Core Viewpoint - COSCO Shipping Holdings (01919.HK) announced a joint venture agreement involving its wholly-owned subsidiary, COSCO Shipping (Hong Kong), with Guangzhou COSCO Shipping Logistics, Shenzhen Port Logistics Group, and China Communications Construction Company Fourth Harbor Engineering Co., Ltd. to establish a new company focused on smart supply chain solutions [1] Group 1 - The joint venture company, Shenzhen COSCO Shipping Smart Supply Chain Co., Ltd., will have a registered capital of RMB 100 million [1] - COSCO Shipping (Hong Kong) will contribute RMB 37 million, while the other partners will contribute RMB 30 million, RMB 23 million, and RMB 10 million respectively [1] - The ownership structure of the joint venture will see COSCO Shipping (Hong Kong) holding 37%, Guangzhou COSCO Shipping Logistics 30%, Shenzhen Port Logistics Group 23%, and China Communications Construction Company Fourth Harbor Engineering 10% [1]

Core Viewpoint - The joint venture of COSCO Shipping Holdings is established as a logistics hub for cargo transportation around Yantian Port, with a registered capital of 1 billion [1] Group 1 - The joint venture aims to enhance the efficiency of cargo collection and distribution in the Yantian Port area [1] - The registered capital of the joint venture is set at 1 billion [1]

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分內容而產生或因倚 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） （股份代號：1919） 關連交易 成立合資公司 成立合資公司 董事會宣佈，於二零二五年九月十五日，本公司的全資附屬公司中遠集運（香 港）與廣州中遠海運物流、深圳港物流集團及中交四航局共同訂立合資協議。 據此，訂約方同意共同成立合資公司，本公司全資附屬公司中遠集運（香港）的 出資金額為人民幣37,000萬元（相當於約40,511萬港元），廣州中遠海運物流、 深圳港物流集團及中交四航局的出資金額則分別為人民幣30,000萬元（相當於約 32,847萬港元）、人民幣23,000萬元（相當於約25,183萬港元）及人民幣10,000萬 元（相當於約10,949萬港元），全數計入合資公司註冊資本。 於完成合資公司的設立後，合資公司的註冊資本為人民幣100,000萬元（相當於 ...

Core Viewpoint - COSCO Shipping Holdings reported disappointing 1H25 results, with revenue and net profit growth falling short of expectations primarily due to lower realized freight rates [1] Financial Performance - In 1H25, revenue increased by 7.80% YoY to Rmb109.10 billion, while net profit attributable to shareholders rose by 1.94% YoY to Rmb17.54 billion, resulting in an EPS of Rmb1.05 [1] - In 2Q25, revenue decreased by 3.39% YoY and 11.77% QoQ to Rmb51.14 billion, and net profit attributable to shareholders fell by 42.25% YoY and 50.05% QoQ to Rmb5.84 billion [1] Freight Volume and Rates - In 2Q25, container freight volume increased by 5.7% YoY and 4.9% QoQ to 6.8 million TEU, while freight rates declined YoY and QoQ [2] - Per-container revenue fell by 10.9% YoY and 17.3% QoQ, with trans-Pacific routes seeing a 13.8% YoY and 13.0% QoQ decline, and Asia-Europe routes experiencing a 22.8% YoY and 27.7% QoQ drop [2] Cost Analysis - Cost per container rose by 7.3% YoY in 2Q25, driven by increased container purchases and higher vessel rental costs [2] Industry Trends - The container shipping industry is expected to face significant supply-side pressure, with current backlog orders accounting for 30.74% of existing shipping capacity [3] - New shipping capacity is scheduled for delivery mainly in 2026-2028, with potential supply risks anticipated in 2027-2028 [3] Market Outlook - The US National Retail Federation forecasts a 20% YoY decline in import volume for US routes from September to December 2025, indicating potential challenges for demand [4] - Continuous monitoring of trans-Pacific cargo volumes and tariff policy developments is recommended, as stable tariff policies could support demand [4] Long-term Strategy - The company is focused on increasing shipping capacity and expanding routes in emerging markets, which is expected to enhance long-term value [5] - As of 2Q25, the company had orders for 51 vessels with a combined capacity of over 910,000 TEU, indicating ongoing expansion efforts [6] Financial Valuation - The company maintains its earnings forecasts for 2025 and 2026, with A-shares trading at 8.7x 2025e and 11.6x 2026e P/E, while H-shares are at 7.1x 2025e and 9.3x 2026e P/E [7] - Target prices imply an upside of 6.7% for A-shares and 7.0% for H-shares, with attractive dividend yields of 5.7% and 7.1% expected in 2025 [7]

