Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced net redemptions of 1.0028 million yuan on December 10, ranking 26th out of 200 in cross-border ETF net outflows [1] Group 1: Fund Performance - As of December 10, the latest scale of the Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) is 685 million yuan, down from 689 million yuan the previous day, indicating a net outflow of 0.15% of the previous day's scale [1] - Over the past 5 days, the fund faced net redemptions of 1.004 million yuan, ranking 35th out of 200 in cross-border ETF net outflows [1] - In the last 10 days, the total net redemptions reached 24.6445 million yuan, ranking 17th out of 200 [1] - Over the past 20 days, net redemptions amounted to 30.8908 million yuan, ranking 26th 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 0.97%, while Cai has managed since November 5, 2025, with a return of -1.81% [2] - The latest report indicates that the top holdings of the fund include China COSCO Shipping, China Nonferrous Mining, China National Offshore Oil, and others, with respective holding percentages and market values detailed [2] Group 3: Comparative Analysis - The fund's scale and liquidity are compared with other ETFs tracking the same index, showing that the Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) has a scale of 6.85 billion yuan and a recent average daily trading volume of 0.20 million yuan [2] - Other ETFs in the same category include Huaxia, Wanji, and Tianhong, with varying scales and recent net subscription figures [2]

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.79% on December 10, with a trading volume of 43.34 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 9, the fund had a total of 310 million shares and a total size of 313 million yuan [1] - Over the past 20 trading days, the cumulative trading amount reached 778 million yuan, with an average daily trading amount of 38.91 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 4.01% 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 & 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]

Group 1 - The Hong Kong port and shipping stocks experienced significant declines, with Pacific Basin Shipping falling over 7%, Orient Overseas International down 4.6%, and China Cosco Shipping Energy down 2.67% [1] - The Baltic Dry Index (BDI) dropped to a near two-week low, influenced by declines across all vessel types. The BDI fell by 137 points, or 5.09%, closing at 2557 points, marking the lowest level since November 27 [1] - Analysts suggest that the recent drop in the BDI reflects short-term fluctuations or weakening demand for global bulk shipping, indicating reduced freight rates for shipowners and negatively impacting expectations for future quarterly earnings [1] Group 2 - Specific stock performance includes: Pacific Basin Shipping at 2.450 with a decline of 7.20%, Orient Overseas International at 127.200 down 4.65%, and China Cosco Shipping Energy at 9.130 down 2.67% [2] - Other notable declines include China National Offshore Oil Corporation at 5.110 down 1.92%, China Cosco Shipping Holdings at 13.670 down 1.37%, China Merchants Port at 15.760 down 1.13%, and China Cosco Shipping Development at 1.110 down 0.89% [2]

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 1.75% on December 9, with a trading volume of 31.35 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 8, the fund's total shares were 307 million, with a total size of 315 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 793 million yuan, with an average daily trading amount of 39.65 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 4.01% 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]

Group 1 - The Hong Kong High Dividend ETF (159302) closed down 0.66% on December 3, with a trading volume of 19.36 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] - As of December 2, 2024, the latest share count for the ETF was 95.7976 million shares, with a total size of 130 million yuan [1] Group 2 - The ETF's share count decreased by 11.95% and its size increased by 7.95% compared to December 31, 2024 [1] - Over the last 20 trading days, the ETF had a cumulative trading amount of 354 million yuan, with an average daily trading amount of 17.71 million yuan [1] - Year-to-date, the ETF has a cumulative trading amount of 2.914 billion yuan, with an average daily trading amount of 13.07 million yuan [1] Group 3 - The current fund manager is Zhang Yichi, who has managed the fund since its inception, achieving a return of 36.18% during the management period [2] - The ETF's top holdings include COSCO Shipping Holdings, Yancoal Australia, and China Petroleum, with respective holding percentages of 7.63%, 5.59%, and 3.55% [2] - The total market value of the top holdings includes 8.59 million yuan for COSCO Shipping Holdings and 6.29 million yuan for Yancoal Australia [2]

Core Insights - The shipping and port stocks in Hong Kong experienced a general increase, with notable gains in companies like COSCO Shipping Energy and COSCO Shipping Ports, driven by a significant rise in freight rates and improved market sentiment [1][2] Industry Overview - The global dry bulk market is showing signs of rapid warming, with key indices reaching new highs, contrasting with the previous year's weak performance [1][3] - The Baltic Dry Index (BDI) has seen a continuous rise, reaching 2,560 points, the highest level since December 2023, indicating strong market momentum [1][3] - The increase in freight rates is attributed to supply-demand imbalances, geopolitical factors, and rising transportation costs due to longer shipping routes [2][3] Market Dynamics - The Asia-Europe shipping routes have experienced a price surge, influenced by tariff changes and supply chain shifts, leading to higher freight rates [2][3] - The upcoming holiday season, including Christmas and Black Friday, is expected to boost freight demand in Europe, further supporting shipping rates [3] Company Insights - COSCO Shipping Energy (01138) focuses on oil and LNG transportation, operating a significant fleet and providing comprehensive logistics services [4] - Pacific Basin Shipping (02343) specializes in dry bulk shipping, transporting various commodities and maintaining a strong market presence [5] - COSCO Shipping Holdings (01919) is expanding its operations in emerging markets and enhancing its service network to meet regional demand [5] - Orient Overseas International (00316) offers comprehensive container shipping and logistics services, covering major global trade routes [5]

