Group 1 - Shipping stocks collectively declined, with specific drops including: Yang Ming Marine Transport Corp (02510) down 4.92% to HKD 8.7, SITC International Holdings (01308) down 2.89% to HKD 29.58, China COSCO Shipping Corporation (01919) down 2.33% to HKD 13.83, and Orient Overseas International (00316) down 1.93% to HKD 132.2 [1] - The Houthis warned on November 9 that if the ceasefire agreement in Gaza breaks down and Israel resumes its offensive, they would resume attacks on Israel and prohibit Israeli vessels from navigating the Red Sea and Arabian Sea [1] - Since the ceasefire began on October 10, the Houthis have not claimed any attacks, leading the market to interpret this as a halt in their aggression [1] Group 2 - Concerns are rising that a large-scale return to the Red Sea could lead to a significant further decline in global shipping rates [1] - A report from FANGZHENG Futures indicated that while media reported the Houthis announced a halt to attacks on Red Sea merchant ships, the authenticity of this news remains to be verified [1] - Even if some senior officials of the Houthis have made similar statements, shipping companies may still be cautious due to the potential for the Houthis to change their stance regarding Gaza, leading to a preference for cautious, gradual resumption of operations rather than immediate full resumption [1]

Core Viewpoint - The shipping stocks have collectively declined due to concerns over potential disruptions in maritime operations following warnings from the Houthi movement regarding renewed attacks on Israeli vessels if the ceasefire in Gaza collapses [1] Group 1: Stock Performance - The stock prices of major shipping companies have dropped significantly, with De Xiong Shipping (02510) down 4.92% to HKD 8.7, Hai Feng International (01308) down 2.89% to HKD 29.58, COSCO Shipping Holdings (601919) (01919) down 2.33% to HKD 13.83, and Orient Overseas International (00316) down 1.93% to HKD 132.2 [1] Group 2: Market Concerns - The market is worried that a large-scale return of Houthi attacks in the Red Sea could lead to a significant drop in global shipping rates [1] - Reports indicate that the Houthi movement has announced a halt to attacks on commercial vessels in the Red Sea, although the authenticity of this information remains uncertain [1] - Even if some Houthi officials have made statements about ceasing attacks, shipping companies may still be cautious and prefer a gradual resumption of operations rather than a full-scale return to normalcy [1]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.12% in its closing price on November 14, with a trading volume of 38.04 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 November 13, the fund had a total of 213 million shares and a total size of 229 million yuan [1]. - The fund's performance benchmark is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, adjusted for valuation exchange rates [1]. Group 2: Liquidity and Performance - Over the past 20 trading days, the fund has accumulated a total trading amount of 1.069 billion yuan, with an average daily trading amount of 53.45 million yuan [1]. - The current fund manager, He Yuxuan, has managed the fund since its inception, achieving a return of 7.34% during the management period [1]. Group 3: Top Holdings - The top holdings of the fund 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 Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) has experienced a decline in both share count and total assets in 2024, indicating potential challenges in attracting investor interest [1][2]. Fund Overview - The fund was established on August 21, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1]. - As of November 13, 2024, the fund's total shares stood at 325 million, with a total asset size of 500 million yuan [1]. - The fund's performance benchmark is the Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, adjusted for valuation exchange rates [1]. Performance Metrics - Year-to-date, the fund has seen a 24.60% decrease in share count and a 2.58% decrease in total assets compared to December 31, 2024 [1]. - Over the last 20 trading days, the cumulative trading amount reached 484 million yuan, with an average daily trading amount of approximately 24.22 million yuan [1]. - For the year, the cumulative trading amount over 210 trading days was 8.06 billion yuan, with an average daily trading amount of about 38.38 million yuan [1]. Fund Management - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 54.64% during the management period [2]. - The fund's top holdings include China COSCO Shipping, China Nonferrous Mining, China National Offshore Oil, and others, with varying ownership percentages [2].

