Company News - SF Holding (06936.HK) reported a total revenue of 27.173 billion yuan for its express logistics, supply chain, and international business in November, representing a year-on-year growth of 7.85%. The express logistics business revenue grew by 9.88%, with a business volume increase of 20.13% [2] - Capital Investment (02324.HK) expects to achieve an unaudited consolidated net profit of approximately 115 million to 140 million HKD for the fiscal year ending September 30, 2025, marking a turnaround from losses, primarily due to the performance of listed equity investments [2] - Tianqi Lithium (09696.HK) has completed the construction of the third phase of its chemical-grade lithium concentrate expansion project and has officially commenced trial production [2] - Qingdao Port (06198.HK) plans to purchase two assets from the Qingdao Shipping Financial Center for the development of a cruise port [2] - CanSino Biologics (06185.HK) has initiated Phase I clinical trials for its DTCP–HIb–MCV4 combined vaccine and completed the enrollment of the first subject [2] - Fuhong Hanlin (02696.HK) received approval from the U.S. Food and Drug Administration for its application for the Phase I clinical trial of HLX18, a biosimilar to Nivolumab for the treatment of various solid tumors [2] - China National Nuclear Corporation (01763.HK) announced that its subsidiary, CNNC Haidewei, has received clinical approval for its BNCT boron drug [2] - Hisense Home Appliances (00921.HK) subscribed to a financial product from Jingu Trust for 1.892 billion yuan [2] Acquisition and Disposal - Evergrande Property (06666.HK) has received several updated non-binding offers from selected bidders, which the liquidators are currently considering [3] - Ruian Construction (00983.HK) has completed the sale of Ruian Property Management Services Co., Ltd. [4] - Tianjin Port Development (03382.HK) plans to purchase ten gantry cranes for 185 million yuan [5] Buyback Activities - Tencent Holdings (00700.HK) repurchased 1.036 million shares at a cost of 636 million HKD, with buyback prices ranging from 607 to 617 HKD [5] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for 152 million HKD, with buyback prices between 40.42 and 40.56 HKD [6] - COSCO Shipping Holdings (01919.HK) repurchased 3.9655 million shares for 53.6689 million HKD, with buyback prices ranging from 13.47 to 13.73 HKD [6] - Kuaishou-W (01024.HK) repurchased 755,000 shares for 49.9509 million HKD, with buyback prices between 65.4 and 66.6 HKD [7]

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 19.04%, 17.09%, and 15.18% respectively [1][2] - The companies with the largest absolute increase in short positions are Zhaoyan New Drug (06127), Lens Technology (06613), and China Everbright Holdings (00165), with increases of 2.08%, 1.68%, and 1.46% respectively [1][2] - The companies with the largest absolute decrease in short positions are ZTE Corporation (00763), Nuo Cheng Jian Hua (09969), and Yi Mai Tong (02192), with decreases of -3.12%, -2.21%, and -1.70% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include Vanke Enterprises (02202) at 19.04%, COSCO Shipping Holdings (01919) at 17.09%, and Heng Rui Medicine (01276) at 15.18% [2] - The companies with the most significant increase in short ratios include Zhaoyan New Drug (06127) from 3.50% to 5.57%, Lens Technology (06613) from 3.07% to 4.75%, and China Everbright Holdings (00165) from 2.04% to 3.51% [2] - The companies with the most significant decrease in short ratios include ZTE Corporation (00763) from 17.63% to 14.51%, Nuo Cheng Jian Hua (09969) from 5.19% to 2.97%, and Yi Mai Tong (02192) from 3.06% to 1.36% [2][3]

FF305 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年12月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不包括庫存股份）數 目 | 行股份（不包括庫存股 份）數目百分比 (註3) | | 庫存股份數目 ...

中远海控(01919.HK)12月19日耗资5366.89万港元回购396.55万股 中远海控(01919.HK)12月18日耗资 8055.74万港元回购590万股 相关事件 格隆汇12月19日丨中远海控(01919.HK)发布公告，2025年12月19日耗资5366.89万港元回购396.55万股， 回购价格每股13.47-13.73港元。 ...

FF305 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年12月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 已發行股份（不 ...

Group 1: Airline Industry - Goldman Sachs forecasts that international demand will rise while supply constraints persist, leading to an expected return on equity (ROE) of 22% for airlines by 2027, surpassing the industry cycle average [1] - Despite risks associated with Japan in the first half of the year, the outlook for airline stocks remains positive, with further upward potential for ticket prices [1] - Preferred stocks include China National Aviation Holding (601111) H-shares (00753) and China Eastern Airlines (600115) A-shares (600115.SH) [1] Group 2: Container Shipping - The firm adopts a more cautious stance on container shipping due to supply recovery, which is expected to compress industry profit margins [1] - New ship orders this year have exceeded expectations, resulting in an order-to-existing capacity ratio of 33% [1] - Potential reopening of the Red Sea may pose additional downside risks, potentially releasing about 10% of effective capacity, which could lead to China COSCO Shipping Holdings (601919) (01919, 601919.SH) entering a cash consumption state [1] Group 3: Oil Tankers - The outlook for oil tankers remains optimistic, with expectations of rising spot freight rates during the sustained upward cycle in 2026 [1] - The oil reserve process in China may take up to a year, longer than the market's three-month expectation, while effective capacity is predicted to grow by only 1% [1] - China COSCO Shipping Energy Transportation (600026) (01138, 600026.SH) is expected to benefit due to its significant exposure to oil tankers and the Chinese import market [1] Group 4: Stock Ratings and Target Prices - China National Aviation (00753): Buy, target price raised from 7.3 to 8.2 HKD [2] - China Eastern Airlines (00670): Buy, target price raised from 3.7 to 5.1 HKD [2] - China Southern Airlines (01055): Buy, target price raised from 4.6 to 5.8 HKD [2] - China COSCO Shipping Energy (01138): Buy, target price raised from 8.8 to 10.8 HKD [2] - China COSCO Shipping Ports (01199): Buy, target price raised from 6 to 6.8 HKD [2] - China Merchants Port (00144): Neutral, target price raised from 14.2 to 15.7 HKD [2] - China COSCO Shipping Holdings (01919): Neutral to Sell, target price lowered from 12.5 to 10.4 HKD [2] - Meilan Airport (00357): Sell, target price raised from 7.6 to 8.4 HKD [2]

