1. Report Industry Investment Rating - Unilateral: The 12 - contract is expected to be oscillating upward [7] - Arbitrage: None at present [7] 2. Core Viewpoints of the Report - The actual freight - booking prices in the second half of the month are gradually being reported, and the freight rate center may rise slightly again [1] - The 12 - month contract trading focuses on the rhythm, and the overall valuation support is constantly rising. Shipping companies will adjust the supply to keep freight rates at a relatively high level for the next - year long - term agreement negotiation [4] - The 2026 February contract may have a large expectation gap, but it is currently suppressed by the resumption of navigation expectations [5] - The reduction of the 10% "fentanyl tariff" is conducive to promoting the recovery of Sino - US trade, which will drive the demand on the US route to pick up and support the European route prices to some extent [3] 3. Summary According to the Directory 3.1 Futures Prices - As of November 6, 2025, the total open interest of all container shipping index European line futures contracts was 69,438.00 lots, and the daily trading volume was 47,681.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1601.00, 1178.00, 1414.20, 1484.00, 1140.00, and 1848.20 respectively [5] 3.2 Spot Prices - Online quotes of different shipping companies show price increases in the second half of November and December. For example, HPL's 11 - month second - half - month shipping schedule quote increased from 1185/1935 in the first half of November to 1935/3135, and the December first - half - month shipping schedule quote is 1935/3135 [1] - The SCFI (Shanghai - Europe route) price announced on October 31 was 1344 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2647 US dollars/FEU, and the SCFI (Shanghai - US East) price was 3438 US dollars/FEU. The SCFIS (Shanghai - Europe) on November 3 was 1208.71 points, and the SCFIS (Shanghai - US West) was 1267.15 points [5] 3.3 Container Ship Capacity Supply - In November, the monthly average weekly capacity from China to European base ports was 286,000 TEU, and in December, it was 322,900 TEU. There were 10 blank sailings and 1 TBN in November and 6 TBNs in December [3] - As of October 31, 2025, 218 container ships with a total capacity of 1.784 million TEU had been delivered in 2025. Among them, 67 ships with a capacity of 12,000 - 16,999 TEU (total 1.008 million TEU) and 11 ships with a capacity of over 17,000 TEU (total 236,320 TEU) were delivered [6] 3.4 Supply Chain - Geopolitical factors: The Israeli Defense Minister instructed the Israeli army to divide the area near the Israeli - Egyptian border into a closed military zone and adjust the rules of engagement [2] - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff on Chinese goods will continue to be suspended for one year. The US will also suspend the implementation of its 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. In response, China will also suspend its counter - measures against the US for one year [3] 3.5 Demand and European Economy - The reduction of the 10% fentanyl tariff is helpful for the recovery of Sino - US trade, which will drive the demand on the US route to pick up and support the European route prices to some extent [3] - The shipping companies will adjust the supply to keep the freight rates at a relatively high level in the fourth quarter to prepare for the next - year long - term agreement negotiation [4]

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed at a 0.00% change on November 5, with a trading volume of 66.32 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 November 4, the fund's total shares stood at 225 million, with a total size of 231 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.192 billion yuan, with an average daily trading amount of 59.60 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.46% during the tenure [1] Holdings Summary - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Core Points - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.29% on November 4, with a trading volume of 70.587 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 November 3, the fund's latest share count was 225 million, with a total size of 231 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.16 billion yuan, with an average daily trading amount of 58.005 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 1.18% during the tenure [1] Holdings Summary - The top holdings of Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China Pacific Insurance (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 0.88% on November 3, with a trading volume of 49.4557 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 October 31, the fund had 225 million shares outstanding and a total size of 228 million yuan [1] - Over the last 20 trading days, the fund's cumulative trading amount reached 1.129 billion yuan, with an average daily trading amount of 56.4648 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 1.18% during the tenure [1] Holdings Summary - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China Pacific Insurance (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 東方海外(國際)有限公司 呈交日期: 2025年11月3日 FF301 II. 已發行股份及/或庫存股份變動 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) | 00316 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 900,000,000 | USD | | 0.1 | USD | | 90,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | 0 | | 本月底結存 | | | 900,000,000 | USD | | 0.1 | USD ...