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The freight rate continued to be adjusted in the second half of November, and attention should be paid to the definition of the delivery and settlement of the February 2026 contract by the exchange [1]. - The trading of the December 2025 contract focuses on the rhythm, with the overall valuation support constantly rising. The final valuation range of the December contract is initially estimated to be between 1700 - 1850 points [3][4]. - The February 2026 contract may have a large expected difference but is currently suppressed by the resumption of navigation expectation. Attention should be paid to the definition of its delivery and settlement price [4]. - The strategy suggests that the December contract will fluctuate, and the February contract will fluctuate with an upward bias. There is no arbitrage strategy for now [6]. 3. Summary According to the Directory 3.1 Market Analysis - **Online Quotations**: Different shipping companies have different price quotations for the Shanghai - Rotterdam route. For example, Maersk's price for the 47th week is 1365/2280, and the price range for the 48th week is 2000 - 2100 dollars/FEU. Some companies have also issued price increase letters [1]. - **Geopolitical Aspect**: The Houthi armed forces stated that if the enemy resumes aggression against Gaza, they will resume military operations and the ban on Israeli shipping in the Red Sea and the Arabian Sea [2]. - **Dynamic Supply**: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and the average weekly capacity in December is 338,800 TEU. There were 10 blank sailings and 1 TBN in November, and 3 TBNs in December [2]. 3.2 Futures Market Research - **December 2025 Contract**: The trading rhythm of the December contract involves trading price increase expectations and the actual implementation of price increase letters. If there are three rounds of price increase letters and each round is implemented with an increase of 300 dollars/FEU, the price in the second half of December may reach 3000 dollars/FEU, and the valuation ceiling of the December contract may be around 2100 points [3]. - **February 2026 Contract**: There may be a large expected difference, but it is currently suppressed by the resumption of navigation expectation. The traditional definition of the delivery and settlement price may be affected by the Spring Festival holiday, and attention should be paid to the exchange's new definition [4]. 3.3 Strategy - **Unilateral Strategy**: The December contract will fluctuate, and the February contract will fluctuate with an upward bias [6]. - **Arbitrage Strategy**: None [6]. 3.4 Other Data - **Futures Contract Positions and Prices**: As of November 12, 2025, the total open interest of all contracts of the container shipping index European line futures is 74,149.00 lots, and the single - day trading volume is 57,514.00 lots. The closing prices of different contracts are provided [5]. - **Spot Prices**: The SCFI and SCFIS prices of different routes on different dates are given, such as the SCFI (Shanghai - Europe route) price on November 7 being 1323 dollars/TEU [5]. - **Container Ship Deliveries**: 226 container ships with a total capacity of 1.879 million TEU have been delivered in 2025 as of November 9. The number and capacity of ships in different size ranges are also provided [5].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The 12 - month contract trading focuses on rhythm, with the overall valuation support rising. Shipping companies will adjust supply to keep freight rates high for next - year's long - term agreement negotiations. The 12 - month contract trading rhythm involves alternating between trading price increase expectations and actual implementation of price increase letters. The initial estimated valuation range for the 12 - month contract is between 1700 - 1850 points, and the valuation bottom is rising. [5] - The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of shipping expectations. Attention should be paid to how the exchange defines the delivery and settlement price of the February contract. If the price - holding period is extended and high prices are achieved in January 2026, the February contract may be at parity with the 12 - month contract. [6] - The strategy is that the 12 - month contract will fluctuate, and the February contract will fluctuate with an upward bias. There is no arbitrage strategy currently. [8] Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping alliances and companies have various price quotes for Shanghai - Rotterdam routes. For example, Gemini Cooperation's Maersk has different prices in the 47th and 48th weeks, and HPL has different quotes for different shipping periods in November and December. Maersk has issued a price increase letter for December. [1] - **Geopolitical Situation**: The US military is researching the establishment of a temporary base for 10,000 people near the Gaza Strip to support a stable force for the cease - fire between Israel and Hamas. This is an early planning step and does not involve US troops. [3] - **Dynamic Supply**: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and in December, it is 338,800 TEU. There are 10 blank sailings and 1 TBN in November and 3 TBNs in December. [4] 2. Futures Prices - As of November 11, 2025, the total open interest of all container shipping index European line futures contracts is 73,528.00 lots, and the daily trading volume is 70,447.00 lots. The closing prices of different contracts such as EC2602, EC2604, etc., are provided. [7] 3. Spot Prices - On November 7, 2025, the SCFI prices for Shanghai - Europe, Shanghai - US West, and Shanghai - US East routes are 1323 US dollars/TEU, 2212 US dollars/FEU, and 2848 US dollars/FEU respectively. On November 10, the SCFIS for Shanghai - Europe is 1504.80 points, and for Shanghai - US West is 1329.71 points. [7] 4. Container Ship Capacity Supply - In 2025, it is a big year for container ship deliveries. As of November 9, 2025, 226 container ships have been delivered, with a total capacity of 1.879 million TEU. Among them, 71 ships of 12,000 - 16,999 TEU and 12 ships of over 17,000 TEU have been delivered, with capacities of 1.072 million TEU and 253,800 TEU respectively. [7] 5. Supply Chain - No specific summarized content in this part other than the figures mentioned in the document. 6. Demand and European Economy - No specific summarized content in this part other than the figures mentioned in the document.

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]