最新定期报告显示，港股央企红利50ETF（520990）重仓股包括中国海洋石油、中国神华、中国石油股 份、中国移动、中国石油化工股份、中远海控、中国电信、中国联通、中国铁塔、招商银行，持仓占比 如下。 港股央企红利50ETF（520990）成立于2024年6月26日，基金全称为景顺长城中证国新港股通央企红利 交易型开放式指数证券投资基金，基金简称为景顺长城中证国新港股通央企红利ETF。该基金管理费率 每年0.50%，托管费率每年0.10%。港股央企红利50ETF（520990）业绩比较基准为中证国新港股通央企 红利指数收益率(使用估值汇率折算)。 规模方面，截止2月13日，港股央企红利50ETF（520990）最新份额为57.75亿份，最新规模为60.32亿 元。回顾2025年12月31日，港股央企红利50ETF（520990）份额为56.81亿份，规模为56.81亿元。即该 基金今年以来份额增加1.65%，规模增加6.18%。 流动性方面，截止2月24日，港股央企红利50ETF（520990）近20个交易日累计成交金额50.57亿元，日 均成交金额2.53亿元；今年以来，31个交易日，累计成交金额69.86 ...

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].

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].