Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced a decline of 1.64% in its closing price on February 13, with a trading volume of 12.8849 million yuan [1]. Group 1: Fund Overview - The fund was established on July 23, 2025, and is officially named Yongying CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF [1]. - The management fee is set at 0.50% per annum, while the custody fee is 0.10% per annum [1]. - The fund's performance benchmark is the CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend Index return (calculated based on valuation exchange rates) [1]. Group 2: Fund Size and Performance - As of February 12, 2025, the fund had a total of 539 million shares and a total size of 565 million yuan [1]. - Compared to December 31, 2025, the fund's shares decreased by 12.51% and its size decreased by 7.47% [1]. Group 3: Liquidity - Over the last 20 trading days, the cumulative trading amount for the fund was 265 million yuan, with an average daily trading amount of 13.2605 million yuan [1]. Group 4: Fund Management - The current fund managers are Liu Tingyu and Cai Leping, with Liu managing the fund since July 23, 2025, achieving a return of 3.01%, and Cai managing since November 5, 2025, with a return of 0.17% [2]. Group 5: Top Holdings - The fund's top holdings include: - COSCO Shipping Holdings (4.14% of holdings) - China Shenhua Energy (2.69%) - CNOOC (2.58%) - Sinopec Engineering (2.57%) - China National Offshore Oil Corporation (2.54%) - China Merchants Industry Holdings (2.46%) - CITIC International Communications (2.39%) - PetroChina (2.38%) - China Coal Energy (2.38%) - China Construction Bank (2.29%) [2][3].

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) experienced significant net redemptions, indicating a potential shift in investor sentiment towards this fund [1][2]. Group 1: Fund Performance - As of February 12, the fund had a net redemption of 4.31 million yuan, ranking 14th out of 215 in cross-border ETF net outflows [1]. - The fund's latest size was 484 million yuan, down from 488 million yuan the previous day, with a net outflow representing 0.88% of the prior day's size [1]. - Over the past five days, the fund faced net redemptions totaling 8.49 million yuan, ranking 47th in cross-border ETF net outflows [1]. - Year-to-date, the fund's share count decreased by 4.30%, while its size increased by 3.82% [2]. Group 2: Trading Activity - The fund recorded a cumulative trading volume of 1.06 billion yuan over the last 20 trading days, with an average daily trading amount of 52.99 million yuan [2]. - Year-to-date, the cumulative trading amount reached 1.358 billion yuan, averaging 46.83 million yuan per day over 29 trading days [2]. Group 3: Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong managing the fund since August 29, 2024, achieving a return of 50.19%, while Wang has managed it since August 13, 2025, with a return of 7.19% [2]. Group 4: Holdings - The fund's top holdings include COSCO Shipping Holdings, Orient Overseas International, Yanzhou Coal Mining, and China Shenhua Energy, with respective holding percentages of 8.86%, 7.48%, 5.65%, and 3.63% [2].

Group 1 - The core viewpoint indicates that the shipping rates are expected to remain weak before the holiday, with the April and October months typically being the lowest for shipping rates in a normal year [2][9] - The Ministry of Finance and the State Administration of Taxation announced the cancellation of VAT export rebates for photovoltaic products on January 8, 2026, which may disrupt the shipping schedule and pricing strategies of shipping companies [2][9] - Shipping companies are expected to issue price increase notices in March and April, with MSC's March rate rising to $1800/3000, CMA's to $1750/3100, HPL's to $1835/2935, and ONE's to $1620/2535 [2][9] Group 2 - The resumption of the Suez Canal is expected to be gradual, with COSCO management indicating that a full resumption in the Red Sea lacks a clear timetable, potentially taking 3-5 months [3][10] - The current detour has become a new normal for customer supply chains, and COSCO is cautious about returning to the Red Sea [3][10] - In the first half of 2026, only four ultra-large vessels over 17,000 TEU are expected to be delivered, suggesting manageable capacity pressure if the Suez Canal does not resume operations [3][10] Group 3 - There are opportunities for arbitrage between EC2606 and EC2610 contracts, with historical data indicating that the highest shipping rates typically occur in July or August [4][10] - The adjustment of contract months will be implemented starting February 10, 2026, with new contracts EC2605, EC2607, and EC2609 being added [4][10] - The market is expected to trade with July as the peak for annual shipping rates based on historical trends [4][10]