Core Viewpoint - Shipping stocks experienced a collective rise, driven by positive developments in US-China trade relations, which are expected to boost the shipping market and increase freight rates [1] Group 1: Stock Performance - Shipping stocks such as Seaspan International (01308) rose by 6.85% to HKD 30.58, Pacific Shipping (02343) increased by 4.67% to HKD 2.69, China COSCO Shipping (01919) gained 2.82% to HKD 13.87, and Orient Overseas International (00316) went up by 1.86% to HKD 137 [1] Group 2: US-China Trade Relations - On October 30, the leaders of the US and China held a meeting to discuss economic and trade relations, agreeing to enhance cooperation in these areas [1] - The US will cancel the 10% tariff on fentanyl and will continue to suspend the 24% reciprocal tariff for another year, which is expected to alleviate trade friction and promote global economic stability [1] Group 3: Market Outlook - The shipping market is supported by positive news, leading to increased booking activity and rising freight rates [1] - It is anticipated that US-China maritime trade will quickly recover, particularly in container exports from China to the US and imports of bulk commodities such as grain, oil, and natural gas from the US to China [1]

Core Points - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.19% on October 30, with a trading volume of 67.65 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 October 29, the fund's latest share count was 224 million shares, with a total size of 230 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.13 billion yuan, with an average daily trading amount of 56.48 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.56% during the tenure [1] Holdings Summary - The top holdings of Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum & Chemical Corporation (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) has shown significant growth in both share volume and fund size in 2024, indicating strong investor interest and performance [1][2]. Fund Overview - The fund was established on August 14, 2024, with an annual management fee of 0.50% and a custody fee of 0.08% [1]. - As of October 24, 2024, the fund's share volume reached 243 million, with a total size of 334 million yuan [1]. - Year-to-date, the fund's share volume has increased by 114.89%, and its size has grown by 158.55% compared to December 31, 2024 [1]. Liquidity Analysis - Over the last 20 trading days, the ETF has accumulated a total trading volume of 807 million yuan, averaging 40.34 million yuan per day [1]. - Since the beginning of the year, the total trading volume has reached 7.729 billion yuan, with an average daily trading volume of 39.43 million yuan over 196 trading days [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong managing the fund since August 29, 2024, achieving a return of 40.59%, while Wang has managed it since August 13, 2025, with a return of 0.07% [2]. Top Holdings - The ETF's top holdings include: - Orient Overseas International: 9.65% [3] - China COSCO Shipping: 7.14% [3] - Yancoal Australia: 5.43% [3] - Yanzhou Coal Mining: 4.73% [3] - Seaspan Corporation: 4.36% [3] - China Hongqiao Group: 3.10% [3] - Sinopec: 3.08% [3] - CNOOC: 3.03% [3] - Minsheng Bank: 3.01% [3] - China Everbright Bank: 3.01% [3]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) has shown a positive performance with a closing increase of 1.07% on October 27, 2023, and a trading volume of 74.2865 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]. - 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]. - As of October 24, 2023, the fund has a total of 278 million shares and a total size of 285 million yuan [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the Tianhong ETF has accumulated a trading amount of 1.123 billion yuan, with an average daily trading amount of 56.1485 million yuan [1]. Group 3: Fund Management - The current fund manager is He Yuxuan, who has managed the fund since its inception on August 20, 2025, achieving a return of 2.31% during the management period [1]. Group 4: Top Holdings - The top holdings of the Tianhong ETF include: - COSCO Shipping Holdings (0.85% holding, 291.75 thousand yuan market value) - Orient Overseas International (0.40% holding, 137.17 thousand yuan market value) - China Foreign Transport (0.33% holding, 113.96 thousand yuan market value) - China National Petroleum (0.32% holding, 109.73 thousand yuan market value) - CITIC Bank (0.32% holding, 111.36 thousand yuan market value) - CNOOC (0.29% holding, 100.41 thousand yuan market value) - China Shenhua Energy (0.29% holding, 98.26 thousand yuan market value) - China People's Insurance Group (0.29% holding, 101.07 thousand yuan market value) - China Unicom (0.28% holding, 95.28 thousand yuan market value) - Agricultural Bank of China (0.27% holding, 93.39 thousand yuan market value) [2].

Core Insights - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 0.59% on October 23, with a trading volume of 45.18 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 October 22, the fund's latest share count was 292 million, with a total size of 296 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.099 billion yuan, with an average daily trading amount of 54.94 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 1.32% during the tenure [1] Holdings Summary - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]