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]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The completion of the sale of 25% equity in Lukai International is expected to bring approximately 1.65 billion RMB in investment income, benefiting from the phase of easing Sino-U.S. relations, which may improve the company's Q4 operations [2][4]. - The company achieved a revenue of 75 billion RMB in the first three quarters of 2025, a year-on-year decrease of 13%, primarily due to declining freight rates. However, gross profit increased by 2.4% year-on-year to 4.29 billion RMB, with a gross margin of 5.7%, up 0.8 percentage points year-on-year [3]. Revenue and Profit Analysis - For Q1-Q3 2025: - Revenue: 75 billion RMB, down 13% year-on-year - Gross profit: 4.29 billion RMB, up 2.4% year-on-year - Net profit attributable to shareholders: 2.68 billion RMB, down 5% year-on-year - Investment income: 1.63 billion RMB, up 11.2% year-on-year [3][6]. - For Q3 2025: - Revenue: 24.5 billion RMB, down 17% year-on-year - Gross profit: 1.18 billion RMB, down 7.7% year-on-year - Net profit attributable to shareholders: 730 million RMB, down 17% year-on-year [3]. Business Segment Performance - Freight forwarding: - Q1-Q3 2025 volumes: - Sea freight: 11.79 million TEUs, up 7.56% - Air freight: 66.4 thousand tons, down 11.82% - Rail freight: 39.2 million TEUs, down 12.5% - Vessel agency: 5.59 million trips, up 16.74% - Warehouse services: 21.54 million tons, up 6.9% [5]. - E-commerce logistics: - Q1-Q3 2025 volumes: - Logistics e-commerce platform: 2.917 million TEUs, up 55.41% - Cross-border e-commerce logistics: 0.46 million shipments, down 72.66% [6]. Financial Forecast - Projected revenues for 2025-2027 are 110.3 billion RMB, 114.5 billion RMB, and 119.5 billion RMB, respectively, with net profits of 4.2 billion RMB, 4.46 billion RMB, and 4.68 billion RMB [6][7]. - The current stock price corresponds to a PE ratio of 12 for 2025, decreasing to 10 by 2027 [6][7].

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]

| 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 費出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | | | 股份數目 | 原因 | | | ( 請參閱上述 * 註 | | | | | | | | ■ ) 份百分比 | | | | | | | | ( %) | | | CS20251028E00001 | LSV Asset Management | 1201(L) | 149,000(L | HKD 5.3203 | 120,879,600(L) | 5.99(L)24/10/2025 | | 股份代號: | 00598 | | --- | --- | | 上市法國名稱: | 中國外運股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 30/09/2025 - 30/10/2025 | 格隆汇10月30日丨根据联交所最新权益披露资料显示，2025年10月24日，中国外运(00598.HK)遭LSV Asset Management在场内以 ...

减持计划的主要内容：自本公告之日起 15 个交易日后的 3 个月内，李世 础先生拟通过集中竞价方式合计减持不超过 128,100 股公司 A 股股票，占公司总 股本的 0.0018%；王笃鹏先生拟通过集中竞价方式合计减持不超过 128,500 股公 司 A 股股票，占公司总股本的 0.0018%。 | 股东名称 | 李世础 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他：无 | | | | 持股数量 | 512,534 股 | | | | 持股比例 | 0.0070% | | | | 当前持股股份来源 | 股权激励取得：512,534 股 | | | 一、减持主体的基本情况 1 股东名称 王笃鹏 股东身份 控股股东、实控人及一致行动人 □是 √否 直接持股 5%以上股东 □是 √否 董事、监事和高级管理人员 √是 □否 其他：无 持股数量 514,134 股 持股比例 0.0071% 当前持股股份 ...

Core Viewpoint - The announcement indicates that two executives of China Shipping Development Company plan to reduce their holdings in the company's A-shares through centralized bidding, which may reflect their personal financial strategies or market outlook [1] Group 1: Executive Share Reduction - Vice General Manager and Board Secretary Li Shichu intends to reduce his holdings by up to 128,100 shares, representing 0.0018% of the company's total share capital [1] - Vice General Manager Wang Dupeng plans to reduce his holdings by up to 128,500 shares, also representing 0.0018% of the company's total share capital [1]

Core Viewpoint - China National Foreign Trade Transportation Group (601598.SH) announced that two executives plan to reduce their holdings in the company's A-shares through centralized bidding within three months after 15 trading days from the announcement date [1] Summary by Category Executive Share Reduction - Mr. Li Shichu intends to reduce his holdings by no more than 128,100 shares, accounting for 0.0018% of the company's total share capital [1] - Mr. Wang Dupeng plans to reduce his holdings by no more than 128,500 shares, also accounting for 0.0018% of the company's total share capital [1]

智通财经APP讯，中国外运(00598)公布，自本公告之日起 15 个交易日后的 3 个月内，公司副总经理、 董事会秘书、首席合规官(总法律顾问)李世础先生拟通过集中竞价方式合计减持不超过12.81万股公司 A 股股票，占公司总股本的 0.0018%;王笃鹏先生拟通过集中竞价方式合计减持不超过12.85万股公司 A 股 股票，占公司总股本的 0.0018%。 ...

中国外运（601598）(00598)公布，自本公告之日起15个交易日后的3个月内，公司副总经理、董事会秘 书、首席合规官(总法律顾问)李世础先生拟通过集中竞价方式合计减持不超过12.81万股公司A股股票， 占公司总股本的0.0018%;王笃鹏先生拟通过集中竞价方式合计减持不超过12.85万股公司A股股票，占公 司总股本的0.0018%。 ...