中国外运股份有限公司 证券代码：601598 证券简称：中国外运 公告编号：临 2025-093 号 关于2025年第四次临时股东会增加临时提案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 股东会有关情况 1. 股东会的类型和届次： 2025年第四次临时股东会 2. 股东会召开日期：2025 年 12 月 29 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 601598 | 中国外运 | 2025/12/19 | 二、 增加临时提案的情况说明 1、 提案人：中国南航集团资本控股有限公司 2、 提案程序说明 （2）关于增选龚卫国先生为公司董事的议案 中国外运股份有限公司（以下简称：中国外运或公司）已于2025 年 12 月 6 日公告了股东会召开通知，合计持有3.69%股份（截至出具临时提案函件之日） 的股东中国南航集团资本控股有限公司，在2025 年 12 月 9 日提出临时提案并书 面提交股东会召集人。股东 ...

一、关于增加董事会席位暨修改《公司章程》及其附件相关条款的议案 经审议，董事会一致同意该议案，并同意将该议案作为临时提案提交公司 2025 年第四次临时股东会审议。具体内容详见公司同日在上海证券交易所网站 （www.sse.com.cn）披露的《关于修订<公司章程>及增选董事的公告》。 股票代码：601598 股票简称：中国外运 编号：临 2025-091 号 中国外运股份有限公司 第四届董事会第二十次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国外运股份有限公司（以下简称"公司"或"本公司"）第四届董事会第 二十次会议于 2025 年 12 月 11 日以书面议案方式召开，董事会于 2025 年 12 月 9 日向全体董事发出了会议通知并呈送议案资料。会议应参加表决董事 11 人，实际 参加表决董事 11 人。截至 2025 年 12 月 11 日，共收到有效表决票 11 票。会议的 通知、召开和表决程序以及会议内容、表决结果符合《中华人民共和国公司法》 及本公司《公司章程》的有关规定。本次会议审议并表决 ...

此乃要件 請即處理 閣下如對本補充通函任何方面或應採取的行動有任何疑問，應諮詢 閣下的持牌證券交易商、銀行經理、 律師、專業會計師或其他專業顧問。 閣下如已將 閣下的中國外運股份有限公司股份全部售出或轉讓，應立即將本補充通函送交買主或承讓 人，或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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補充通函的內容概不負責，對其準確性或完整 性亦不發表任何聲明，且表明不會就本補充通函全部或任何部分內容所導致或因倚賴該等內容而產生的任 何損失承擔任何責任。 中國外運股份有限公司 Sinotrans Limited （於中華人民共和國註冊成立的股份有限公司） (1)建議修改公司章程及董事會議事規則； 及 (2)建議委任董事 本公司將按照原計劃於二零二五年十二月二十九日上午十時正假座中國北京朝陽區安定路5號院10號樓招商 局廣場B座11層1號會議室（郵編100029）舉行二零二五年第四次臨時股東會。 本補充通函應與本公司向其股東發出之日期為二零二五年十二月八日之本公司通函（「通函」）一並閱讀。 董事會函件載於本補充通函第3至第7頁。 二零二五年十二月十 ...

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通告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，且表明不會就本通告全部或任何部分內容所導致或因倚賴該 等內容而產生的任何損失承擔任何責任。 中國外運股份有限公司 Sinotrans Limited （於中華人民共和國註冊成立的股份有限公司） 普通決議案 4. 審議及批准建議委任龔衛國先生為董事，任期自股東於臨時股東會批准之日起至第四屆 董事會屆滿之日止。 承董事會命 （股份代號：00598） 二零二五年第四次臨時股東會補充通告 茲提述日期為二零二五年十二月八日之二零二五年第四次臨時股東會通告（「原臨時股東會通 告」），當中載列中國外運股份有限公司（「本公司」）謹定於二零二五年十二月二十九日上午十 時正假座中華人民共和國北京朝陽區安定路5號院10號樓招商局廣場B座11層1號會議室（郵編 100029）舉行之二零二五年第四次臨時股東會（「臨時股東會」），以及將於臨時股東會提呈以供 股東批准的決議案。除另有界定外，本補充通告所用詞彙與本公司日期為二零二五年十二月 十二日之補充通函所界定者具有相同涵義。 將於臨時股東會上審議之第1項及第2項特別決議案詳情於 ...

中國外運股份有限公司 Sinotrans Limited ( 於中華人民共和國註冊成立的股份有限公司 ) （股份代號：00598） 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，且表明不會就本公告全部或任何部分內容所導 致或因倚賴該等內容而產生的任何損失承擔任何責任。 建議修改公司章程 中國外運股份有限公司（「本公司」）於二零二五年十二月十一日召開董事會（「董 事會」），審議批准（其中包括）有關增加董事會席位及修改中國外運股份有限公司 章程（「公司章程」）及《中國外運股份有限公司董事會議事規則》（「董事會議事 規則」）（統稱為「建議修改」）。 | 董事會議事規則原條款 | 董事會議事規則經修改後條款 | | --- | --- | | 第三條 公司設董事會，董事會由 11 名董 | 第三條 公司設董事會，董事會由十二名 | | 事組成，其中外部董事（指不在公司內部 | 董事組成，其中外部董事（指不在公司內 | | 任職的董事）應佔董事會人數的二分之一 | 部任職的董事）應佔董事會人數的二分之 | | 以上，獨立董事不少於三分之一且不少於 | 一以 ...

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]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]