3Q 单箱收入同比下跌主因上年同期高基数；4Q 环比或将上涨3Q25 公司单箱收入同环比-12.0%/-5.7% 至712 美金/标准箱；总收入同环比-1.8%/-12.1%至7.9 亿美金。同期，东南亚出口集装箱运价指数 （SEAFI）均值同环比-28.2%/-14.5%；Clarksons 亚洲区域内集装箱运价指数均值同环比-12.6%/-2.6%。 运价同比显著下滑主因上年同期运价高基数。展望4Q，伴随亚洲市场传统旺季到来，我们预计公司单 箱收入环比上涨6.7%至760美金/标准（同比下滑4.6%）。 亚洲集运市场供需结构向好，中小型船供给趋紧在全球供应链重塑背景下，公司专注亚洲区域市场，凭 借高频率高密度的航线网络，持续受益于区域内贸易增长红利。根据Alphaliner 预测，25/26/27年中小 型船（1,000-5,099TEU 船型）供给增长2.5%/1.2%/3.6% vs 需求增长4.1%/3.3%/3.0%。我们认为，尽管 短期运价受关税/地缘事件/季节性等因素扰动，但亚洲区域集装箱市场供需结构向好，运价中枢较2010- 2019年周期将显著抬升。 机构：华泰证券 研究员：林珊/沈晓峰 ...

证券研究报告 海丰国际 (1308 HK) 3Q25 公司完成集装箱量 92.0 万标准箱,同环比+8.9%/-11.0%。货量同比 增长强劲主因产业重塑带动亚洲区域市场运输需求,环比下滑主因传统淡季 影响。展望 4Q,受益于季节性旺季叠加产业重塑带动的新增需求,我们预 计公司货量同环比+3.8%/+15.0%至 106 万标准箱。 3Q 单箱收入同比下跌主因上年同期高基数;4Q 环比或将上涨 3Q25 公司单箱收入同环比-12.0%/-5.7%至 712 美金/标准箱;总收入同环 比-1.8%/-12.1%至 7.9 亿美金。同期,东南亚出口集装箱运价指数(SEAFI) 均值同环比-28.2%/-14.5%；Clarksons 亚洲区域内集装箱运价指数均值同 环比-12.6%/-2.6%。运价同比显著下滑主因上年同期运价高基数。展望 4Q, 伴随亚洲市场传统旺季到来，我们预计公司单箱收入环比上涨 6.7%至 760 美金/标准（同比下滑 4.6%）。 亚洲集运市场供需结构向好,中小型船供给趋紧 在全球供应链重塑背景下,公司专注亚洲区域市场,凭借高频率高密度的航 线网络,持续受益于区域内贸易增长红利。根据 A ...

（文章来源：证券时报网） 海丰国际公布，截至2025年9月30日的九个月，集团收入约24.59亿美元，按年增长16.6%；集装箱运量 为2749844标准箱，按年增长7.8%；平均运费（不包括互换舱位费收入）为每标准箱754.9美元，按年增 长9.2%。 ...

行业研究丨深度报告丨运输 [Table_Title] 岁暮回暖，超越季律 ——交运行业 2025 年四季度投资策略 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 展望 2025 年四季度，我们看好四类投资机会：1）物流：政策驱动快递"反内卷"，四季度及 明年利润弹性可观。物流企业出海进入 1-N 的新阶段；2）航空：获益于商务回暖，出行需求逐 步爬坡，叠加中长期供给刚性收紧，航油成本改善明显，行业有望迎来收入与成本共振；3）海 运：关注季节性+非季节性因素带来的共振：1、OPEC+产能恢复，VLCC 供给约束持续，油运 Q4 景气可期；2、散运：四季度西芒杜投产将提振行业上行预期；3、集运：关税扰动下远洋集 运需求和景气度较博弈；4）高速公路：高速公路公司估值以及股息率重回高性价比区间。 分析师及联系人 [Table_Author] 韩轶超 赵超 鲁斯嘉 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SFC：BQK468 SFC：BWN875 张银晗 胡俊文 魏爱 ...

