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，並明確表示概不就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。 德勝航運為陳德勝先生及其家族成員（即莊壯麗女士、陳劭翔先生及陳依琦女 士）佔多數控制權的公司（定義見上市規則）。因此，德勝航運為上述控股股東的 聯繫人，故此就上市規則而言為本公司的關連人士。因此，根據上市規則第14A 章，德翔香港艙位租賃總協議及修訂協議所載交易構成本公司持續關連交易。 根據上市規則第14A.54條，倘本公司擬修訂持續關連交易的年度上限，本公司 將必須就相關持續關連交易重新遵守上市規則第14A章的相關條文。 由於按上市規則第14A章經修訂協議修訂的德翔香港艙位租賃總協議項下經修 訂年度上限的一項或多項適用百分比率超過0.1%但均低於5%，因此經修訂協議 修訂的德翔香港艙位租賃總協議項下的交易將構成本公司的持續關連交易，須 遵守上市規則第14A章的申報、年度審閱及公告的規定，惟獲豁免遵守通函及 獨立股東批准的規定。 T.S. Lines Limited 德翔海運有限公司 （於香港註冊成立的有 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 德翔海運有限公司 | | | | 呈交日期: | 2025年8月1日 | | | | I. 法定/註冊股本變動 | 不適用 | | | FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02510 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | ...

Market Overview - The A-share market faced resistance at 3600 points due to the rapid decline of the Yasha Hydropower Station, while the Hong Kong market dropped 1.09% amid uncertainties for the upcoming week [1] - Trump's visit to the Federal Reserve is seen as an attempt to pressure Powell for a quicker interest rate cut, although a rate cut in July seems unrealistic [1] - The upcoming US-China talks scheduled from July 27 to 30 in Sweden may influence market sentiment, particularly regarding TikTok's operations in the US [1] Technology Sector - The 2025 World Artificial Intelligence Conference in Shanghai is set to showcase over 800 companies and 3000 cutting-edge exhibits, indicating strong market interest in AI technologies [2] - Huawei's Ascend 384 super node is a focal point of attention, with significant advancements in the domestic lithography machine industry expected to accelerate the localization process [3] Southeast Asia Market Expansion - Companies like Jihong Holdings and Lion Group are focusing on Southeast Asia, with Jihong expected to achieve a net profit of approximately 130 to 137 million yuan in the first half of 2025, marking a year-on-year growth of 97.25% to 108.21% [4] - Lion Group's partnership with China Post Hong Kong aims to create an AI-driven digital trade platform for Chinese brands entering Southeast Asia [4] Shipping Industry - Derxiang Shipping reported a 38.5% increase in revenue to approximately $326 million in Q1, driven by a 39.1% rise in average freight rates [9] - The company is expanding its service network with new routes and has a strong focus on the Middle East and Indian subcontinent, which are expected to drive future growth [11] Insurance Sector - The insurance industry is experiencing a "lock-in wave" due to a decrease in the predetermined interest rate for life insurance products, which is expected to boost new policy premiums in Q3 [7] - Major beneficiaries in the Hong Kong market include Zhong An Online, China Life, and China Pacific Insurance [8]

Group 1: Trade Performance - In the first half of the year, China's total goods trade value reached 21.79 trillion yuan, a year-on-year increase of 2.9%, with exports at 13 trillion yuan (up 7.2%) and imports at 8.79 trillion yuan (down 2.7%) [1] - In June, the trade scale reached 3.85 trillion yuan, a year-on-year increase of 5.2%, with exports at 2.34 trillion yuan (up 7.2%) and imports at 1.51 trillion yuan (up 2.3%) [1] Group 2: Shipping Market Response - The strong resilience and vitality of China's foreign trade have translated into increased demand in the shipping market, leading to significant gains in the Hong Kong shipping and port sectors since April [1] - Notable stock price increases from April lows to recent highs include China COSCO Shipping (up 35.4%), Seaspan Corporation (up 82.9%), and Yang Ming Marine Transport (up 233%) [1] Group 3: Market Sentiment and Tariff Impact - In June, the shipping sector experienced a period of consolidation, with tariff policy changes significantly affecting market sentiment [2] - The announcement of new tariffs by Trump on products from over 20 countries raised doubts about the sustainability of shipping demand, leading to declines in several shipping stocks [2] Group 4: Capital Flows and Stock Performance - Despite tariff uncertainties, there was a notable increase in southbound capital supporting the shipping sector, with significant increases in holdings of China COSCO Shipping and China COSCO Energy by southbound funds [3][4] - As of July 11, the holdings of China COSCO Shipping increased from 8.86 billion shares (29.81%) to 9.99 billion shares (34.68%) [4] Group 5: Market Dynamics and Future Outlook - The shipping sector's outlook remains positive, with the Shanghai International Shipping Research Center reporting a shipping prosperity index of 120.81 points for Q2 2025, indicating a favorable market environment [13] - The global economic recovery and increasing international trade volumes are expected to further boost demand for shipping services, particularly with China's trade with Belt and Road countries reaching 11.29 trillion yuan, a 4.7% increase [14][15] Group 6: Structural Changes and Innovations - The shipping industry is actively optimizing its structure, with major companies focusing on matching capacity with demand to avoid oversupply [15] - Environmental regulations and technological advancements are driving the industry towards greener practices and digital transformation, enhancing operational efficiency and long-term competitiveness [15][16]

