股票代码：601598 股票简称：中国外运 编号：临 2025-079 号 一、公司激励计划已履行的相关审批程序及实施情况 1、2021 年 11 月 29 日，公司召开了第三届董事会第六次会议和监事会 2021 年度第 七次会议，审议通过了《关于公司股票期权激励计划（草案）及其摘要的议案》《关于< 公司股票期权激励计划实施考核办法>的议案》《关于提请股东大会授权董事会办理公司 股票期权激励计划相关事宜的议案》等议案，公司独立董事对本期激励计划相关事项发表 了独立意见，监事会对本期激励计划相关事项发表了核查意见。 2、2022 年 1 月 7 日，公司通过内部网站对本次激励计划激励对象的姓名和职务予以 公示，公示期为 2022 年 1 月 7 日至 2022 年 1 月 16 日止。公示期满，公司未收到针对本 期激励计划激励对象提出的异议。公司监事会对本期激励计划对象名单进行了核查，并于 2022 年 1 月 18 日披露了《监事会关于公司股票期权激励计划（第一期）激励对象名单的 核查意见及公示情况说明》。 3、2022 年 1 月 21 日，公司收到实际控制人招商局集团有限公司转发的国务院国有 资产监督管理 ...

北京市嘉源律师事务所 关于中国外运股份有限公司 股票期权激励计划(第一期)行权价格调整 的法律意见书 源律师事务所 JIA YUAN LAW OFFICES 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 二〇二五年十月 ิ IA YUAN LAW OFFICES 北京 BEIJING ·上海 SHANGHAI ·深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:中国外运股份有限公司 北京市嘉源律师事务所 关于中国外运股份有限公司股票期权激励计划(第一期) 行权价格调整的法律意见书 嘉源(2025)-05-396 敬启者: 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股权激励管理办法》 (以下简称"《管理办法》")和《中国外运股份有限公司章程》(以下简称"《公 司章程》")等有关规定,北京市嘉源律师事务所(以下简称"本所")接受中 国外运股份有限公司(以下简称"中国外运"或"公司")的委托,就中国外运 股票期权激励计划(第一期)(以下简称"本次股权激励计划") ...

中国外运公告，第三季度营收为245.15亿元，下降16.91%；净利润为7.32亿元，下降16.79%。前三季度 营收为750.38亿元，下降12.62%；净利润为26.79亿元，下降5.17%。 ...

中国外运10月27日公告，2025年第三季度实现营业收入245.15亿元，同比下降16.91%；归属于上市公司 股东的净利润7.32亿元，同比下降16.79%，基本每股收益0.1007元。前三季度实现营业收入750.38亿 元，同比下降12.62%；归属于上市公司股东的净利润26.79亿元。 ...

Core Insights - The article highlights the top and bottom AH premium rates for various stocks, indicating significant discrepancies between H-shares and A-shares [1][2][3] Group 1: Top AH Premium Rates - Northeast Electric (00042) leads with an AH premium rate of 847.37%, followed by Sinopec Oilfield Service (01033) at 247.50% and Hongye Futures (03678) at 235.59% [1][2] - The top three stocks with the highest deviation values are Shandong Molong (00568) at 49.33%, Northeast Electric (00042) at 23.99%, and Sinopec Oilfield Service (01033) at 20.12% [1][3] Group 2: Bottom AH Premium Rates - The stocks with the lowest AH premium rates include Ningde Times (03750) at -17.62%, China Merchants Bank (03968) at 0.46%, and Heng Rui Medicine (01276) at 0.64% [1][2] - The bottom three stocks with the lowest deviation values are Shanghai Electric (02727) at -23.60%, China National Foreign Trade Transportation (00598) at -16.42%, and First Tractor Company (00038) at -16.03% [1][3] Group 3: Additional Insights - The article provides a detailed ranking of the top ten and bottom ten AH stocks based on premium rates and deviation values, showcasing the volatility and investment potential in the AH market [2][3]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) has shown a positive performance with a closing increase of 1.07% on October 27, 2023, and a trading volume of 74.2865 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]. - The fund's performance benchmark is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return (adjusted for valuation exchange rate) [1]. - As of October 24, 2023, the fund has a total of 278 million shares and a total size of 285 million yuan [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the Tianhong ETF has accumulated a trading amount of 1.123 billion yuan, with an average daily trading amount of 56.1485 million yuan [1]. Group 3: Fund Management - The current fund manager is He Yuxuan, who has managed the fund since its inception on August 20, 2025, achieving a return of 2.31% during the management period [1]. Group 4: Top Holdings - The top holdings of the Tianhong ETF include: - COSCO Shipping Holdings (0.85% holding, 291.75 thousand yuan market value) - Orient Overseas International (0.40% holding, 137.17 thousand yuan market value) - China Foreign Transport (0.33% holding, 113.96 thousand yuan market value) - China National Petroleum (0.32% holding, 109.73 thousand yuan market value) - CITIC Bank (0.32% holding, 111.36 thousand yuan market value) - CNOOC (0.29% holding, 100.41 thousand yuan market value) - China Shenhua Energy (0.29% holding, 98.26 thousand yuan market value) - China People's Insurance Group (0.29% holding, 101.07 thousand yuan market value) - China Unicom (0.28% holding, 95.28 thousand yuan market value) - Agricultural Bank of China (0.27% holding, 93.39 thousand yuan market value) [2].

