Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a slight decline of 0.29% in its closing price on February 25, with a trading volume of 69.03 million yuan [1] Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 24, 2025, the fund's total shares stood at 365 million, with a total size of 384 million yuan, reflecting a year-to-date increase of 3.11% in shares and 9.53% in size compared to December 31, 2025 [1] Group 2: Liquidity and Trading Activity - Over the past 20 trading days leading up to February 25, the cumulative trading amount for the ETF reached 1.346 billion yuan, with an average daily trading amount of 67.32 million yuan [1] Group 3: Fund Management and Holdings - The current fund manager, He Yuxuan, has managed the fund since its inception, achieving a return of 2.96% during the management period [2] - Key holdings in the fund include China COSCO Shipping, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Shipping, China Petroleum & Chemical Corporation, China Coal Energy, CITIC International, and China Construction Bank, with respective holding percentages and market values detailed [2]

Group 1 - The shipping stocks have risen across the board, with COSCO Shipping Holdings (601866)(02866) up 6.09% to HKD 1.22, COSCO Shipping International (601919)(01919) up 2.82% to HKD 14.96, Orient Overseas International (00316) up 2.52% to HKD 146.6, and Seaspan Corporation (01308) up 0.73% to HKD 33.22 [1] - On February 3, shipping groups Hapag-Lloyd and Maersk announced adjustments to their shared shipping route, which will now reroute through the Red Sea and Suez Canal. However, the "Maersk Detroit" vessel, which was supposed to make its inaugural voyage through the Red Sea, diverted south to navigate around the Cape of Good Hope due to adverse weather conditions in the western Mediterranean [1] - According to a report from Shenwan Hongyuan, this rerouting indicates that the resumption of services through the Red Sea will not materialize in the short term. The market is approaching early March schedules, and with factories resuming operations after the Spring Festival holiday, demand is expected to improve [1]

Group 1 - The shipping stocks have seen a significant increase, with COSCO Shipping Holdings (02866) rising by 6.09% to HKD 1.22, COSCO Shipping (01919) up by 2.82% to HKD 14.96, Orient Overseas International (00316) increasing by 2.52% to HKD 146.6, and Seaspan Corporation (01308) gaining 0.73% to HKD 33.22 [1] - On February 3, shipping groups Hapag-Lloyd and Maersk announced an adjustment to their shared shipping route, which will now reroute through the Red Sea and Suez Canal [1] - The "Maersk Detroit" vessel, which was expected to resume operations in the Red Sea, had to divert south around the Cape of Good Hope due to adverse weather conditions in the Western Mediterranean, causing delays [1] Group 2 - According to a report from Shenwan Hongyuan, the rerouting indicates that the resumption of operations in the Red Sea will not be realized in the short term [1] - As the market approaches early March, with factories resuming operations after the Spring Festival holiday, demand is expected to improve [1] - There is a focus on potential price increases and related actions from shipping companies post-holiday [1]

Group 1 - The Wanjiacn Central State-Owned Enterprises Dividend ETF (159333) closed at a 2.49% increase with a trading volume of 28.82 million yuan on February 24 [1] - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2025, the fund had 333 million shares and a total size of 486 million yuan, showing a decrease of 15.91% in shares and 13.21% in size compared to December 31, 2025 [1] Group 2 - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 48.41% during his tenure [2] - The latest report indicates that the top holdings include COSCO Shipping Holdings, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Shipping, CITIC International, PetroChina, China Coal Energy, and China Construction Bank, with respective holding percentages [2]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) has shown a positive performance with a closing increase of 2.85% and a trading volume of 119 million yuan on February 24, 2025 [1] Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2025, the fund's latest share count was 345 million shares, with a total size of 352 million yuan, reflecting a 2.54% decrease in shares and a 0.57% increase in size since December 31, 2025 [1] Group 2: Liquidity and Trading Activity - Over the last 20 trading days leading up to February 24, 2025, the cumulative trading amount for the ETF was 1.311 billion yuan, with an average daily trading amount of 65.57 million yuan [1] Group 3: Fund Management - The current fund manager, He Yuxuan, has managed the fund since its inception, achieving a return of 2.96% during the management period [1] Group 4: Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (4.11% holding, 1.441 million yuan market value) - China Shenhua Energy (2.68% holding, 939.20 thousand yuan market value) - CNOOC (2.56% holding, 898.44 thousand yuan market value) - Sinopec Engineering (2.56% holding, 895.97 thousand yuan market value) - China National Offshore Oil Corporation (2.52% holding, 882.26 thousand yuan market value) - China Merchants Energy Shipping (2.45% holding, 857.72 thousand yuan market value) - PetroChina (2.37% holding, 829.56 thousand yuan market value) - China Coal Energy (2.37% holding, 829.50 thousand yuan market value) - CITIC International (2.34% holding, 819.88 thousand yuan market value) - China Construction Bank (2.28% holding, 797.37 thousand yuan market value) [2]