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed at a gain of 0.86% with a trading volume of 116 million yuan on February 11 [1] - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 10, 2025, the fund's latest share count was 5.766 billion shares, with a total size of 6.088 billion yuan, reflecting a 1.50% increase in shares and a 7.16% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.42% and 10.08% respectively during their management periods [2] - The latest report indicates that the top holdings of the fund include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, and China Mobile, among others [2] Group 3 - The top holdings and their respective weights in the fund are as follows: - China National Offshore Oil Corporation: 10.04% with a market value of 571 million yuan - China Shenhua Energy: 9.99% with a market value of 568 million yuan - China Petroleum & Chemical Corporation: 9.82% with a market value of 558 million yuan - China Mobile: 9.65% with a market value of 548 million yuan - China National Petroleum Corporation: 8.21% with a market value of 467 million yuan - COSCO Shipping Holdings: 5.74% with a market value of 326 million yuan - China Telecom: 4.76% with a market value of 270 million yuan - China Unicom: 3.14% with a market value of 179 million yuan - China Tower: 2.83% with a market value of 161 million yuan - China Merchants Bank: 2.07% with a market value of 118 million yuan [3]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints of the Report - The current valuation of the 04 contract is neutral. In the medium term, the recommended strategy is to short on rallies [3]. - For far - month contracts, it's difficult to anchor the valuation of peak - season contracts, and it's hard to predict shipping companies' price - adjustment behavior. So, cautious operation is advised. The 10 - contract valuation is moderately high, and the strategy of shorting on rallies should be maintained [3]. - For new contracts, referring to historical seasonality and the valuation of old contracts, the reasonable valuation ranges of the 09 and 07 contracts are 1100 - 1300 and 1600 - 1800 points respectively. The subsequent strategy is mainly to short the 09 contract and long the 07 contract, but the valuation given by the market is already relatively reasonable. The 05 contract is at the off - peak to peak season transition point, and attention should be paid to the 4 - 5 reverse spread form [3]. - Before the Spring Festival holiday, frequent position - closing operations by funds are expected to cause large market fluctuations. Prudent operation is advised this week [3]. Group 3: Summary of Related Catalogs Futures Contract Information - EC2604 closed at 1179.0 with a - 4.77% change, EC2605 at 1273.0, EC2606 at 1499.8 with a - 3.43% change, EC2608 at 1576.3 with a - 2.38% change, EC2610 at 1110.9 with a - 1.35% change, and EC2612 at 1380.0 with a - 3.19% change [2]. - The trading volume of EC2604 and EC2605 combined was 29560, and the open interest was 33899 with a change of 2767. The trading volume of EC2606 was 4155, and the open interest was 14740 with a change of 14. The trading volume of EC2608 was 340, and the open interest was 1416 with a change of 2. The trading volume of EC2610 was 1093, and the open interest was 8071 with a change of 178. The trading volume of EC2612 was 38, and the open interest was 127 with a change of - 11 [2]. - The month - spread of EC2604 - 2606 was - 320.8 (day - on - day change: - 5.8, week - on - week change: - 34.4), and the month - spread of EC2606 - 2610 was 388.9 (day - on - day change: - 38.0, week - on - week change: 5.8) [2]. Spot Market Information - The spot price (European line) on 2026/2/9 was 1657.94 points, a - 7.49% change from the previous period [2]. - The SCFI (European line) on 2026/2/6 was 1403 dollars/TEU, a - 1.06% change from the previous period [2]. - In Week 7, MSK's opening price was 1950 dollars (a decrease of 100 dollars compared to the previous period), PA was around 2000 dollars, MSC was 2140 dollars, OA was 2300 dollars. The central price was 2130 dollars, equivalent to 1500 points on the futures market. In Week 8 - 9, MSK's opening price remained at 1950 dollars. In March, MSC led a price - increase notice, followed by CMA, COSCO, and HPL, with the European line price expected to rise to 3000 - 3100 dollars. On Tuesday, MSK's opening price for Week 10 remained at 1950 dollars [4]. Related News - On February 10, Israel's Defense Forces were formulating a plan to launch a new offensive in the Gaza Strip to disarm Hamas [5]. - On February 11, the US military in Qatar loaded missiles onto mobile platforms. Since January, as the tension between the US and Iran escalated, the US military at the Al - Udeid Air Base in Qatar loaded missiles onto mobile launch platforms this month [5].