Core Viewpoint - The company, Haifeng International, reported a significant increase in revenue and container throughput for the nine months ending September 30, 2025, compared to the same period in 2024, indicating strong operational performance and growth in the shipping industry [1]. Financial Performance - Revenue increased by approximately 16.6% from about 2,108.5 million USD for the nine months ending September 30, 2024, to about 2,458.9 million USD for the nine months ending September 30, 2025 [1]. - The average freight rate (excluding slot exchange fee income) rose by about 9.2%, from 691.0 USD per TEU in 2024 to 754.9 USD per TEU in 2025 [1]. Operational Metrics - Container throughput reached 2,749,844 TEUs for the nine months ending September 30, 2025, representing an increase of approximately 7.8% from 2,550,463 TEUs in the same period of 2024 [1].

Core Viewpoint - The company reported a significant increase in revenue and container throughput for the nine months ending September 30, 2025, compared to the same period in 2024 [1] Financial Performance - Revenue increased from approximately $2.1085 billion for the nine months ending September 30, 2024, to about $2.459 billion for the same period in 2025, representing a growth of approximately 16.6% [1] - The average freight rate (excluding slot exchange fee income) rose to $754.9 per TEU in the nine months ending September 30, 2025, up from $691.0 per TEU in the same period of 2024, marking an increase of about 9.2% [1] Operational Metrics - The company's container throughput reached 2.7498 million TEUs for the nine months ending September 30, 2025, which is an increase of approximately 7.8% from 2.5505 million TEUs in the same period of 2024 [1]

Core Insights - The company, Haifeng International, reported a revenue increase of approximately 16.6%, rising from about $2.1085 billion for the nine months ending September 30, 2024, to approximately $2.459 billion for the nine months ending September 30, 2025 [1] Revenue Performance - Revenue for the nine months ending September 30, 2025, is approximately $2.459 billion, up from $2.1085 billion in the same period of 2024, reflecting a growth of about 16.6% [1] Container Volume - The total container volume for the nine months ending September 30, 2025, reached 2.7498 million TEUs, which is an increase of approximately 7.8% compared to 2.5505 million TEUs in the same period of 2024 [1] Average Freight Rate - The average freight rate (excluding slot exchange fee revenue) for the nine months ending September 30, 2025, was $754.9 per TEU, representing an increase of about 9.2% from $691.0 per TEU in the same period of 2024 [1]

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，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 SITC International Holdings Company Limited 1308 (1)截至二零二五年九月三十日止九個月的未經審核經營數據 及 (2)有關二零二四年年報的補充公告 截至二零二五年九月三十日止九個月的未經審核經營數據 於年報日期，根據股份計劃可發行的股份總數為264,347,788股，相當於本公 司於該日期已發行股本約9.84%。 承董事會命 海豐國際控股有限公司 海豐國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董 事」）會（「董事會」）謹此公佈本集團截至二零二五年九月三十日止九個月的若干 未經審核經營數據及二零二四年同期的比較數字。 本集團的收入由截至二零二四年九月三十日止九個月的約2,108.5百萬美元增加 約16.6%至截至二零二五年九月三十日止九個月的約2,458.9百萬美元。截至二 零二五年九月三十日止九個月，本集團的集裝箱運量為2,749 ...

Core Insights - The Hong Kong High Dividend ETF (159302) closed up 1.30% on October 16, with a trading volume of 14.12 million yuan [1] - The fund was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 15, 2024, the fund's latest share count was 84.80 million, with a total size of 111 million yuan, reflecting a decrease of 22.06% in shares and 8.55% in size since December 31, 2024 [1] Fund Performance - The current fund manager, Zhang Yichi, has managed the fund since its inception, achieving a return of 28.93% during his tenure [2] - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index [1] Holdings Overview - Major holdings in the fund include: - COSCO Shipping Holdings (8.68% of holdings) - Yancoal Australia (6.17%) - Seaspan Corporation (4.28%) - Orient Overseas International (4.23%) - Minsheng Bank (4.22%) - CITIC Bank (4.07%) - China Petroleum (3.41%) - Guotai Junan Securities (3.41%) - Agricultural Bank of China (3.30%) - CNOOC (3.19%) [2]

每经AI快讯，10月14日，港股航运股早盘普涨，截至发稿，德翔海运(02510.HK)涨3.9%，报8.53港元； 中远海发(02866.HK)涨3.6%，报1.15港元；东方海外国际(00316.HK)涨2.68%，报126.3港元；海丰国际 (01308.HK)涨2.54%，报29.82港元；中远海运港口(01199.HK)涨1.06%，报5.72港元。 ...