Group 1 - The shipping stocks experienced a collective decline, with significant drops in share prices for major companies in the sector [1] - Yang Ming Marine Transport Corp (德翔海运) saw a decrease of 4.92%, trading at 8.7 HKD [1] - Seaspan Corporation (海丰国际) fell by 2.89%, with shares priced at 29.58 HKD [1] - China COSCO Shipping Corporation (中远海控) dropped by 2.33%, with a share price of 13.83 HKD [1] - Orient Overseas International (东方海外国际) declined by 1.93%, trading at 132.2 HKD [1]

Group 1 - Shipping stocks collectively declined, with specific drops including: Yang Ming Marine Transport Corp (02510) down 4.92% to HKD 8.7, SITC International Holdings (01308) down 2.89% to HKD 29.58, China COSCO Shipping Corporation (01919) down 2.33% to HKD 13.83, and Orient Overseas International (00316) down 1.93% to HKD 132.2 [1] - The Houthis warned on November 9 that if the ceasefire agreement in Gaza breaks down and Israel resumes its offensive, they would resume attacks on Israel and prohibit Israeli vessels from navigating the Red Sea and Arabian Sea [1] - Since the ceasefire began on October 10, the Houthis have not claimed any attacks, leading the market to interpret this as a halt in their aggression [1] Group 2 - Concerns are rising that a large-scale return to the Red Sea could lead to a significant further decline in global shipping rates [1] - A report from FANGZHENG Futures indicated that while media reported the Houthis announced a halt to attacks on Red Sea merchant ships, the authenticity of this news remains to be verified [1] - Even if some senior officials of the Houthis have made similar statements, shipping companies may still be cautious due to the potential for the Houthis to change their stance regarding Gaza, leading to a preference for cautious, gradual resumption of operations rather than immediate full resumption [1]

Core Viewpoint - The shipping stocks have collectively declined due to concerns over potential disruptions in maritime operations following warnings from the Houthi movement regarding renewed attacks on Israeli vessels if the ceasefire in Gaza collapses [1] Group 1: Stock Performance - The stock prices of major shipping companies have dropped significantly, with De Xiong Shipping (02510) down 4.92% to HKD 8.7, Hai Feng International (01308) down 2.89% to HKD 29.58, COSCO Shipping Holdings (601919) (01919) down 2.33% to HKD 13.83, and Orient Overseas International (00316) down 1.93% to HKD 132.2 [1] Group 2: Market Concerns - The market is worried that a large-scale return of Houthi attacks in the Red Sea could lead to a significant drop in global shipping rates [1] - Reports indicate that the Houthi movement has announced a halt to attacks on commercial vessels in the Red Sea, although the authenticity of this information remains uncertain [1] - Even if some Houthi officials have made statements about ceasing attacks, shipping companies may still be cautious and prefer a gradual resumption of operations rather than a full-scale return to normalcy [1]

Investment Rating - The report maintains a "Recommendation" rating for the transportation industry [3] Core Insights - The transportation industry is experiencing a recovery, with various segments showing potential for growth, particularly in shipping, infrastructure, aviation, and express delivery [7][19][22][20] Shipping - The shipping sector is seeing mixed price movements, with the SCFI for the US East route down 17.2% and the Southeast Asia route up 6.4% [11] - The report highlights the importance of monitoring the price increases in container shipping and the potential recovery in oil tanker rates due to improved US-China trade relations [16][12] Infrastructure - Key metrics indicate a decline in truck traffic and railway cargo, while port throughput has increased significantly, suggesting a shift in market dynamics [17][18] - The report emphasizes the potential for dividend stocks in the infrastructure sector, particularly in ports, which are currently undervalued [19] Aviation - The aviation sector shows a positive trend with a 7.2% year-on-year increase in passenger volume, driven by improved demand and a low base effect [22] - The report suggests that the industry is poised for profitability in 2026, with a focus on valuation recovery and potential investment opportunities in major airlines [22] Express Delivery - The express delivery sector is benefiting from a reduction in price competition, with a notable increase in business volume and revenue [20] - The report indicates that the "anti-involution" policies are helping to stabilize prices and improve profitability in the sector [20] Logistics - The logistics segment is experiencing stable performance, with cross-border air freight prices showing a week-on-week increase [23] - The report notes the importance of monitoring the daily traffic at key ports and the implications for logistics operations [23]

截至月份: 2025年10月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: 海豐國際控股有限公司 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 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01308 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法 ...

