expected to oscillate, while the February contract is expected to oscillate with an upward trend [9] - The far - month contracts face the pressure of the Suez Canal's resumption of navigation, and their valuations are likely to be revised down [7] - The delivery settlement price of the December contract is estimated to be between 1600 - 1700 points, and attention should be paid to the actual SCFIS release [4] - The 02 contract is gradually shifting to the real - world trading logic, and the current point of contention is whether the first half of January marks the end of this round of freight rate increases [6] 3. Summary According to Relevant Catalogs 3.1 Futures Prices - As of December 24, 2025, the total open interest of all contracts for the container shipping index (European line) futures was 66,098 lots, and the single - day trading volume was 29,953 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1795.80, 1165.00, 1319.00, 1481.00, 1051.10, and 1605.90 respectively [8] 3.2 Spot Prices - On December 19, the SCFI (Shanghai - Europe route) price was 1533 dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 1992 dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2846 dollars/FEU. On December 22, the SCFIS (Shanghai - Europe) was 1589.20 points, and the SCFIS (Shanghai - West Coast of the United States) was 962.10 points [8] 3.3 Container Ship Capacity Supply - In December, the average weekly capacity for the remaining two weeks was 314,500 TEU, with capacities of 301,000 and 327,900 TEU in weeks 52 and 53 respectively. In January, the average weekly capacity was 304,600 TEU, and in February, it was 284,700 TEU. There were 3 blank sailings and 2 TBNs in January, and 8 TBNs and 3 blank sailings in February [3] - As of December 21, 2025, 250 container ships had been delivered in 2025, with a total capacity of 2.018 million TEU. Among them, 75 ships of 12,000 - 16,999 TEU had been delivered, with a total capacity of 1.1315 million TEU, and 12 ships of over 17,000 TEU had been delivered, with a total capacity of 253,800 TEU [8] 3.4 Supply Chain - The cease - fire mediation plan for Gaza is progressing, and the Suez Canal is likely to resume operation after the Spring Festival in 2026. The resumption of the Suez Canal means an increase in effective capacity supply and the risk of further depressing freight rates [7] 3.5 Demand and European Economy - Information from various surveys indicates that the cargo volume is gradually recovering [4] - The signing process of long - term agreements by OA and PA alliances has accelerated, with the central price of long - term agreements around 1800 dollars/FEU [6]

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The PA Alliance's prices are expected to be adjusted gradually in the first half - month, and the EC2602 contract is in a situation where the peak time of freight rates is being speculated. The 12 - contract is expected to fluctuate, while the 2 - month contract is expected to fluctuate with a slight upward bias [1][6][9] 3. Summary According to the Directory 3.1 Futures Price - As of December 23, 2025, the closing prices of different contracts are as follows: EC2602 contract is 1806.60, EC2604 contract is 1158.00, EC2606 contract is 1331.70, EC2608 contract is 1480.00, EC2610 contract is 1052.00, and EC2512 contract is 1606.00. The 12 - contract is expected to oscillate, and the 02 - contract will gradually follow the real - world quotes, with the current speculation point being whether the first half - month of January is the end of this round of freight rate increase [6][8][9] 3.2 Spot Price - Online quotes from different shipping alliances and companies vary. For example, in the Gemini Cooperation, Maersk's Shanghai - Rotterdam quotes changed from 1580/2540 in the first week of January to 1560/2500 in the second week; HPL's price increased from 1535/2535 in the second half of December to 2135/3535 in the first half of January. Other alliances and companies also have corresponding price changes [1] 3.3 Container Ship Capacity Supply - In December, the remaining 2 - week monthly average capacity is 314,500 TEU, with capacities of 301,000/327,900 TEU in WEEK52/53 respectively. In January, the monthly average capacity is 304,600 TEU, and in February, it is 284,700 TEU. There are also empty - sailings and TBNs in different months and alliances. In 2025, it is still a big year for container ship deliveries, with 250 ships delivered and a total capacity of 2.018 million TEU [4][8] 3.4 Supply Chain - Geopolitically, Israel's remarks on building settlements in the Gaza Strip may damage the peace - making efforts and the cooperation intention of Arab countries. The Shanghai International Energy Exchange plans to revise the "Shanghai International Energy Exchange Container Shipping Index (European Line) Futures Standard Contract", including adjusting the contract months and the minimum price change [3] 3.5 Demand and European Economy - Not provided in the content other than the potential impact of geopolitical factors on the market and the relationship between supply and demand reflected in the shipping prices and capacity [3] 3.6 Strategy - Unilateral: The 12 - contract oscillates, and the 2 - month contract oscillates with a slight upward bias. Arbitrage: None [9]

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed at a 0.40% increase with a trading volume of 34.08 million yuan on December 23 [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 22, the fund's latest share count was 341 million shares, with a total size of 340 million yuan [1] Group 2 - The fund's recent trading activity shows a cumulative trading amount of 615 million yuan over the last 20 trading days, with an average daily trading amount of 30.75 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.22% during the management period [1] Group 3 - The top holdings of the fund include COSCO Shipping Holdings, Orient Overseas International, China National Foreign Trade Transportation Group, PetroChina, CITIC Bank, CNOOC, China Shenhua Energy, People's Insurance Company of China, China Unicom, and Agricultural Bank of China, with respective holding percentages [2] - The largest holding is COSCO Shipping Holdings at 0.85%, followed by Orient Overseas International at 0.40% and China National Foreign Trade Transportation Group at 0.33% [2]