Investment Rating - The report assigns a "Buy" rating to Zhonggu Logistics, Haifeng International, and Dexiang Shipping, indicating a positive outlook for these companies in the transportation industry [4][5]. Core Insights - The report highlights that Jinjiang Shipping's net profit for the first half of 2025 is expected to be between 780 million to 810 million yuan, representing a year-on-year increase of 145.86% to 155.32% [3]. - The strong performance in Northeast Asia and Southeast Asia markets is driving the company's growth, with a focus on enhancing its competitive advantage in these regions [3]. - The report notes that the CCFI index for the China-Japan route increased by 29% year-on-year, while the China-Southeast Asia route saw a 28% increase, outperforming the overall CCFI index which declined by 8% [3]. - The emergence of the Twin Star Alliance is shifting shipping routes from pendulum to radial patterns, leading to increased demand for smaller vessels and driving up charter rates [3]. - The report indicates that the demand for shipping from Southeast Asia remains strong, with a 13.5% year-on-year increase in exports from China to ASEAN countries in the first five months of the year [3]. - The supply side is constrained by limited orders for smaller vessels, with only 5.3% of the fleet under 3k TEU currently on order, while older vessels are being retired due to age [3]. Summary by Sections Performance Overview - Jinjiang Shipping's net profit for Q2 2025 is projected to be between 420 million to 450 million yuan, reflecting a year-on-year growth of 119% to 135% [3]. - The report emphasizes the robust performance of the shipping industry in the Asian region, particularly in container shipping [2][3]. Market Dynamics - The report discusses the significant increase in shipping rates, with charter rates for 2000 TEU vessels rising by 20% since the beginning of the year, reaching 28,800 USD per day [3]. - The report also highlights the aging fleet issue, with 25% of vessels under 3k TEU being over 20 years old, which is expected to impact future supply [3]. Investment Recommendations - The report suggests continued attention to Haifeng International, Dexiang Shipping, and Zhonggu Logistics, as they are expected to benefit from the industry's upward trends in volume and pricing [3].

Market Overview - The market atmosphere is positive with US stocks rising and A-shares showing strength, while Hong Kong stocks experienced a slight pullback due to bank stocks [1] - The market is less concerned about tariffs as outcomes are continuously delayed or modified, with a recent report indicating that the US plans to expand copper import tariffs to include semi-finished products [1] Investment Opportunities - Goldman Sachs has raised its forecast for Asian stock markets, citing a more favorable macro environment and increased certainty in tariff policies, raising the MSCI Asia Pacific index target by 3% to 700 points, indicating a potential 9% return [2] - The China Securities Association has released new measures to enhance self-regulation and promote high-quality development in the securities industry, which may open new revenue channels for brokerages [2] Securities Industry Performance - The securities industry is experiencing a surge in performance, with a significant increase in IPO applications in the first half of the year, totaling 177 applications, a 510.3% increase year-on-year [3] - Smaller securities firms are seeing substantial gains, with companies like Zhongzhou Securities and Guolian Minsheng rising over 47% and 15% respectively [3] Insurance Sector Developments - The Ministry of Finance has issued a notice to optimize performance assessments for state-owned insurance companies, allowing for a more flexible investment strategy that could lead to increased A-share investments [4] - Major insurance companies like Sunshine Insurance and China Pacific Insurance have seen stock price increases following this announcement [4] CXO Sector Growth - WuXi AppTec reported a revenue of approximately RMB 20.8 billion for the first half of the year, a year-on-year increase of about 20.64%, with a projected annual revenue of RMB 41.5 billion to RMB 43 billion [5] - Other companies in the CXO sector, such as Kanglong Huacheng and WuXi Biologics, also reported significant stock price increases [6] Semiconductor Industry Insights - The domestic photolithography machine sector is witnessing positive changes, with advancements in immersion DUV and i-line technology, indicating a strong demand for domestic production [8] - Companies like SMIC and Hua Hong Semiconductor are positioned to benefit from the growing domestic semiconductor market [9] Shipping Industry Developments - Derxiang Shipping reported a 38.5% increase in revenue for the first quarter, driven by a rise in average freight rates [10] - The company is expanding its service network and has plans for new vessel orders, enhancing its competitive position in the market [12]