Core Viewpoint - Shipping stocks experienced a collective rise, driven by positive developments in US-China trade relations, which are expected to boost the shipping market and increase freight rates [1] Group 1: Stock Performance - Shipping stocks such as Seaspan International (01308) rose by 6.85% to HKD 30.58, Pacific Shipping (02343) increased by 4.67% to HKD 2.69, China COSCO Shipping (01919) gained 2.82% to HKD 13.87, and Orient Overseas International (00316) went up by 1.86% to HKD 137 [1] Group 2: US-China Trade Relations - On October 30, the leaders of the US and China held a meeting to discuss economic and trade relations, agreeing to enhance cooperation in these areas [1] - The US will cancel the 10% tariff on fentanyl and will continue to suspend the 24% reciprocal tariff for another year, which is expected to alleviate trade friction and promote global economic stability [1] Group 3: Market Outlook - The shipping market is supported by positive news, leading to increased booking activity and rising freight rates [1] - It is anticipated that US-China maritime trade will quickly recover, particularly in container exports from China to the US and imports of bulk commodities such as grain, oil, and natural gas from the US to China [1]

Group 1 - The core viewpoint highlights the strong performance of the Hong Kong Dividend ETF, which has seen a 20.92% increase in net value over the past six months, with an average daily trading volume of 17.52 million HKD [2] - The Hong Kong Dividend ETF closely tracks the CSI Hong Kong Stock Connect High Dividend Investment Index, which selects 30 high-dividend, liquid stocks from Hong Kong listed companies [2] - The current policy environment encourages companies to distribute dividends, creating favorable conditions for dividend investments, especially as risk-free interest rates decline [2] Group 2 - According to Zhongtai Securities, the future performance of the Hong Kong stock market will heavily depend on the Federal Reserve's interest rate policies and international relations, with a continued flow of funds into high-dividend, low-valuation defensive sectors expected [3] - The top ten weighted stocks in the CSI Hong Kong Stock Connect High Dividend Investment Index account for 46.3% of the index, indicating a concentration in specific high-dividend stocks [3] - The top ten stocks include China COSCO Shipping, Yancoal Australia, and China Petroleum, with varying weightings and recent performance [5]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the impact of the recent US-China trade negotiations on various industries, including technology, electronics, textiles, and shipping. Core Insights and Arguments 1. **US-China Trade Negotiation Outcomes** The negotiations resulted in the suspension of new restrictions and the cancellation of the 10% tariff on fentanyl, which is expected to stabilize US-China relations and positively impact the Chinese economy [1][5][8]. 2. **Impact on Chinese Exports** A potential 10% reduction in US tariffs could lower the effective tariff rate on Chinese goods to around 28%, which would directly boost Chinese exports to the US and enhance overall export growth by approximately one percentage point [1][3][4]. 3. **Technology Sector Benefits** The negotiations are favorable for the technology sector, particularly with the expected cancellation of the 10% fentanyl tariff on electronic products, which would stimulate demand and alleviate valuation pressures on the electronics sector [1][6][7]. 4. **Market Sentiment and Stock Valuation** The outcomes of the negotiations have slightly exceeded market expectations, leading to a recovery in stock valuations, particularly in the technology and electronics sectors. Investor sentiment has improved, creating potential investment opportunities [1][8][9]. 5. **Short-term Market Trends** While the trade negotiation results are not expected to alter the current market trend significantly, there are concerns about overheating in certain sectors, particularly TMT (Technology, Media, and Telecommunications), which may lead to market volatility if new catalysts do not emerge [1][10]. 6. **Recommendations for Sector Allocation** It is suggested to shift towards a more balanced allocation strategy by focusing on sectors such as lithium batteries, non-ferrous metals, and consumer electronics, while also considering opportunities in overseas markets like power grid equipment and commercial vehicles [1][11][12]. 7. **Color on the Non-ferrous Metals Sector** The cancellation of tariffs is expected to lower global trade friction costs and boost demand for non-ferrous metals, marking the beginning of a prolonged bull market for metals like copper, aluminum, and rare earth elements [1][13]. 8. **Shipping Industry Implications** The trade agreement is anticipated to benefit the shipping industry, particularly companies like China COSCO Shipping, due to increased demand for shipping services between China and the US [1][15][16]. 9. **Textile and Apparel Industry Effects** The US remains a significant market for Chinese textiles and apparel, and the easing of trade tensions could improve production utilization rates and profitability in this sector [1][20][23]. 10. **Home Appliance Sector Outlook** The reduction in tariff pressure is expected to positively impact the home appliance sector, particularly for companies with high export ratios to North America, aiding in the recovery of their profit margins [1][21][22]. Other Important but Possibly Overlooked Content - The negotiations have also led to a strategic pause in the implementation of export controls on rare earth products, which underscores China's significant role in the global rare earth supply chain [1][14]. - The overall sentiment in the market remains cautiously optimistic, with expectations of a continued recovery in various sectors as trade relations stabilize [1][9].