Core Viewpoint - Orient Overseas International (00316) announced the passing of its independent non-executive director and member of the audit committee and strategic development committee, Mr. Su Kin Leung, who will pass away on December 13, 2025 [1] Group 1 - The company has reported the death of a key board member, which may impact its governance structure [1] - Mr. Su Kin Leung served as an independent non-executive director, indicating his role in overseeing company operations and strategic decisions [1] - The announcement highlights the importance of board composition and the potential need for succession planning within the company [1]

Core Viewpoint - Orient Overseas International (00316) announced the passing of its independent non-executive director and member of the audit committee and strategic development committee, Mr. Su Kin Leung, on December 13, 2025 [1] Company Summary - The company has reported the death of a key board member, which may impact its governance and strategic direction moving forward [1] - Mr. Su Kin Leung held significant roles within the company, indicating his influence on its operations and decision-making processes [1]

東方海外（國際）有限公司（「本公司」）董事會成員如下： 執行董事 萬敏先生 （主席） 張峰先生 （行政總裁） 陶衛東先生 非執行董事 董立均先生 于福林先生 王丹女士 葉承智先生 ORIENT OVERSEAS (INTERNATIONAL) LIMITED 獨立非執行董事 東 方 海 外（國 際）有 限 公 司* （於百慕達註冊成立之成員有限責任公司） （股份代號： 316） 董事名單與其角色和職能 附註： C 有關董事委員會的主席 M 有關董事委員會的成員 香港，2025年12月15日 * 僅供識別 鄒耀華先生 （首席獨立非執行董事） 鍾瑞明博士 楊良宜先生 陳纓女士 陳虹先生 下表載列本公司九個董事委員會之成員。 | 董事委員會 | 執行委員會 | 核數委員會 | 薪酬委員會 | 提名委員會 | 合規委員會 | 內幕消息 | 風險委員會 | 戰略發展 | 可持續發展 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 董事 | | | | | | 委員會 | | 委員會 | 委員會 | | 萬敏先生 | C | | | C ...

東 方 海 外（國 際）有 限 公 司* （於百慕達註冊成立之成員有限責任公司） 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。 ORIENT OVERSEAS (INTERNATIONAL) LIMITED 東方海外（國際）有限公司 公司秘書 肖俊光 香港，2025 年 12 月 15 日 於本公告日期，本公司之董事為： 執行董事： 萬敏先生、張峰先生及陶衛東先生 非執行董事： 董立均先生、于福林先生、王丹女士及葉承智先生 獨立非執行董事： 鄒耀華先生、鍾瑞明博士、楊良宜先生、陳纓女士及陳虹先生 （股份代號：316） 獨立非執行董事辭世 東方海外（國際）有限公司（「本公司」）董事會（「董事會」）沉痛宣佈，本公司 獨立非執行董事以及核數委員會及戰略發展委員會成員蘇錦樑先生於 2025 年 12 月 13 日辭世。 蘇先生自 2019 年起出任本公司獨立非執行董事，於任期內對本公司作出寶貴貢獻。董 事會謹代表本公司衷心感謝蘇先生對本公司的貢獻和付出，並 ...

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a positive performance with a year-to-date increase in scale despite a slight decrease in shares outstanding, indicating strong investor interest in high dividend yielding assets [1][2]. Group 1: Fund Performance - As of December 15, the Hong Kong High Dividend ETF (159302) closed up 0.38% with a trading volume of 13.0572 million yuan [1]. - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index, adjusted for valuation exchange rates [1]. Group 2: Fund Size and Liquidity - As of December 12, the latest share count for the fund was 10.3 million shares, with a total size of 136 million yuan [1]. - Compared to December 31, 2024, the fund's shares decreased by 5.06%, while its size increased by 12.53% [1]. - Over the last 20 trading days, the cumulative trading amount was 351 million yuan, with an average daily trading amount of 17.5693 million yuan [1]. - Year-to-date, the cumulative trading amount reached 3.056 billion yuan, with an average daily trading amount of 13.23 million yuan [1]. Group 3: Fund Holdings - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 31.65% during his tenure [2]. - Major holdings include COSCO Shipping Holdings (7.63%), Yancoal Australia (5.59%), and Orient Overseas International (5.05%), among others, with significant positions in various sectors [2].

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced significant net redemptions, indicating a trend of outflow in the cross-border ETF market [1][2] Group 1: Fund Performance - On December 12, the ETF faced net redemptions of 2.0134 million yuan, ranking 19th out of 200 in terms of cross-border ETF net outflows [1] - The latest fund size is 685 million yuan, up from 682 million yuan the previous day, with a net outflow representing 0.30% of the previous day's size [1] - Over the past 5 days, the ETF saw net redemptions totaling 3.0162 million yuan, ranking 27th out of 200 [1] - In the last 10 days, net redemptions reached 23.5849 million yuan, ranking 14th out of 200 [1] - Over the past 20 days, the total net redemptions amounted to 31.8381 million yuan, ranking 17th out of 200 [1] Group 2: Fund Management and Holdings - The fund is managed by Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, achieving a return of 1.19%, while Cai has managed since November 5, 2025, with a return of -1.59% [2] - The ETF's top holdings include COSCO Shipping Holdings (6.08%), China Nonferrous Mining (3.25%), and China National Offshore Oil Corporation (2.54%), among others, with significant positions in various state-owned enterprises [2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1] Group 3: Market Comparison - The ETF is part of a group of funds tracking the Central State-Owned Enterprises Dividend Index, which includes other ETFs such as Huaxia and Wanji [2] - As of December 12, the fund's size is 685 million yuan, with a recent average daily trading volume of 15.0941 million yuan over the last 20 trading days [2] - The fund's recent net subscription figures indicate a trend of outflows, with a net subscription of -0.02 billion yuan over the past month [2]