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed up 3.17% on February 24, with a trading volume of 248 million yuan [1] - The fund was established on June 26, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2025, the fund's latest share count was 5.775 billion shares, with a total size of 6.032 billion yuan, reflecting a 1.65% increase in shares and a 6.18% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.16% and 9.85% respectively during their management periods [2] - The fund's top holdings include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, and China Mobile, with respective holding percentages [2][3] - The top holdings by percentage are as follows: CNOOC (10.04%), China Shenhua (9.99%), China Petroleum (9.82%), and China Mobile (9.65%) [3]

Core Insights - The article highlights the increasing trade volume between China and Germany, particularly through the Hamburg port, which serves as a crucial logistics hub for this trade [1][6] - The partnership between China’s COSCO Shipping and Hamburg port is emphasized, showcasing mutual benefits such as stable cargo flow and enhanced operational efficiency [2][6] Trade and Logistics - Hamburg port handles approximately 40% of Germany's trade with China by tonnage, with a reported 7.9% year-on-year increase in container trade between China and Hamburg, reaching 1.8 million TEUs in the first nine months of 2025 [1] - COSCO Shipping's acquisition of a 24.99% stake in the Fuhai terminal in Hamburg is noted as a strategic move to ensure reliable docking resources and improve supply chain resilience [2][6] Shipping Operations - The article describes the operations at the Fuhai terminal, where various goods, including lithium batteries and automotive parts, are transported between China and Europe [3] - The introduction of a direct rail service from Zeebrugge, Belgium, to Mannheim, Germany, is highlighted, aiming to enhance logistics efficiency by reducing delivery times from 5-6 days to 13 hours [4] Service Expansion - COSCO Shipping is expanding its service offerings to include end-to-end logistics solutions, moving beyond traditional shipping to provide comprehensive transportation services [5] - The company is also focusing on developing cold chain logistics for transporting perishable goods, indicating a diversification of its service portfolio [4][5] Strategic Partnerships - The collaboration between COSCO Shipping and Hamburg port is seen as a way to strengthen Hamburg's position as an international shipping hub, enhancing regional competitiveness [6] - The article mentions the cultural exchange and relationship-building aspects of the partnership, which are viewed as valuable in the current global context [7]

Group 1 - The core viewpoint of the news is the performance and characteristics of the Guangfa CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520900), which has seen a decrease in shares but an increase in scale this year [1][2]. - As of February 12, 2025, the ETF had a total of 1.834 billion shares and a scale of 2.038 billion yuan, reflecting a 2.16% decrease in shares and a 4.83% increase in scale compared to the end of 2024 [1]. - The ETF's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the yield of the CSI National New Hong Kong Stock Connect Central Enterprise Dividend Index [1]. Group 2 - The current fund managers are Huo Huaming and Lü Xin, with Huo managing since June 26, 2024, achieving a return of 11.32%, while Lü has managed since April 30, 2025, with a return of 25.23% [2]. - The ETF's top holdings include China National Offshore Oil Corporation (10.05%), China Shenhua Energy (9.99%), and China Petroleum & Chemical Corporation (9.83%), among others, with significant market values [2][3]. - The ETF has seen a total trading volume of 1.926 billion yuan over the last 20 trading days, averaging 96.28 million yuan per day [1].