Core Viewpoint - SITC International reported a decline in revenue and freight rates in 3Q25, indicating a challenging market environment for container shipping [1][2]. Financial Performance - Revenue for SITC in 3Q25 was US$796 million, down 1.7% year-over-year (YoY) and 11.9% quarter-over-quarter (QoQ) [1]. - Container shipping volume increased by 8.9% YoY but decreased by 11.0% QoQ to 920,179 TEU [1]. - The average freight rate was US$712 per twenty-foot equivalent unit (TEU), reflecting a decrease of 12.0% YoY and 5.7% QoQ [1]. Market Trends - Freight rates softened during the low season in 3Q25, with Southeast Asian route rates declining sharply by 30.6% YoY and 11.7% QoQ, while Japanese route rates increased by 20.5% YoY but fell 2.3% QoQ [2]. - Supply tightness for small container ships in Asia is expected to persist, with an annual supply growth of only 1-2% over the next three years [2][3]. Capacity and Demand Dynamics - Increased feeder demand due to Red Sea diversions has contributed to supply tightness, with capacity for vessels under 3,000 TEU increasing by 8.5% from end-2023 to October 2025 [3]. - Charter rates for 1,700 TEU and 2,750 TEU vessels increased by 37.8% and 16.4% YoY, respectively, indicating tight capacity conditions [3]. Industry Shifts - The trend of industrial relocation may accelerate due to the latest US tariff policy, potentially boosting intra-Asia cargo volumes [4]. - China and ASEAN countries experienced YoY export and import growth of 9.6% from January to September 2025, driven by ongoing supply chain relocations [4]. Valuation - SITC maintains an OUTPERFORM rating with a target price of HK$36 per share, implying a 27.0% upside based on 10.0x 2025 estimated price-to-sales (P/S) [5].

Company Overview - The company reported Q3 2025 operating data, achieving revenue of $796 million, a year-on-year decrease of 1.7% and a quarter-on-quarter decrease of 11.9% [1] - Container shipping volume reached 920,179 TEU, representing a year-on-year increase of 8.9% but a quarter-on-quarter decrease of 11.0% [1] - Average freight rate (excluding slot exchange fee revenue) was $712 per TEU, down 12.0% year-on-year and 5.7% quarter-on-quarter [1] Market Commentary - The market for small container ships in the Asian region is expected to remain tight, with attention on the progress of the Red Sea route reopening [1] - According to Clarksons, the annual new supply of small container ships is projected to be only 1-2% over the next three years, with 11.2% of vessels over 25 years old [1] - The tight supply of small ships this year is primarily due to the need for small vessels to support feeder services after the Red Sea detour and increased demand for small ships in long-distance alliances [1] - Alphaliner data indicates that by October 2025, capacity for vessels under 3,000 TEU will have increased by 8.5% compared to the end of 2023, with new capacity mainly in the Middle East, Indian subcontinent, and European routes [1] - Current rental rates for 1,700/2,750 TEU vessels have increased year-on-year by 37.8% and 16.4%, respectively [1] Industry Trends - The trend of industrial transfer under U.S. tariff policies may accelerate, with cargo volumes in the Asian region expected to continue increasing [2] - From January to September 2025, the year-on-year growth rate of imports and exports between China and ASEAN countries was +9.6% [2] - The ongoing industrial transfer from China to Southeast Asian countries is anticipated to further boost economic growth in these nations, contributing to stable cargo volume growth in the Asian region [2] Profit Forecast and Valuation - The company maintains its profit forecast and industry rating, with the current stock price corresponding to 7.8x and 9.4x P/E ratios for 2025 and 2026, respectively [2] - The target price remains at HKD 36 per share, corresponding to P/E ratios of 10.0x and 11.9x for 2025 and 2026, indicating a potential upside of 27.0% from the current stock price [2]