Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central Enterprise Dividend ETF (159333) has shown a positive performance with a closing increase of 0.65% on September 26, 2024, and a trading volume of 17.6977 million yuan [1] Fund Overview - 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 September 25, 2024, the fund's total shares stood at 380 million, with a total size of 525 million yuan, reflecting a decrease of 11.83% in shares and an increase of 2.22% in size compared to December 31, 2024 [1] Liquidity Analysis - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 580 million yuan, with an average daily trading amount of 29.0115 million yuan [1] - Since the beginning of the year, the ETF has accumulated a trading amount of 7.238 billion yuan over 181 trading days, averaging 39.9865 million yuan per day [1] Fund Management - The current fund manager, Yang Kun, has managed the ETF since its inception, achieving a return of 38.74% during the management period [2] - The ETF's top holdings include major companies such as COSCO Shipping Holdings, Orient Overseas International, CITIC Bank, China Petroleum, and others, with specific holding percentages detailed [2]

Group 1 - The top three companies with the highest short positions as of September 19 are ZTE Corporation (00763) at 15.35%, COSCO Shipping Holdings (01919) at 14.10%, and CATL (03750) at 13.44% [1][2] - The companies with the largest absolute increase in short positions are China Education Holdings (00839) with an increase of 2.61%, Dongfang Electric (01072) with an increase of 2.06%, and Xiexin Technology (03800) also with an increase of 2.06% [1][2] - The companies with the largest absolute decrease in short positions are Hua Hong Semiconductor (01347) with a decrease of -2.52%, Chifeng Jilong Gold Mining (06693) with a decrease of -1.77%, and Laikai Pharmaceutical-B (02105) with a decrease of -1.72% [1][2] Group 2 - The latest short position data shows that ZTE Corporation maintained 116 million shares, COSCO Shipping Holdings had 406 million shares, and CATL had 20.95 million shares [2] - The companies with the largest increase in short positions include China Education Holdings, which rose from 3.73% to 6.33%, and Dongfang Electric, which rose from 7.34% to 9.40% [2] - The companies with the largest decrease in short positions include Hua Hong Semiconductor, which fell from 9.00% to 6.48%, and Chifeng Jilong Gold Mining, which fell from 3.30% to 1.53% [2][3]

Group 1 - The core viewpoint of the news is the performance and characteristics of the Guangfa CSI National New Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (520900), which has seen a decrease in both share count and scale in 2024 [1][2] - As of September 25, 2024, the ETF had a total of 1.651 billion yuan in assets and 1.642 billion shares, reflecting a year-to-date decrease of 34.46% in shares and 28.86% in scale compared to December 31, 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 State-Owned Enterprises 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 2.09%, while Lü has managed since April 30, 2025, with a return of 14.85% [2] - The ETF's top holdings include China Mobile, China Petroleum, COSCO Shipping, CNOOC, China Shenhua, Sinopec, China Telecom, China Unicom, China Merchants Bank, and China Coal Energy, with respective holding percentages [2][3] Group 3 - The largest holding is China Mobile at 10.90%, followed by China Petroleum at 10.62%, and COSCO Shipping at 9.72%, with their respective market values being 212 million yuan, 206 million yuan, and 189 million yuan [3] - Other significant holdings include CNOOC (9.09%), China Shenhua (8.14%), Sinopec (7.71%), China Telecom (4.89%), China Unicom (3.71%), China Merchants Bank (2.64%), and China Coal Energy (2.59%) [3]