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - The China - Southeast Asia shipping route is the world's largest trade corridor, showing resilience in trade tensions. The Southeast Asian container shipping market has strong growth momentum driven by economic growth and industrial transfer [8][33]. - In 2025, the North Asia - Southeast Asia route had the highest capacity share and the fastest growth rate among intra - Asia trades. However, future capacity growth may be constrained by the high average age and low orderbook of feeder vessels [26][34]. - Southeast Asian shipping routes generally have lower freight rate volatility than long - haul routes, with certain correlations to Northern Europe rates. New contracts listed by the Shanghai International Energy Exchange provide more options for hedging [2][35]. 3. Summary by Directory 3.1 Current Situation of the Southeast Asia Container Shipping Market - The China - Southeast Asia route is the world's largest trade corridor. In 2025, the trade value between China and ASEAN reached 1,055.87 billion USD, up 7.3% year - on - year. Asian intra - regional routes are the world's largest container shipping market. From January to October 2025, the cargo volume in this regional market reached 41.234 million TEUs, accounting for 25.9% of the global total, with a year - on - year growth rate of 5.1% [8]. - Due to short shipping distances, the China - Southeast Asia route is highly competitive, with carriers including global giants and regional specialists. Major routes include services from China to Singapore/Malaysia, Thailand/Vietnam, and Indonesia [11]. - Freight rates on Southeast Asian routes generally have lower volatility than long - haul routes, with seasonal patterns. Rates usually retreat from highs in January and February, rebound in early March, and are driven up in mid - April by the Songkran Festival. In 2025, due to tariff - driven front - running, rates surged prematurely between March and May, fell during the traditional peak period (June - August), hit a floor in the August - September off - season, and rebounded in October [12][13]. 3.2 Demand in Southeast Asian Shipping Market - The six major economies of ASEAN (Singapore, Indonesia, the Philippines, Malaysia, Thailand, and Vietnam) have shown economic resilience, with a three - year compound GDP growth rate of 3% in 2024, surpassing the overall GDP growth rate of Asia by 0.3 percentage points [16]. - The trade war between China and the United States has led to a global supply chain restructuring, and Southeast Asia has become an important destination for industrial transfer. From January to November 2025, China's exports to five ASEAN countries reached 492.33 billion US dollars, a year - on - year increase of 14.6%. By October 2025, the container cargo volume in the Asian market reached 41.234 million TEUs, a cumulative year - on - year increase of 5.3% [20]. - Among the commodities transported by general cargo containers, Vietnam accounts for the highest proportion (31.5%) of China's exports to the five ASEAN countries. In 2025, the total value of China's exports of 33 categories of commodities to the five ASEAN countries reached US$202.48 billion [24]. 3.3 Southeast Asian market capacity and competition landscape - In 2025, the North Asia - Southeast Asia route had the highest capacity share (56.1%) and the fastest growth rate (19.1% year - on - year) among all intra - Asia trades. By the end of 2025, the total capacity deployed by carriers within the intra - Asia market reached 3.415 million TEUs, a year - on - year increase of 11.7% [26]. - Regional carriers such as Wan Hai, SITC, and TS Lines maintain a strong presence in the intra - Asia market. They focus on strategic layouts within Southeast Asian feeder routes and offer differentiated services, serving as essential supplements to regional market coverage [30]. 3.4 Outlook - From a demand perspective, the Southeast Asian market shows diversified and high - growth characteristics in importing Chinese goods, driven by economic growth and industrial transfer dividends [33]. - Future capacity growth may be constrained by the high average age and low orderbook of feeder vessels. - Southeast Asian routes typically have lower freight rate volatility than long - haul routes, with a 75.8% correlation between rates from China to Singapore and Malaysia and Northern Europe rates, and a 51.7% correlation for Thailand, Vietnam, and the Philippines. New contracts EC2605, EC2607, and EC2609 listed on February 10th provide more options for hedging [35].

