Market Overview - The logistics sector experienced a decline of 0.16% on November 4, with China National Freight leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Xiamen Xiangyu (600057) saw a significant increase of 5.11%, closing at 8.85 with a trading volume of 902,700 shares and a turnover of 803 million [1] - ST Xuefa (002485) rose by 4.92%, closing at 4.48 with a trading volume of 89,700 shares and a turnover of 39.89 million [1] - Conversely, China National Freight (601598) fell by 4.12%, closing at 6.52 with a trading volume of 279,700 shares and a turnover of 186 million [2] Capital Flow - The logistics sector saw a net outflow of 234 million from institutional investors, while retail investors contributed a net inflow of 157 million [2] - Notable stocks with significant capital inflow include Pulutong (002769) with a net inflow of 36.85 million from institutional investors [3] - Conversely, China National Freight (601598) experienced a net outflow of 18.08 million from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In Q3 2025, the company's operating revenue was 24.52 billion yuan, a year-on-year decrease of 16.9%, and the net profit attributable to shareholders was 730 million yuan, down 16.8% year-on-year [3][5]. - The company's gross profit decreased by 7.7% to 1.18 billion yuan, primarily due to the cancellation of the U.S. small package tax exemption policy, which led to a reduction in air freight charter volume and a decline in air freight agency profits. Additionally, railway transportation prices fell, putting pressure on railway agency profitability [3][8]. - Despite the operational challenges, the completion of the 25% equity transfer of Zhaoshang Lukai is expected to enhance the net profit attributable to shareholders in 2025. The company maintains a stable cash flow and attractive dividend yield, estimated at approximately 4.6% for A shares and 5.9% for H shares [8]. Summary by Sections Financial Performance - In Q3 2025, the company reported a 16.9% decline in operating revenue to 24.52 billion yuan and a 16.8% decrease in net profit to 730 million yuan [3][5]. - The gross profit margin fell by 7.7% to 1.18 billion yuan, influenced by reduced air freight charter volumes and declining railway transport prices [8]. Investment Insights - The net investment income decreased by 5.9% to 460 million yuan, with continued pressure on the volume of China Foreign Trade and DHL [8]. - The sale of 25% equity in Zhaoshang Lukai is projected to contribute approximately 1.65 billion yuan (pre-tax) to the profit statement in Q4 2025 [8]. Market Strategy - The company is upgrading its marketing system and activating overseas markets, indicating potential recovery in demand. It is focusing on key industries and optimizing management models to enhance logistics volume growth [8]. - With the gradual easing of U.S.-China relations, cross-border transportation demand is expected to recover, providing growth opportunities in freight forwarding [8].

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]