Core Viewpoint - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) experienced a decline of 1.03% in its closing price on September 25, with a trading volume of 40.68 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 September 24, the fund's latest share count is 344 million shares, with a total size of 335 million yuan [1]. - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a performance return of -2.80% during the management period [1]. Group 2: Fund Holdings - The top holdings of the Tianhong ETF include: - China COSCO Shipping (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) - China National Petroleum (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Industrials** sector, particularly the impact of changing US tariffs on trade flows with China, covering shipping, shipbuilding, ports, international freight flights, and land transportation [2][3]. Core Insights and Arguments 1. **Trade Flow Data**: Container throughput at key ports in China showed a **flattish** week-over-week (WoW) performance, with a **+13% year-over-year (YoY)** increase compared to **+10% YoY** in the previous week [3][10]. 2. **Import Volume Trends**: The Port of Los Angeles reported a **-24% WoW** and **-5% YoY** decline in import volume for week 40, following a stable YoY performance in week 39 [3][8]. 3. **Freight Rate Decline**: The Shanghai Containerized Freight Index (SCFI) dropped **14% WoW** to **1,198 points**, marking the lowest level since December 2023. The SCFI rates for Shanghai to the US West Coast and East Coast decreased by **31%** and **23% WoW**, respectively [4][12]. 4. **Shipping Carrier Adjustments**: Major shipping companies, including MSC, Maersk, CMA CGM, and COSCO Shipping, have reduced their fleets on the Asia-US corridor by **0%**, **14%**, **19%**, and **52% YoY** respectively, opting to redeploy ships to avoid upcoming US port fees [5][25]. 5. **Freight Flight Increase**: The number of international freight flights increased by **16% YoY**, indicating a recovery in air freight demand [3][30]. Additional Important Insights 1. **Peak Season Trends**: The traditional peak season for container shipping in September is showing signs of weakness, with the Asia feeder ship availability index increasing by **13% WoW** while the chartering index decreased by **3% WoW** [4][33]. 2. **Global Port Congestion**: European port congestion has significantly eased, with the average waiting time for container ships over 8,000 TEU decreasing by **21% WoW** [5][34]. 3. **Vietnam's Export Growth**: Vietnam's exports rose by **12% YoY** in the second half of August, reflecting a positive trend in regional trade [20]. 4. **Direct Shipping Volumes**: Direct shipping volumes from China to ASEAN and the US increased by **23%** and decreased by **5% WoW**, respectively, indicating mixed results in trade dynamics [22]. Risks and Considerations - The report highlights potential risks for the industrial sector in China, including macroeconomic downturns that could reduce demand for industrial goods and impact import/export volumes. Additionally, the cancellation of preferential policies for high-tech companies and intense competition could further affect market dynamics [41].

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. has announced significant investments in methanol dual-fuel vessels and is actively working on carbon emissions trading in the EU [1] Group 1: Fleet Expansion and Modernization - The company has ordered a total of 42 methanol dual-fuel vessels with a capacity of 780,000 TEUs [1] - Plans are in place to retrofit existing vessels to methanol power, aiming to optimize fleet structure [1] - The self-operated container fleet has reached 557 vessels, with a total capacity exceeding 3.4 million TEUs [1] Group 2: Financial Performance - In Q2 2025, the cost per container showed a slight decrease compared to Q1 2025 [1] - However, revenue per container experienced a decline due to market supply-demand fluctuations and U.S. tariff policies [1] Group 3: Future Deliveries - The company holds new vessel orders totaling 910,000 TEUs, which are scheduled for delivery between 2025 and 2029 [1] Group 4: Environmental Initiatives - The company registered as a member of the European Energy Exchange by the end of April 2025, indicating a commitment to participating in the EU ETS for shipping carbon emissions trading [1]

Group 1 - The core viewpoint of the news is that the Shanghai Top 100 Enterprises list reflects the overall economic climate and has expanded to include eight categories, showcasing the growth and dynamic adjustments of large enterprises [2] - In 2024, the total revenue of Shanghai's Top 100 Enterprises reached 10.03 trillion yuan, marking the third consecutive year of exceeding this threshold, with a net profit of 665.57 billion yuan, a year-on-year increase of 24.84% [3] - The entry threshold for the Top 100 list has risen to 10.73 billion yuan, indicating a competitive landscape among enterprises [3] Group 2 - The new emerging industries among the Top 100 Enterprises achieved significant growth, with total revenue reaching 220 billion yuan and net profit soaring by 72.47% to 19.54 billion yuan [4][5] - The information technology sector was a major driver of growth, with 47 companies generating a combined revenue of 150 billion yuan, reflecting a growth rate of 19.14% [5] - The private sector's revenue surpassed 3 trillion yuan for the first time, reaching 3.3 trillion yuan, with a net profit increase of 69.50% [6]

