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11月30日 狀態: 新提交 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12月2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 - The Hong Kong port and shipping stocks experienced a general increase, driven by a rise in the European shipping index, indicating a potential recovery in demand and a shift in market sentiment towards optimism in the shipping industry [1]. Group 1: Market Performance - Cosco Shipping Energy rose over 5%, while Cosco Shipping Ports and China Ship Leasing increased by 2.5% [1]. - Other companies such as China Merchants Port, Cosco Shipping Holdings, Orient Overseas International, Cosco Shipping Development, and Seaspan Corporation also saw gains [1]. Group 2: Shipping Index and Market Sentiment - The European shipping index futures rose by 5%, reaching 1521.80 yuan, which is viewed as a positive short-term signal for shipping stocks [1]. - Analysts suggest that the increase in European freight rates may indicate a recovery in market demand, possibly due to inventory replenishment cycles or renewed supply chain tensions [1]. - This shift in perception may alter the previously pessimistic view of the industry characterized by oversupply, moving towards a more optimistic outlook [1].

Core Viewpoint - The Hong Kong port and shipping stocks experienced a general increase, driven by a rise in the European shipping index, indicating a potential recovery in demand and a shift in market sentiment towards optimism in the industry [1]. Group 1: Stock Performance - COSCO Shipping Energy (中远海能) rose over 5%, closing at 10.890 with a market capitalization of 59.516 billion [2]. - COSCO Shipping Ports (中远海运港口) increased by 2.5%, closing at 5.740 with a market capitalization of 227.3 billion [2]. - China Ship Leasing (中国船舶租赁) saw a rise of 2.4%, closing at 2.130 with a market capitalization of 13.204 billion [2]. - China Merchants Port (招商局港口) increased by 2.04%, closing at 15.990 with a market capitalization of 671.26 billion [2]. - COSCO Shipping Holdings (中远海控) rose by 1.43%, closing at 13.440 with a market capitalization of 2081.82 billion [2]. - Liaoning Port (辽港股份) increased by 1.20%, closing at 0.840 with a market capitalization of 19.8 billion [2]. - Orient Overseas International (东方海外国际) rose by 1.19%, closing at 127.900 with a market capitalization of 844.62 billion [2]. - COSCO Shipping Development (中远海发) increased by 0.87%, closing at 1.160 with a market capitalization of 15.309 billion [2]. - Seaspan Corporation (海丰国际) rose by 0.82%, closing at 26.960 with a market capitalization of 727.92 billion [2]. Group 2: Market Dynamics - The early morning European shipping index futures rose by 5%, reaching 1521.80 yuan, which is seen as a positive short-term signal for shipping stocks [1]. - Analysts suggest that the increase in European freight rates may indicate a recovery in demand, possibly due to inventory replenishment cycles or renewed supply chain tensions [1]. - This shift in market perception may alter the previously pessimistic view of "oversupply" in the industry to a more optimistic outlook [1].

Core Insights - The report emphasizes the potential for improvement in the dry bulk shipping market, particularly for Capesize vessels, with freight rates expected to rise further based on the second half of 2025 [3][10] - The West Simandou iron ore project is highlighted as a key catalyst, expected to disrupt the current iron ore supply dominance of Australia and Brazil, with a projected increase in global iron ore demand by approximately 6.8% post full production [3][10] Shipping Industry Overview - The shipping industry is projected to experience a favorable supply-demand dynamic, with limited supply growth and potential demand increases due to various factors, including the West Simandou project and macroeconomic conditions [8][12] - The total market capitalization of the shipping sector is reported at 579.568 billion yuan, with a circulating market value of 458.746 billion yuan [4] Oil Shipping - The oil shipping sector is expected to benefit from a global oil production increase, sanctions improving demand structure, and supply constraints, leading to a sustained upward trend in market conditions [6][9] - VLCC freight rates have shown significant strength, with the TD3C route recording a rate of $126,000 per day on November 13, 2025, and an average rate of $104,000 per day for November [6][15] Dry Bulk Shipping - The dry bulk shipping market is recovering, with the BDI index averaging 1997 points, indicating a near five-year high, driven by improved demand for iron ore and coal [6][44] - Supply growth for dry bulk vessels is limited, with Capesize orders at only 9.32%, leading to projected capacity growth rates of 1.4%, 2.2%, and 2.6% for 2025-2027 [10][49] Container Shipping - The container shipping market in Asia remains tight, with a significant portion of new orders focused on ultra-large container ships, while smaller vessels face aging issues [11][68] - Despite a year-on-year decline in freight rates, the Asian container shipping market is expected to maintain demand above industry growth levels due to regional economic growth [11][68] Investment Recommendations - The report recommends investments in companies such as China Merchants Energy and COSCO Shipping Energy for oil shipping, and Haitong Development and China Merchants Industry for dry bulk shipping, citing favorable supply-demand dynamics [12][68] - For container shipping, it suggests focusing on Jinjiang Shipping and Zhonggu Logistics, while keeping an eye on Hapag-Lloyd International [12][68]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profit elasticity, and creating favorable competition opportunities in the medium to long term [15] - The shipping market is expected to benefit from the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market's outlook for Q4 2025 [15] - The shipping market is anticipated to recover, supported by environmental regulations limiting the operation of older fleets and the upcoming production of the West Manganese iron ore by the end of 2025 [15] Summary by Sections Express Logistics - In October 2025, the express delivery industry achieved a business volume of 17.6 billion pieces, a year-on-year increase of 7.9%, with revenue reaching 131.67 billion yuan, up 4.7% year-on-year [4][24] - Major players like YTO, Shentong, and Yunda showed varied growth rates, with YTO's volume increasing by 12.78% and Shentong by 3.97%, while Yunda's volume decreased by 5.11% [4][30] - The industry is transitioning towards high-quality development, with significant improvements in single-ticket revenue due to price increases driven by the de-involution trend [4] Shipping and Ports - VLCC freight rates reached a new high of $136,843 per day, the highest since Q2 2020, driven by tight available capacity and stable inquiry rhythms [8] - The Capesize bulk carrier spot freight rates surpassed $30,000 per day, reflecting a 20% increase over the past week, supported by seasonal demand recovery and strong import demand from China [8] - The BDI index increased by 7.1% to 2225 points, indicating a robust recovery in the bulk shipping market [9] Aviation - In October 2025, civil aviation transported approximately 68 million passengers, a year-on-year increase of 5.8%, and cargo/mail transport reached 917,000 tons, up 13.3% [58] - The overall passenger load factor for major airlines was 86.88%, showing a slight increase from the previous month [62] Road and Rail - From November 10 to November 16, 2025, national freight logistics operated smoothly, with rail freight reaching 81.8 million tons, a 0.17% increase week-on-week [14] - In October 2025, road freight volume was 3.706 billion tons, a year-on-year increase of 0.08% [64] Supply Chain Logistics - The logistics landscape is evolving, with companies like Shenzhen International expected to benefit from the transformation of logistics parks, providing performance elasticity [15] - The industry is witnessing a slowdown in competition, with companies like Debang and Aneng Logistics showing significant profit improvements due to strategic transformations [15]

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 ...