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]

Core Points - China National Foreign Trade Transportation Group announced the sale of a 25% stake in Luckai International Holdings by its subsidiary, China Merchants Shipping Company, through an overseas equity transfer agreement [1] - The transaction is expected to generate an investment income of approximately RMB 1.65 billion after deducting related transaction costs, based on the book value of Luckai International as of September 30, 2025 [1] - Following the transaction, China Merchants Shipping will hold a 20% stake in Luckai International, which will continue to be an associate company of China National Foreign Trade Transportation Group [1] Summary by Sections Transaction Details - The fourth board meeting of China National Foreign Trade Transportation Group is scheduled for June 26, 2025, to review the proposal for the sale of the stake [1] - All preconditions for the transaction were met and completed by October 21, 2025, ensuring that normal business operations will not be affected [1] Financial Impact - The expected investment income from the transaction is approximately RMB 1.65 billion, calculated using the exchange rate of 1 USD to 7.093 RMB as of October 21, 2025 [1] - The final figures will be subject to audit and do not include tax implications [1]

Core Insights - The completion of the equity transfer transaction of Loscam International Holdings Limited marks a significant milestone for Mubadala in the Asian industrial sector, reflecting global investors' confidence in the optimization and long-term growth potential of the Asian supply chain [2][3] - Loscam, a leading provider of logistics and packaging solutions in the Asia-Pacific region, focuses on sustainable logistics packaging equipment, helping clients achieve cost reduction and efficiency in their supply chains [2] Company Overview - Loscam was established in 1942 and is headquartered in Hong Kong, operating across 13 Asia-Pacific markets including Australia, New Zealand, Southeast Asia, and Greater China [2] - The company specializes in providing sustainable logistics packaging solutions, including standardized pallets and fresh produce turnover crates, aimed at the fast-moving consumer goods, retail, and manufacturing sectors [2] Investment Implications - The investment by Mubadala, along with other partners, signifies a new phase of development for Loscam, enhancing its global perspective and innovative capabilities [3] - The collaboration is expected to facilitate Loscam's expansion into global markets and reshape the logistics packaging equipment sector [3] Market Dynamics - The global pallet market is experiencing strong growth, driven by innovations in automation, big data, and materials science, which are enhancing the logistics industry's efficiency and sustainability [3] - The pallet pooling system is identified as a critical component of modern logistics, demonstrating flexibility and resilience across different economic cycles [3] Strategic Outlook - Mubadala and its partners express confidence in Loscam's growth potential, particularly in the Greater China and Southeast Asia markets, where there is significant room for improvement in pallet pooling services [3] - The investment is seen as a commitment to the Asian market and a strategic direction to expand in key industries with local partners [3]

作为亚太地区领先的物流集装器具循环共用服务商，路凯国际(Loscam)成立于1942年，总部位于香港， 业务覆盖澳大利亚、新西兰、东南亚及大中华地区等13个亚太市场。公司专注于为快消、零售及制造业 龙头企业提供符合可持续发展要求的物流包装设备循环共用解决方案，通过标准化托盘、生鲜周转筐等 产品，助力客户实现供应链降本增效与绿色转型。 穆巴达拉工业及企业服务投资负责人祖希尔·雷格拉吉(Zouhir Regragui)补充道："托盘循环共用体系是现 代物流中的关键组成部分，并在不同经济周期中展现出高度的灵活性与韧性。我们已关注路凯国际多 年，很高兴能投资这样一家基本面稳健、战略方向与我们高度契合的行业领军企业。我们期待与其经验 丰富的管理团队及各方合作伙伴携手，进一步巩固其市场领先地位。" 信宸资本合伙人王冉旭表示："穆巴达拉的投资是路凯国际发展历程中的一个重要里程碑，标志着路凯 国际进入资本赋能新阶段。路凯国际在推动全球物流与供应链的高效标准化发展方面发挥着关键作用。 信宸资本一直致力于赋能管理团队，支持公司战略开拓，并始终对其发展前景充满信心。未来我们将继 续与其他股东和管理层携手，加速物流包装设备的共享循环 ...

格隆汇10月22日丨中国外运(601598.SH)公布，公司于2025年6月26日召开第四届董事会第十四次会议， 审议通过了《关于出售参股公司部分股权的议案》，同意公司下属公司招商局船务企业有限公司（以下 简称：招商船企）通过境外股权协议转让方式转让所持的路凯国际控股有限公司（以下简称：路凯国 际）25%股权（以下简称：本次交易）的总体方案，包括交易架构、交易对价及交易协议等。 截至2025年10月21日，本次交易交割的先决条件已全部达成，并完成交割，本次交易不会影响公司正常 的经营活动。根据本次交易的代价以及路凯国际2025年9月30日体现在中国外运财务报表的账面价值， 本次交易预计带来投资收益（扣除相关交易费用）约人民币16.5亿元（以中国人民银行2025年10月21日 公布的汇率中间价1美元对7.093人民币计算，不包括税务影响，最终以经审计数据为准）。本次交易 后，招商船企持有路凯国际20%股权，路凯国际继续为中国外运的联营公司。 ...

证券代码：601598 证券简称：中国外运 公告编号：临 2025-075 号 中国外运股份有限公司（以下简称：中国外运或公司）于 2025 年 6 月 26 日召开第四届董事会第十四次会议，审议通过了《关于出售参股公司部分股权的 议案》，同意公司下属公司招商局船务企业有限公司（以下简称：招商船企）通 过境外股权协议转让方式转让所持的路凯国际控股有限公司（以下简称：路凯国 际）25%股权（以下简称：本次交易）的总体方案，包括交易架构、交易对价及 交易协议等。具体情况详见公司于 2025 年 6 月 27 日发布的《关于下属公司出售 路凯国际控股有限公司 25%股权暨签署协议的公告》（临 2025-051 号）。 中国外运股份有限公司 关于下属公司出售路凯国际控股有限公司 25% 股权交割完成的公告 本公司董事会、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。 特此公告。 中国外运股份有限公司董事会 二零二五年十月二十二日 截至 2025 年 10 月 21 日，本次交易交割的先决条件已全部达成，并完成交 割，本次交易不会影响公司正常的经营活 ...