Core Insights - The shipping market is experiencing a significant price increase, driven by a recovery in European demand and supply chain constraints, which has shifted market sentiment from oversupply to improved profitability expectations [1][2] - The Baltic Dry Index (BDI) has reached its highest level since December 2023, indicating a robust dry bulk market, with various indices showing substantial gains [2] - The shipping industry is expected to see continued growth in 2025, with key indices reaching new highs and a favorable outlook for dry bulk shipping due to limited supply growth and increasing demand catalysts [1][3][4] Shipping Market Trends - The European shipping market is showing signs of recovery, with significant increases in freight rates, particularly on the Asia-Europe routes, as major shipping companies announce price hikes [2][3] - Geopolitical factors and climate change are causing rerouting of international shipping lanes, leading to increased transit times and fuel costs, further tightening supply [2] - The demand for shipping is being bolstered by rising oil production and exports, particularly from OPEC+, which has increased transportation needs [2] Future Outlook - Analysts predict that the shipping industry is at a turning point, with three main catalysts for demand: the production of iron ore from the West Simandou project, potential interest rate cuts by the Federal Reserve, and ongoing infrastructure needs related to post-conflict reconstruction [3][4] - The oil tanker segment is expected to benefit from a sustainable increase in market conditions due to global oil production cycles and trade structure improvements [4] - The container shipping market remains tight, with high demand and limited supply, suggesting continued strong performance in the near term [4] Key Companies - COSCO Shipping Energy Transportation Co., Ltd. (中远海能) focuses on oil and LNG transportation, operating a significant fleet and providing comprehensive logistics services [5] - Pacific Basin Shipping Limited (太平洋航运) specializes in dry bulk shipping, transporting various commodities and maintaining a strong operational presence [6] - COSCO Shipping Holdings Co., Ltd. (中远海控) is expanding its market reach by developing new routes and enhancing its service offerings in emerging markets [6] - Orient Overseas International Ltd. (东方海外国际) is a leading provider of container shipping and logistics services, with a modern fleet covering major trade routes [6]

Group 1: Market Overview - The Hong Kong port and shipping stocks experienced a general increase, with China COSCO Shipping Energy Transportation Co., Ltd. rising over 4% and China COSCO Shipping Ports up over 3% [1] - The European freight rates surged significantly, interpreted as a sign of recovering demand in the European market or supply chain tightness, altering the previously pessimistic view of the shipping industry [1][2] - The Baltic Dry Index (BDI) rose for 12 consecutive days, reaching 2,560 points, the highest level since December 2023 [2] Group 2: Demand and Supply Dynamics - The increase in shipping prices is primarily driven by route restructuring, tight capacity, and supply-demand imbalances, influenced by geopolitical factors and climate change [2] - The demand for shipping is bolstered by the global oil production cycle, with OPEC+ increasing production, leading to a significant rise in oil shipping volumes [2][3] - The shipping market is expected to see a turning point in 2024, with limited supply growth and several demand catalysts, including the production of iron ore and infrastructure projects [3][4] Group 3: Company Insights - China COSCO Shipping Energy focuses on oil and LNG transportation, operating a leading fleet in the global energy supply chain [5] - Pacific Basin Shipping is a major operator of modern handy and super handy bulk carriers, specializing in the transportation of bulk commodities [6] - China COSCO Shipping Holdings is expanding its routes to meet regional market demands, particularly in Southeast Asia and Latin America [6]

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11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: 東方海外(國際)有限公司 呈交日期: 2025年12月1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) | 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 | | 90,000,000 | 本月底法定/註冊 ...

Core Viewpoint - The Hong Kong port and shipping stocks experienced a general increase, driven by a rise in the European shipping index, indicating a potential recovery in demand and a shift in market sentiment towards optimism in the shipping industry [1]. Group 1: Market Performance - Cosco Shipping Energy rose over 5%, while Cosco Shipping Ports and China Ship Leasing increased by 2.5% [1]. - Other companies such as China Merchants Port, Cosco Shipping Holdings, Orient Overseas International, Cosco Shipping Development, and Seaspan Corporation also saw gains [1]. Group 2: Shipping Index and Market Sentiment - The European shipping index futures rose by 5%, reaching 1521.80 yuan, which is viewed as a positive short-term signal for shipping stocks [1]. - Analysts suggest that the increase in European freight rates may indicate a recovery in market demand, possibly due to inventory replenishment cycles or renewed supply chain tensions [1]. - This shift in perception may alter the previously pessimistic view of the industry characterized by oversupply, moving towards a more optimistic outlook [1].