Core Insights - The highest short-selling ratios were observed for China Resources Beer (80291) and JD Health (86618), both at 100%, followed by JD Group (89618) at 93.32% [1][2] - The top three companies by short-selling amount were Xiaomi Group (01810) at 2.156 billion, Alibaba (09988) at 2.038 billion, and Tencent Holdings (00700) at 1.552 billion [1][3] - JD Group (89618) had the highest deviation value at 43.55%, indicating significant short-selling activity compared to its historical average [1][2] Short-Selling Ratios - China Resources Beer (80291) and JD Health (86618) both recorded a short-selling ratio of 100% [2] - JD Group (89618) had a short-selling ratio of 93.32% [2] - Other notable companies included Anta Sports (82020) at 87.40% and BYD Company (81211) at 81.07% [2] Short-Selling Amounts - Xiaomi Group (01810) led with a short-selling amount of 2.156 billion, followed by Alibaba (09988) at 2.038 billion and Tencent Holdings (00700) at 1.552 billion [3] - Other significant amounts included Meituan (03690) at 1.461 billion and SMIC (00981) at 1.335 billion [3] Deviation Values - JD Group (89618) had the highest deviation value at 43.55%, indicating a significant difference from its average short-selling ratio [2][3] - Other companies with notable deviation values included SenseTime (80020) at 31.62% and China Resources Beer (80291) at 31.60% [2][3]

Core Insights - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 0.59% on October 23, with a trading volume of 45.18 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 22, the fund's latest share count was 292 million, with a total size of 296 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.099 billion yuan, with an average daily trading amount of 54.94 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 1.32% 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 (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 Viewpoint - Mubadala Investment Company, Xincheng Capital, Fangyuan Capital, and China National Foreign Trade Transportation Group have completed a share transfer transaction involving Luckai International Holdings Limited [1] Group 1 - The transaction involves the sale of a 25% stake in Luckai International by a subsidiary of China National Foreign Trade Transportation Group to Mubadala [1] - All conditions for the closing and regulatory approvals have been fulfilled [1]

Company News - China Unicom (00762.HK) reported a revenue of 292.985 billion yuan for the first three quarters, a year-on-year increase of 1%; net profit reached 20 billion yuan, up 5.1% year-on-year. The company noted a significant breakthrough in computing power business, with cloud revenue of 52.9 billion yuan and data center revenue of 21.4 billion yuan, an increase of 8.9% year-on-year. The cumulative number of customers for 5G virtual private networks exceeded 20,000. Additionally, the company plans to spin off its smart network technology for listing on the Shenzhen Stock Exchange's Growth Enterprise Market [2] - Tmall (06110.HK) reported a mid-term revenue of approximately 12.2986 billion yuan for the period ending August 31, a decrease of 5.79% year-on-year; net profit was 789 million yuan, down 9.69% year-on-year, primarily due to fluctuations in the offline consumption environment affecting customer traffic. The gross profit margin for the period was 41.0%, a decrease of 0.1 percentage points year-on-year, with inventory at 5.834 billion yuan, down 4.7% year-on-year, and the total number of stores decreased by 19.4% year-on-year [2] - Shanshui Cement (00691.HK) reported operating revenue of 8.946 billion yuan for the first nine months, a year-on-year decrease of 17.99%; the company incurred a loss of 132 million yuan, an increase of 12.47% year-on-year [3] - China Overseas Macro Group (00081.HK) reported an operating profit of approximately 773 million yuan for the first three quarters, a year-on-year decline of 46.7% [4] - Tianjin Port Development (03382.HK) announced that its subsidiary plans to publicly sell 60% of the equity in China Railway Storage and Transportation [5] - China National Foreign Trade (00598.HK) completed the sale of a 25% stake in Lu Kai International, expecting to generate revenue of 1.65 billion yuan [6] - Xinyi International (00732.HK) plans to acquire approximately 11.43% equity in Xinyi Renshou through a public bidding process, involving an investment of 1.05 billion yuan [7] - Shanxi Installation (02520.HK) intends to establish a joint venture with Shanxi Sanjian and Huaneng Power for the Shanxi Qingshui Pumped Storage Power Station project, with a total registered capital of 100 million yuan [8] - Kaisa Group (01813.HK) has postponed the hearing for its liquidation application [9] - Baiguoyuan Group (02411.HK) has received approval from the Hong Kong Stock Exchange for its application to implement full circulation of H-shares [10] Buyback Dynamics - Haotian International Investment (01341.HK) completed the issuance of 1.6 billion shares to PCL [11] - AAC Technologies (02018.HK) repurchased 300,000 shares at a cost of approximately 11.9098 million Hong Kong dollars, with repurchase prices ranging from 39.46 to 39.98 Hong Kong dollars [12] - Mengniu Dairy (02319.HK) repurchased 500,000 shares at a cost of 7.1714 million Hong Kong dollars, with repurchase prices between 14.32 and 14.37 Hong Kong dollars [13] - Lianyi Rong Technology-W (09959.HK) repurchased 2.43 million shares at a cost of approximately 7.47075 million Hong Kong dollars, with repurchase prices ranging from 2.99 to 3.1 Hong Kong dollars [14]