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed at a 0.58% increase with a trading volume of 120 million yuan on February 10 [1] - The fund was established on June 26, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 9, 2025, the fund's latest share count was 5.766 billion shares, with a total size of 6.036 billion yuan, reflecting a 1.50% increase in shares and a 6.24% increase in size year-to-date [1] Group 2 - The current fund managers are Gong Lili and Wang Yang, with returns of 24.42% and 10.08% 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, among others, with significant weightings [2][3] - The top holding, China National Offshore Oil Corporation, accounts for 10.04% of the portfolio, with a market value of 571 million yuan [3]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The pre - holiday freight rate drive is weak, and the recent EC2604 contract is expected to fluctuate. Attention should be paid to the implementation of shipping companies' price - holding measures in March after the holiday. The 04 contract's volatility is expected to increase, and investors are advised to participate with caution. In normal years, shipping companies issue price - increase letters in March and April to stabilize prices. Before the Spring Festival, the overall drive is estimated to be bearish, and the short - selling direction has an advantage [4][5]. - For far - month contracts, the game over the resumption time is intense, 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 capacity side is expected to be relatively controllable, and the freight rate may still reach a high level. Investors can pay attention to the arbitrage opportunity of going long on EC2606 and shorting on EC2610 [6]. Summary According to the Directory 1. Futures Price - As of February 9, 2026, the total open interest of all container shipping index European line futures contracts is 56,740.00 lots, and the single - day trading volume is 17,605.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1756.00, 1238.00, 1553.00, 1614.80, 1126.10, and 1425.50 respectively [7]. 2. Spot Price - On February 6, the SCFI (Shanghai - Europe route) price is 1403 US dollars/TEU, the SCFI (Shanghai - US West route) price is 1801 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2530 US dollars/FEU. On February 9, the SCFIS (Shanghai - Europe) is 1657.94 points, and the SCFIS (Shanghai - US West) is 1155.66 points [7]. 3. Container Ship Capacity Supply - **Static Supply**: As of January 31, 2026, 6 container ships have been delivered in 2026, with a total capacity of 46,950 TEU. 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 12,000 - 16,999 TEU ships, 737,400 TEU (50 ships) will 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) will 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 [2][3]. - **Dynamic Supply**: In the remaining three weeks of February, the average weekly capacity is 271,600 TEU, with the capacities in WEEK7/8/9 being 366,600/259,800/188,300 TEU respectively. In March, the average weekly capacity is 288,400 TEU, and in April, it is 274,700 TEU. There are 13 blank sailings in February, 7 blank sailings and 3 TBNs in March, and 1 blank sailing and 4 TBNs in April [3]. 4. Supply Chain - The resumption of the Suez Canal is expected to be a gradual process. COSCO management points out that there is still no clear schedule for the full resumption of the Red Sea. The Red Sea resumption needs to meet multiple conditions. Since mid - February 2026, Maersk's ME11 route will implement structural adjustments through the Red Sea and the Suez Canal [6]. 5. Demand and European Economy - The cancellation of the VAT export tax rebate for products such as photovoltaics by the Ministry of Finance and the State Taxation Administration on January 8, 2026, may disrupt the shipping rhythm of relevant industries and further affect the pricing strategies of shipping companies. Attention should be paid to 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 stronger than in normal years [4].

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。 中遠海運控股股份有限公司 COSCO SHIPPING Holdings Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） 中華人民共和國，上海 二零二六年二月九日 （股份代號：1919） 海外監管公告 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.10B條而作出。 於本公告日期，本公司董事為萬敏先生（董事長）、張峰先生 1 （副董事長）、 1 陶衛東先生 1 、朱濤先生 1 、徐飛攀先生 1 、馬時亨教授 2 、沈抖先生 2 及奚治月女士 2 。 1 執行董事 2 獨立非執行董事 * 僅供識別 以中文隨附之海外監管公告乃本公司於二零二六年二月九日在上海證券交易所的 網站( www.sse.com.cn )上以中文發佈的《中遠海運控股股份有限公司關於股票期權 激勵計劃限制行權期間的提示性公告》。 承董事會命 中遠海運控股股份有限公司 公司秘書 肖俊光 中远海运控股股份有限公司 ...

Group 1 - The core viewpoint of the news is the performance and details of the Wanjiac ZHONGZHENG Hong Kong Stock Connect Central Enterprise Dividend ETF (159333), which has seen a decrease in both share count and total assets since the beginning of the year [1][2] Group 2 - The fund was established on August 21, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of February 6, 2025, the fund had 334 million shares and a total size of 487 million yuan, reflecting a 15.66% decrease in shares and a 13.08% decrease in size compared to December 31, 2024 [1] - The fund's recent trading activity shows a cumulative transaction amount of 416 million yuan over the last 20 trading days, with an average daily transaction amount of approximately 20.82 million yuan [1] Group 3 - The current fund manager is Yang Kun, who has managed the fund since its inception, achieving a return of 48.23% during the management period [2] - The top holdings of the fund include COSCO Shipping Holdings, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Offshore Oil Corporation, China Merchants Energy Shipping, CITIC International, PetroChina, China Coal Energy, and China Construction Bank, with respective holding percentages [2]