Core Insights - The article highlights the top three companies with the highest short positions as of September 5, which are ZTE Corporation (00763), COSCO Shipping Holdings (01919), and CATL (03750) with short ratios of 14.96%, 14.17%, and 13.57% respectively [1][2] Group 1: Companies with Highest Short Positions - ZTE Corporation (00763) has a short position of 14.96%, down from 124 million shares to 113 million shares [2] - COSCO Shipping Holdings (01919) has a short position of 14.17%, increasing from 401 million shares to 408 million shares [2] - CATL (03750) has a short position of 13.57%, decreasing from 21.6451 million shares to 21.1551 million shares [2] Group 2: Companies with Largest Increase in Short Positions - Shandong Gold (01787) saw the largest increase in short position, rising by 3.06% from 9.61% to 12.66% [2] - Horizon Robotics-W (09660) increased by 2.33% from 3.27% to 5.60% [2] - BOE Technology Group (00710) increased by 1.62% from 3.80% to 5.41% [2] Group 3: Companies with Largest Decrease in Short Positions - Ganfeng Lithium (01772) experienced the largest decrease in short position, down by 1.84% from 12.46% to 10.63% [3] - ZTE Corporation (00763) decreased by 1.51% from 16.47% to 14.96% [3] - Crystal International Holdings (02228) decreased by 1.36% from 4.00% to 2.64% [3]

Core Viewpoint - The Hong Kong High Dividend ETF (159302) has shown a slight increase in its closing price and has experienced a decrease in both share count and total assets since the beginning of the year [1][2]. Fund Overview - The Hong Kong High Dividend ETF (159302) was established on August 23, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1]. - As of September 10, 2024, the fund's latest share count is 87.8 million, and the total asset size is 117 million yuan [1]. - The fund's performance benchmark is the China Securities Hong Kong Stock Connect High Dividend Investment Index return (adjusted for valuation exchange rate) [1]. Performance Metrics - Year-to-date, the fund has seen a 19.30% decrease in share count and a 3.14% decrease in total assets compared to December 31, 2024 [1]. - Over the last 20 trading days, the cumulative trading amount is 217 million yuan, with an average daily trading amount of 10.84 million yuan [1]. - Since the beginning of the year, the cumulative trading amount over 170 trading days is 2.135 billion yuan, with an average daily trading amount of 12.56 million yuan [1]. Fund Management - The current fund managers are Li Yixuan and Zhang Yichi, both managing the fund since its inception, with a return of 33.32% during their tenure [2]. Top Holdings - The top holdings of the fund include: - COSCO Shipping Holdings: 8.68% of the portfolio - Yancoal Australia: 6.17% - Seaspan Corporation: 4.28% - Orient Overseas International: 4.23% - Minsheng Bank: 4.22% - CITIC Bank: 4.07% - China Petroleum: 3.41% - Guotai Junan: 3.41% - Agricultural Bank of China: 3.30% - CNOOC: 3.19% [2][3].

