Investment Rating - The report maintains a positive outlook on cyclical sectors, indicating that quality dividend stocks still have upward potential [1]. Core Insights - The transportation industry showed stable performance in the first three quarters of 2025, with infrastructure sector key stocks meeting expectations, shipping stocks recovering, and express delivery volumes and prices increasing due to anti-involution policies [1][7]. - The report emphasizes the importance of monitoring cyclical sector fundamentals and highlights the potential for further gains in quality dividend stocks [1][7]. Summary by Sections Overview of the Transportation Sector - The overall performance of the transportation industry from the beginning of 2025 to November 10 showed an increase of 8.5%, underperforming compared to the Shanghai and Shenzhen 300 index, which rose by 31.6% [11]. - The logistics sector benefited from anti-involution policies, while infrastructure sectors like highways and railways experienced declines [11]. Highway Sector - In the first three quarters of 2025, highway passenger transport decreased by 2.6% year-on-year, while freight transport increased by 4.1% [16]. - The performance of listed companies varied, with some showing stable toll revenue while others faced declines due to network adjustments and acquisitions [16][17]. Port Sector - National port cargo throughput reached 1.357 billion tons, a year-on-year increase of 4.6%, with container throughput growing by 6.3% [18]. - Key companies like China Merchants Port and Qingdao Port maintained stable performance, while Tangshan Port showed significant recovery in Q3 [18][19]. Railway Sector - Railway passenger volume grew by 6% year-on-year, while freight volume increased by 2.8% [22]. - The report anticipates continued growth in passenger transport, driven by new projects, although freight transport may face challenges due to economic conditions [22]. Shipping Sector - The shipping sector experienced a decline in container shipping rates in the first three quarters, but Q3 showed signs of recovery [25]. - The report forecasts improved performance for oil tanker companies in Q4 and 2026 due to favorable market conditions [28]. Express Delivery Sector - The express delivery industry saw a 17.2% increase in business volume in the first three quarters, although average prices fell by 7.1% [30]. - The report predicts a return to price increases in Q4, driven by anti-involution policies, with overall profitability expected to improve [31]. Logistics Supply Chain Sector - Cross-border air transport demand remained resilient, with a 6.4% year-on-year increase in cross-border e-commerce imports and exports [32]. - The report suggests that contract logistics volumes are expected to stabilize as economic conditions improve [33]. Aviation Sector - The aviation industry reported a 9.1% year-on-year increase in passenger turnover, with domestic routes showing a 4.2% increase [35]. - The report anticipates a significant reduction in losses for the industry in Q4, with a potential for profit recovery in 2026 [36]. Airport Sector - The airport sector experienced a 4.4% year-on-year increase in passenger throughput, with significant growth in international travel [38]. - The report highlights the ongoing recovery in airport operations and profitability due to increased passenger volumes and improved cost management [38].

证券代码：601598 证券简称：中国外运 公告编号：临 2025-082 号 中国外运股份有限公司 关于为参股公司提供担保的公告 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。 中国外运股份有限公司（简称：公司或本公司）的合营公司中国外运马之杜 义有限公司（简称：马之杜义公司）与客户签署了《沙特阿尔加特 600MW 风电 EPC 项目物流服务合同》（简称：服务合同），将为客户提供项目物流相关服务， 即承担货物自客户指定地点接货至项目工地车板交货的所有工作，物流运输服务 及有关的辅助服务，包括提出包装技术标准与包装指导、与供货商、其他分包商、 项目业主/监理和相关政府机构的协调、进口通关服务以及实际工作中理应由马 之杜义公司承担的其它服务内容，合同金额约为 1,710.56 万美元。 重要内容提示： 担保对象及基本情况 | | 被担保人名称 本次担保金额 | 256.58 | 中国外运马之杜义有限公司 万元美元 | | | --- | --- | --- | --- | --- | | 担保 | | | | | | 对象 | ...

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。 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) 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 北京，二零二五年十一月十一日 於本公告日期，本公司董事會成員包括張翼（董事長）、高翔、楊國峰、羅立、余志良、 黃傳京、許克威，以及四位獨立非執行董事王小麗、甯亞平、崔新健及崔凡。 证券代码：601598 证券简称：中国外运 公告编号：临 2025-082 号 中国外运股份有限公司 关于为参股公司提供担保的公告 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。 重要内容提示： 茲載列中國外運股份有限公司（『本公司』）於上海證券交易所網站（www.sse.com.cn） 刊登的《中國外運股份有限公司關於為參股公司提供擔保 ...

Core Points - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed at a 0.00% change on November 5, with a trading volume of 66.32 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 4, the fund's total shares stood at 225 million, with a total size of 231 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.192 billion yuan, with an average daily trading amount of 59.60 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.46% 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]

Group 1 - China Southern Airlines Group increased its stake in China National Freight (00598.HK) by purchasing 300,000 shares at an average price of HKD 5.3335 per share, totaling approximately HKD 1.6001 million [1] - Following this transaction, China Southern Airlines Group's total shareholding in China National Freight rose to 221,880,000 shares, increasing its ownership percentage from 10.99% to 11.00% [1]

Core Points - China National Foreign Trade Transportation Group announced a share buyback plan, repurchasing a total of 92,564,070 A-shares by October 31, 2025, which represents 1.27% of the company's total share capital as of the same date [2]

Group 1 - China Southern Airlines Group Capital Holdings Limited increased its stake in China National Foreign Trade Transportation Group Corporation (China National Foreign Trade) by 300,000 shares at a price of HKD 5.3335 per share, totaling approximately HKD 1.60005 million [1] - After the transaction, the total number of shares held by China Southern Airlines Group Capital is approximately 221.9 million shares, representing an ownership stake of 11.00% [1] - The transaction involves other related parties, specifically China Southern Airlines Group Limited [1]

本交易涉及其他关联方：中国南方航空集团有限公司。 智通财经APP获悉，香港联交所最新数据显示，10月30日，中国南航集团资本控股有限公司增持中国外 运(00598)30万股，每股作价5.3335港元，总金额约为160.005万港元。增持后最新持股数目约为2.219亿 股，持股比例为11.00%。 ...

Core Viewpoint - China National Foreign Trade Transportation Group (601598.SH) has announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Categories Share Buyback Details - The company has repurchased a total of 92.5641 million A-shares, which represents 1.27% of the total share capital as of October 31, 2025 [1] - The highest purchase price was 6.14 CNY per share, while the lowest was 4.67 CNY per share [1] - The total amount paid for the buyback was 475 million CNY, excluding transaction fees [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國外運股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00598 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,016,281,000 | RMB | | 1 RMB | | 2,016,281,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,016,281,000 | RMB | | 1 RMB | | 2,016,281,000 | 第 2 頁 共 10 頁 v 1.1.1 | 2 ...