Core Points - The "2025 Phoenix Star Listed Company Awards" ceremony was held in Guangzhou, recognizing companies in various key areas such as innovation, shareholder returns, social responsibility, and growth [1][2] - The "Best Shareholder Return Listed Company" award emphasizes sustainable profitability and shareholder equity growth, integrating financial metrics with ESG performance [2][6] Group 1: Award Winners - The winners of the "Best Shareholder Return Listed Company" award include COSCO Shipping Holdings, Orient Overseas International, Industrial and Commercial Bank of China, Gujing Distillery, and Bosideng [2][4] - Orient Overseas International has distributed over $14.4 billion in dividends over the past four years, maintaining a stable dividend payout ratio of 50% [5][6] - COSCO Shipping Holdings has distributed cash dividends totaling 113.6 billion yuan over the past four years, with a dividend payout ratio of 50% in the last three years [9][10] - Industrial and Commercial Bank of China has maintained a dividend payout ratio of over 30% since its listing in 2006, with a total cash dividend exceeding 1.5 trillion yuan [12][13] - Gujing Distillery plans to distribute 3.172 billion yuan in cash dividends for 2024, maintaining a high dividend payout ratio [15][16] - Bosideng achieved a revenue of 25.902 billion yuan in the 2025 fiscal year, with a net profit of 3.514 billion yuan, and a high dividend payout ratio of 84.1% [18][19] Group 2: Company Performance - Orient Overseas International reported a net profit of $2.577 billion for 2024, with a basic earnings per share of $3.90 [6][10] - COSCO Shipping Holdings achieved a revenue of 233.859 billion yuan in 2024, with a net profit of 49.172 billion yuan, reflecting a year-on-year increase of 105.78% [10] - Industrial and Commercial Bank of China has maintained a stable net interest margin and steady growth in intermediary business income, with a non-performing loan ratio better than the industry average [13] - Gujing Distillery's revenue for the first half of 2025 was 13.880 billion yuan, with a net profit margin of 27.22% [16] - Bosideng's revenue growth of 11.6% in a challenging industry environment demonstrates its resilience and commitment to shareholder returns [19]

Core Viewpoint - The report highlights the AH premium rates of various companies, indicating significant discrepancies between their A-shares and H-shares, with Northeast Electric (00042) leading with a premium rate of 864.29% [1] AH Premium Rate Rankings - The top three companies with the highest AH premium rates are: - Northeast Electric (00042): 864.29% - Andeli Juice (02218): 227.40% - Hongye Futures (03678): 225.67% [1] - The bottom three companies with the lowest AH premium rates are: - Ningde Times (03750): -12.07% - Heng Rui Medicine (01276): -3.97% - Zijin Mining (02899): 4.14% [1] Deviation Value Rankings - The top three companies with the highest deviation values are: - Northeast Electric (00042): 74.37% - Changfei Optical Fiber (06869): 24.77% - Zhaoyan New Drug (06127): 22.94% [1] - The bottom three companies with the lowest deviation values are: - Longpan Technology (02465): -25.07% - Qin Port Shares (03369): -19.33% - COSCO Shipping Energy (01138): -15.04% [1] Detailed AH Stock Premium and Deviation Data - The report provides detailed tables showing the premium rates and deviation values for the top and bottom AH stocks, indicating significant variations in market perception and valuation between A-shares and H-shares [1][2]

New Stock Activities - Companies currently in the IPO process include Botai Cheliang, Xipuni, and Zijin Gold International [1] - Chery Automobile is at the pricing stage, while Different Group is set for its listing date [1] Earnings Announcements - JBB Builders and Chuangneng Group are scheduled to announce their earnings [1] Shareholder Meetings - Companies holding shareholder meetings include Xinhua Wencuan, Jiajin Investment International, and Everbright Securities [1] - Other companies with scheduled meetings are Jiajin Investment International, Huangdafukong, Liangqing Holdings, Youran Muye, and Jinshi Holdings Group [1] Trading Suspension and Resumption - Changhong Jiahua is set to resume trading [1] Dividend Distribution - Companies with upcoming dividend-related dates include Tian Ge Interactive (ex-dividend date), KLN (dividend payment date), COSCO Shipping Holdings (ex-dividend date), Anta Sports (dividend payment date), and Yisheng Biotechnology (dividend payment date) [1] - Other companies with dividend-related dates include Tai Hing Group (ex-dividend date), Longji Group (dividend payment date), Zhou Li Fu (ex-dividend date), and Junjie Group Holdings (ex-dividend date) [1]