Core Viewpoint - The 2025 China International Service Trade Fair (CIFTIS) has commenced in Beijing, focusing on supply chain and transportation services, showcasing the latest technologies and innovations in smart public transport and logistics [1] Group 1: Event Overview - The supply chain and transportation services exhibition runs from September 10 to September 14, themed "People Enjoy Their Travel, Goods Flow Smoothly" [1] - The exhibition features two main areas: smart public transport and smart logistics services, along with a promotional event on new paradigms in transportation services for megacities [1] Group 2: Key Participants and Innovations - Notable participants include leading companies such as COSCO Shipping, China Foreign Trade, and Meituan, with over 500 top enterprises showcasing their innovations [1] - The exhibition highlights the "Beijing Plan" for megacity traffic governance and global supply chain innovations, with several companies presenting their first-ever products in digital transportation and green technology [1] Group 3: Technological Highlights - The debut of "first set" technologies is a significant highlight, with Jingtou Yijiajie showcasing automatic ticketing machines and smart passenger flow control systems [2] - COSCO Shipping presents blockchain bills of lading and automated terminal technologies, emphasizing digital innovation in international shipping [2] Group 4: Interactive Experiences - The exhibition includes immersive interactive points, featuring technology experiences in collaboration with companies like Meituan and WeRide, allowing attendees to engage with smart public transport and shared mobility applications [2]

Core Viewpoint - Morgan Stanley has downgraded its earnings forecasts for COSCO Shipping Holdings for 2025 to 2027 by 12%, 9%, and 9% respectively, reflecting a decline in container shipping profitability [1] Group 1: Earnings Forecasts - The earnings forecasts for COSCO Shipping Holdings have been reduced to account for lower profitability in the container shipping sector [1] - The target price for COSCO Shipping Holdings has been adjusted from HKD 9.6 to HKD 9.5, maintaining a "Reduce" rating [1] Group 2: Market Conditions - Supply pressure is expected to persist in 2025 and 2026 due to new ship deliveries, contributing to a downturn in the container shipping cycle [1]

Core Viewpoint - Morgan Stanley has slightly lowered the target price for China COSCO Shipping Holdings (01919) by 1% from HKD 9.6 to HKD 9.5, maintaining a "Underweight" rating [1] Summary by Relevant Categories Earnings Forecast - The earnings forecast for China COSCO Shipping Holdings for the first half of 2025 has led to a downward adjustment of profit predictions for 2025-2027 by 12%, 9%, and 9% respectively, primarily due to a decrease in container profits [1] Valuation Adjustments - Morgan Stanley has made slight adjustments to optimistic, baseline, and pessimistic assumptions regarding the company, noting that the book value per share (BPS) has increased following valuation extensions [1] Dividend and Currency Assumptions - The analysis now includes the cash dividend for 2025 and updates to currency assumptions, specifically anticipating a gradual appreciation of the Renminbi against the US dollar [1]

文 / 现代物流报记者 朱睿颖 2025上半年，受关税政策频繁调整影响，国际贸易形势不确定性持续提高，集运市场"抢出口"现象明 显，出货周期被打乱。 （图源：新华社） 作为国际贸易的关键枢纽，港口航运市场持续受影响。正值上市企业半年报公布节点，报表数字折射港 口经济发展新风向。 33家企业实现盈利 凤凰航运在半年报写到，上半年，干散货航运业继续呈现典型的周期性运行特征。受全球宏观经济波 动、能源结构调整及季节性气候因素交织影响，行业供需格局处于动态再平衡过程中，运价走势整体表 现出较强的波动性。面对行业市场价格较大的波动性，公司积极面对市场，主动减少运输亏损业务，提 高船效，挖潜降本，虽然货运量、货物周转量、收入出现了同比减少，但经营实现了盈利。 航运港口领域沪深A股33家上市企业营业总收入达2759.62亿元，同比增长3.9%；净利润476.06亿元，同 比下降1.2%。其中，32家企业实现净资产收益率增长。 中远海运控股股份有限公司（以下简称"中远海控"）上半年实现营业总收入1091亿元，净利润175.4亿 元，均位居33家企业首位。 | | 企业简称 | | 营业总收入 | 净利润 | | | --- ...