Group 1 - The core viewpoint of the report is that Goldman Sachs projects a positive outlook for the global transportation industry by 2026, particularly in the aviation and oil tanker sectors, while expressing caution in the container shipping segment [1] Group 2 - In the aviation sector, Goldman Sachs expects international demand to rise and supply constraints to persist, leading to an estimated return on equity of 22% for airlines by 2027, which exceeds the industry cycle average [1] - The report highlights a preference for specific airline stocks, namely Air China H-shares and China Eastern Airlines A-shares, due to anticipated upward pressure on ticket prices [1] Group 3 - In the container shipping sector, Goldman Sachs has adopted a cautious stance due to a recovery in supply, which is expected to compress industry profit margins [1] - The report notes that new ship orders have exceeded expectations, with orders representing 33% of existing capacity, and potential reopening of the Red Sea could pose downward risks by releasing about 10% of effective capacity [1] Group 4 - In the oil tanker segment, Goldman Sachs maintains an optimistic outlook, forecasting a continued upward cycle in spot freight rates through 2026 [1] - The report indicates that China's oil reserve process may take up to a year, exceeding market expectations, while effective capacity is projected to grow by only 1%, benefiting companies like China Merchants Energy due to their exposure to the oil tanker and Chinese import markets [1]

Group 1: Airline Industry - Goldman Sachs forecasts that international demand will rise while supply constraints persist, leading to an expected return on equity (ROE) of 22% for airlines by 2027, surpassing the industry cycle average [1] - Despite risks associated with Japan in the first half of the year, the outlook for airline stocks remains positive, with expectations for further increases in ticket prices; preferred stocks include Air China H-shares and China Eastern Airlines A-shares [1] Group 2: Container Shipping - The recovery in supply has led Goldman Sachs to adopt a more cautious stance on container shipping, predicting a compression in industry profit margins [1] - New ship orders this year have exceeded expectations, resulting in an order-to-existing capacity ratio of 33% [1] - Potential reopening of the Red Sea may pose additional downside risks, potentially releasing about 10% of effective capacity, which could lead to cash consumption issues for COSCO Shipping Holdings [1] Group 3: Oil Tankers - Goldman Sachs maintains an optimistic outlook for oil tankers, expecting spot freight rates to rise further during the ongoing upward cycle in 2026 [1] - The process of China's oil reserve buildup may take up to a year, longer than the market's expectation of three months, while effective capacity is predicted to grow by only 1% [1] - COSCO Shipping Energy is expected to benefit due to its significant exposure to oil tankers and the Chinese import market [1]

在这个看似简单的商业交易背后，隐藏的是深刻的经济、政治以及战略层面的考量。美国之所以对这笔交易高度警惕，实际上源于对中国日益增强的全球影 响力的担忧。美国担心，如果中方获得巴拿马港口的控制权，那么将对其在全球航运及贸易中的霸主地位形成直接威胁。 在近期的国际经济舞台上，巴拿马港口交易风波愈演愈烈。李嘉诚旗下的长江和记集团本试图将其控制的巴拿马港口出售给贝莱德集团与地中海航运公司联 合组成的财团。此举不仅关乎企业利益，更是一场国家间力量博弈的缩影。随着中美关系的持续紧张和全球供应链的不确定性，这一事件更是成为了各国关 注的焦点。 综上所述，巴拿马港口交易的突然"逆转"，不仅关乎一个港口的命运，也关乎中美之间、以及更广泛的国际社会格局的变迁。随着未来谈判的推进，我们有 理由期待更多的变数与结果浮出水面。 至于巴拿马，虽然目前仍在美方的压力下，但并非毫无转机。中方若能在谈判中找到突破口，甚至有可能引导巴方转变立场。毕竟，巴拿马同样需要中国的 投资与合作，这种互惠共赢的机会值得珍惜。从更深层次来看，巴拿马港口的争夺战不仅是一次简单的商业竞争，它反映出的是在全球经济形势严峻的当 下，各国如何重新审视自身的战略利益与合作 ...

Group 1 - The article reports on share buybacks conducted by various companies on December 18, 2025, with Tencent Holdings leading in both the number of shares repurchased and the total amount spent [1] - Tencent Holdings repurchased 1.055 million shares for a total of 636 million yuan, representing 1.030% of its total share capital for the year [2] - Other notable companies involved in the buyback include Xiaomi Group, which repurchased 3.75 million shares for 151 million yuan, and China National Petroleum Corporation, which repurchased 254,000 shares for 116.38 million yuan [3] Group 2 - The total number of shares repurchased by companies varied significantly, with China National Petroleum Corporation having a cumulative buyback of 230 million shares, which is 0.190% of its total share capital [3] - Companies like IGG and VITASOY also participated, with IGG repurchasing 182,000 shares for 68.49 million yuan and VITASOY repurchasing 122,000 shares for 77.94 million yuan [3] - The buyback activity reflects a strategic move by these companies to enhance shareholder value and manage their capital structure effectively [1][2]