Core Viewpoint - Hai Feng International reported strong growth in total revenue for the first three quarters, driven by increased container volume and average freight rates, despite a seasonal decline in Q3 [1][2]. Group 1: Financial Performance - Total revenue for the first three quarters increased by 16.6% year-on-year to $2.46 billion [1]. - In Q3 2025, average freight rate per container decreased by 12.0% year-on-year to $712, while total revenue fell by 1.8% quarter-on-quarter to $790 million [2]. - Container volume in Q3 2025 reached 920,000 TEUs, reflecting an 8.9% year-on-year increase, but a decline of 11.0% quarter-on-quarter [1][2]. Group 2: Market Outlook - The company anticipates a significant rebound in freight rates and container volume in Q4 due to the seasonal peak and demand driven by industry restructuring, projecting a 3.8% year-on-year increase in container volume to 1.06 million TEUs [1]. - The Southeast Asia export container freight index (SEAFI) showed a decline of 28.2% year-on-year, indicating a challenging pricing environment, but the company expects a 6.7% quarter-on-quarter increase in average freight rates to $760 in Q4 [2]. - The supply-demand structure in the Asian container shipping market is improving, with a tightening supply of small to medium-sized vessels, which is expected to benefit the company in the long term [2]. Group 3: Profit Forecast and Valuation - The company maintains its profit forecast for 2025, 2026, and 2027 at $1.17 billion, $910 million, and $1.10 billion, respectively, with a dividend payout ratio assumption of 70% [3]. - The target price is set at HKD 31.0, based on a PE ratio of 9.2x for 2025, reflecting a premium over the historical average [3].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 31.00 [7][5]. Core Insights - The company demonstrated resilience during the third quarter of 2025, with a year-on-year increase in average revenue per container of 9.2% and a 16.6% increase in total revenue to USD 2.46 billion. Despite a seasonal downturn, a significant recovery is expected in the fourth quarter due to seasonal demand [1][2]. - The company completed a total of 920,000 TEUs in the third quarter, reflecting an 8.9% year-on-year increase, driven by market demand from regional trade growth. A further increase in container volume is anticipated in the fourth quarter [2][3]. - The average revenue per container decreased by 12.0% year-on-year to USD 712, primarily due to a high base from the previous year. However, a rebound is expected in the fourth quarter with a projected increase of 6.7% to USD 760 per container [3][4]. Summary by Sections Operational Performance - In Q3 2025, the company reported a total revenue of USD 790 million, down 1.8% year-on-year and 12.1% quarter-on-quarter. The decline was attributed to seasonal factors affecting freight rates and cargo volumes [3][1]. - The Southeast Asia export container freight index showed a significant decline, with a year-on-year decrease of 28.2% [3]. Market Outlook - The supply-demand structure in the Asian container shipping market is improving, with a tightening supply of small to medium-sized vessels. Demand is expected to grow at a rate of 4.1% in 2025, outpacing supply growth of 2.5% [4]. - The company is well-positioned to benefit from the ongoing restructuring of global supply chains, particularly in the Asian market, which is expected to see increased trade volumes [4]. Financial Projections - The company maintains its profit forecasts for 2025, 2026, and 2027 at USD 1.17 billion, USD 910 million, and USD 1.10 billion respectively, with a consistent dividend payout ratio of 70% [5][11]. - The projected PE ratio for 2025 is 9.2x, with a target price based on historical averages adjusted for standard deviations [5][11].

Core Insights - The company reported a revenue of approximately $2.459 billion for the nine months ending September 30, 2025, representing a year-on-year growth of 16.6% [2] - Container throughput reached 2,749,844 TEUs, marking a year-on-year increase of 7.8% [2] - The average freight rate, excluding slot exchange revenue, was $754.9 per TEU, which is a year-on-year increase of 9.2% [2]

Group 1: Logistics - The logistics industry is expected to undergo a paradigm shift towards high-quality development, driven by policy changes and the "anti-involution" movement, which aims to ensure the rights of delivery personnel and improve profitability [4][24][30] - The logistics sector is entering a new phase of overseas expansion, with companies like Jitu Express and Jiayou International transitioning from initial stages to more advanced operations, focusing on management and capacity exports [4][8][35] Group 2: Aviation - The aviation industry is poised for recovery, benefiting from a resurgence in business travel demand since September, leading to improved revenue and cost dynamics [9][51] - The supply side is tightening, with low aircraft deliveries expected in 2025 and high capacity utilization rates, indicating a potential for revenue and cost resonance in the industry [9][51] Group 3: Shipping - The shipping sector is influenced by both seasonal and non-seasonal factors, with a focus on oil transportation due to OPEC+ production adjustments and the expected positive impact of new projects in the dry bulk segment [10][20] - The container shipping market is facing tariff disruptions, but demand is anticipated to rise due to proposed measures from the 301 investigation, which may boost feeder vessel demand [10][20] Group 4: Highways - Highway companies are regaining attractiveness in terms of valuation and dividend yield, with a focus on low valuation and high dividend characteristics [11][20] - The widening gap between highway company dividend yields and ten-year government bond yields suggests a return to a high cost-performance ratio for these assets [11][20]

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]

Core Viewpoint - The Hong Kong shipping stocks experienced a significant increase in early trading on October 14, with multiple companies showing notable gains in their stock prices [1] Group 1: Company Performance - DTX (德翔海运) saw a rise of 3.9%, reaching HKD 8.53 [1] - COSCO Shipping Development (中远海发) increased by 3.6%, trading at HKD 1.15 [1] - Orient Overseas International (东方海外国际) rose by 2.68%, priced at HKD 126.3 [1] - Seaspan Corporation (海丰国际) gained 2.54%, with a stock price of HKD 29.82 [1] - COSCO Shipping Ports (中远海运港口) experienced a 1.06% increase, trading at HKD 5.72 [1]