1. Report Industry Investment Rating No information regarding the report industry investment rating is provided in the given content. 2. Core View of the Report - The pre - holiday freight rate drive is weak, and the near - term 04 contract is expected to fluctuate. Attention should be paid to whether the shipping companies' price - holding measures are implemented after the holiday. The cancellation of VAT export tax rebates for products such as photovoltaics may disrupt the shipping rhythm and the pricing strategies of shipping companies. It is necessary to monitor whether the freight volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rate will be firmer than in normal years. The 04 contract's volatility is expected to increase, and investors are advised to participate with caution. Shipping companies usually issue price - increase letters in March and April to stabilize prices. As of now, it is still unclear whether the price increase in March will succeed. If the price increase is successful in early March, the valuation bottom of the EC2604 contract may rise. The long - term contracts face intense speculation on the resumption time, and the volatility is expected to remain high. The resumption of the Suez Canal is expected to be a gradual process. If it does not resume in the first half of 2026, the pressure on the shipping capacity in the first half of the year will be relatively controllable, and higher freight rates can be expected. Investors can consider the arbitrage opportunity of going long on EC2606 and short on EC2610 [5][6][7]. 3. Summary by Relevant Catalogs I. Futures Prices - As of February 12, 2026, the total open interest of all container shipping index European line futures contracts is 54,481.00 lots, and the daily trading volume is 42,518.00 lots. The closing prices of EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1258.90, 1566.10, 1632.00, 1131.10, and 1425.40 respectively [8]. II. Spot Prices - On February 6, the SCFI (Shanghai - Europe route) price was 1403 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 1801 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2530 US dollars/FEU. On February 9, the SCFIS (Shanghai - Europe) was 1657.94 points, and the SCFIS (Shanghai - West Coast of the United States) was 1155.66 points [8]. III. Container Ship Capacity Supply - **Static Supply**: As of January 31, 2026, 6 container ships with a total capacity of 46,950 TEU have been delivered in 2026. Among them, 2 ships with a capacity of 12,000 - 16,999 TEU and 1 ship with a capacity of over 17,000 TEU have been delivered. In terms of delivery expectations, for ships with a capacity of 12,000 - 16,999 TEU, 737,400 TEU (50 ships) are expected to be delivered in the remaining months of 2026, 944,600 TEU (64 ships) in 2027, 1,212,000 TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships with a capacity of over 17,000 TEU, 192,900 TEU (8 ships) are expected to be delivered in the remaining months of 2026, 862,800 TEU (40 ships) in 2027, 1,603,000 TEU (80 ships) in 2028, and 1,261,500 TEU (77 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small, and only 4 ships with a capacity of over 17,000 TEU will be delivered in the first half of 2026 [3]. - **Dynamic Supply**: In the remaining three weeks of February, the average weekly capacity is 271,600 TEU, with capacities of 366,600 TEU, 259,800 TEU, and 188,300 TEU in Weeks 7, 8, and 9 respectively. In March, the average weekly capacity is 288,400 TEU, with capacities of 158,300 TEU, 365,200 TEU, 304,700 TEU, 320,400 TEU, and 293,500 TEU in Weeks 10 - 14 respectively. In April, the average weekly capacity is 274,700 TEU, with capacities of 295,500 TEU, 294,400 TEU, 263,500 TEU, and 245,400 TEU in Weeks 15 - 18 respectively. There are 13 blank sailings in February (6 by the OA Alliance, 6 by the PA Alliance, and 1 by the Gemini Alliance), 7 blank sailings and 3 TBNs in March, and 1 blank sailing and 4 TBNs in April [4]. IV. Supply Chain - The resumption of the Suez Canal is expected to be a gradual process. COSCO management indicates that there is still no clear schedule for the full resumption of the Red Sea route. It may take 3 - 5 months from the attempt to full resumption. Multiple conditions need to be met for the resumption of the Red Sea route, including industry association assessment, insurance premium reduction, customer recognition of safety, and internal consensus within the alliance. Currently, the detour has become the new normal for the customer supply chain, and COSCO is cautious about returning to the Red Sea. Since mid - February 2026, Maersk's ME11 route will be structurally adjusted to transit through the Red Sea and the Suez Canal. If possible, Maersk will also adjust the AE12 and AE15 services in the subsequent stage to pass through the Red Sea and the Suez Canal [7]. V. Demand and European Economy No specific content related to demand and European economy is provided in the given text other than the figures mentioned in the catalog.

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.74% in its closing price on February 13, with a trading volume of 48.02 million yuan [1]. Group 1: Fund Overview - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - The fund's performance benchmark is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index, adjusted for valuation exchange rates [1]. Group 2: Fund Size and Performance - As of February 12, 2025, the fund had a total of 345 million shares and a total size of 359 million yuan, showing a 2.54% decrease in shares and a 2.46% increase in size since December 31, 2025 [1]. - The cumulative trading amount over the last 20 trading days reached 1.218 billion yuan, with an average daily trading amount of 60.88 million yuan [1]. Group 3: Fund Management and Holdings - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.94% during the management period [2]. - Major holdings in the fund include COSCO Shipping Holdings (4.11%), China Shenhua Energy (2.68%), CNOOC (2.56%), Sinopec Engineering (2.56%), China National Offshore Oil Corporation (2.52%), China Merchants Energy Shipping (2.45%), PetroChina (2.37%), China Coal Energy (2.37%), CITIC International (2.34%), and China Construction Bank (2.28%) [2].