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]

Core Viewpoint - Shipping stocks experienced a significant increase in early trading, driven by the announcement of new regulations regarding port service fees for U.S. vessels by China's Ministry of Transport [1] Group 1: Stock Performance - Yang Ming Marine Transport Corp (德翔海运) rose by 3.9%, trading at HKD 8.53 [1] - COSCO Shipping Holdings (中远海发) increased by 3.6%, trading at HKD 1.15 [1] - Orient Overseas International (东方海外国际) saw a rise of 2.68%, trading at HKD 126.3 [1] - Seaspan Corporation (海丰国际) gained 2.54%, trading at HKD 29.82 [1] - COSCO Shipping Ports (中远海运港口) increased by 1.06%, trading at HKD 5.72 [1] Group 2: Regulatory Changes - On October 14, the Ministry of Transport released the "Implementation Measures for Special Port Service Fees for U.S. Vessels," which includes ten articles detailing the fee structure and exemptions [1] - The measures specify that vessels built in China, empty vessels only entering Chinese shipyards for repairs, and other exempted vessels will not be required to pay the fees [1] Group 3: Market Implications - Huatai Securities noted that the fee standards align closely with U.S. policies, with mutual port fees set to take effect on October 14, 2025 [1] - In the short term, shipping companies may adjust global vessel deployments and port calls to mitigate costs, potentially disrupting supply chains and increasing freight rates [1]

Summary of Key Points Core Viewpoint - The report highlights the short-selling ratios and amounts for various companies, indicating significant market sentiment and potential investment opportunities or risks associated with these stocks [1][2]. Group 1: Short-Selling Ratios - Anta Sports-R (82020) and Great Wall Motors-R (82333) have the highest short-selling ratios at 100.00% [1][2]. - Tencent Holdings-R (80700) follows closely with a short-selling ratio of 95.69% [1][2]. - Other notable companies with high short-selling ratios include JD Group-SWR (89618) at 94.72% and Bank of China Hong Kong-R (82388) at 77.81% [2]. Group 2: Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.213 billion [2]. - Xiaomi Group-W (01810) and Tencent Holdings (00700) follow with short-selling amounts of 1.740 billion and 1.605 billion, respectively [2]. - Other companies in the top short-selling amounts include Pop Mart (09992) at 1.290 billion and Baidu Group-SW (09888) at 1.044 billion [2]. Group 3: Deviation Values - Tencent Holdings-R (80700) has the highest deviation value at 47.78%, indicating a significant difference from its average short-selling ratio over the past 30 days [1][2]. - JD Group-SWR (89618) and China Lilang (01234) also show high deviation values of 45.61% and 44.19%, respectively [1][2]. - Other companies with notable deviation values include Great Wall Motors-R (82333) at 34.51% and SenseTime-WR (80020) at 34.02% [2].