Market Overview - The Hong Kong stock market showed a rebound with all three major indices in the green, particularly the Hang Seng Index which rose by 1.26% to close at 23,530.48 points, with a total turnover of HKD 222.42 billion [1] - Citigroup raised its target price for the Hang Seng Index, citing minimal impact from the Middle East situation and clearer tariff developments, predicting better earnings growth for Hong Kong stocks next year [1] Blue-Chip Stocks Performance - Li Ning (02331) led blue-chip stocks with a 4.8% increase, closing at HKD 15.72, contributing 2.68 points to the Hang Seng Index [2] - Other notable performers included China Life (02628) up 4.74% and Sunny Optical Technology (02382) up 3.99%, while Xinyi Glass (00868) and PetroChina (00857) saw declines [2] Sector Performance - The banking sector showed strength with notable gains from banks like Minsheng Bank (01988) and Industrial and Commercial Bank of China (01398) [3][4] - The insurance sector also performed well, with China Life and New China Life (01336) both seeing significant increases [4] Shipping Sector Insights - The shipping sector experienced a strong performance, particularly due to rising tensions in the Middle East, with companies like Derun Shipping (02510) seeing a substantial increase of 35.68% [6][7] - Rental prices for oil tankers have surged, with rates for supertankers doubling from USD 19,998 per day to USD 47,609 per day [6] Solar Industry Developments - The solar sector faced challenges with reports of potential production cuts of 10%-15% in the third quarter, alongside stricter controls on below-cost sales [8] - Despite the negative sentiment, some industry players maintain optimistic pricing expectations, although analysts caution against this outlook [8] Notable Stock Movements - Non-Farm Holdings (00933) significantly increased its stake in Li Ning, leading to a 17.65% rise in its stock price [9] - China Duty Free Group (01880) saw a moderate increase of 2.19%, supported by favorable macroeconomic policies promoting tourism and consumption [11]

Group 1 - The company is expanding its operations from the Asian market to a global scale, with a focus on routes in Japan, South Korea, and Southeast Asia, while also exploring higher-margin routes in Australia, New Zealand, India, the Middle East, and South America [1] - The company has experienced rapid growth, with a compound annual growth rate (CAGR) of 28% in controlled capacity from 2001 to 2024, and a CAGR of 50% in self-owned capacity from 2015 to 2024, with a current order backlog representing 71% of its capacity [1] - The company's second-largest shareholder, Mr. Sharafuddin, enhances its competitive edge and growth potential through partnerships in the Middle East, particularly in the India-Pakistan and Middle East routes [1] Group 2 - The acceleration of industrial transfer from China to Southeast Asia is expected to continue, driven by U.S. tariff policies, with Southeast Asia being a primary target for this transfer due to its economic development and strategic location [2] - The emergence of the Gemini Alliance is shifting shipping routes from pendulum to radial patterns, increasing demand for smaller vessels, which could replace larger vessels in certain routes [2] - The supply of new ships is limited, particularly for vessels under 3,000 TEU, with a forecasted growth rate of only 0.6% in 2025 and a decline of 3% in 2026, indicating a favorable supply-demand balance for this segment [2] Group 3 - The company's revenue projections for 2025-2027 are $1.351 billion, $1.299 billion, and $1.539 billion, with year-on-year growth rates of 0.8%, -3.9%, and +18.5% respectively [3] - Gross profit estimates for the same period are $318 million, $276 million, and $392 million, with corresponding gross margins of 23.5%, 21.2%, and 25.5% [3] - The company's price-to-earnings (PE) ratio is significantly lower than comparable firms, suggesting an upside potential of 67%-102% based on 2025-2027 projections [3]

上 市 公 司 交通运输 2025 年 06 月 10 日 德翔海运 (02510) ——大亚洲区域领先玩家，兼具周期和成长 报告原因：首次覆盖 买入（首次评级） | 市场数据： | 2025 年 06 月 10 日 | | --- | --- | | 收盘价（港币） | 7.52 | | 恒生中国企业指数 | 8780.13 | | 52 周最高/最低（港币） | 8.00/3.80 | | H 股市值（亿港币） | 119.22 | | 流通 H 股（百万股） | 1,665.03 | | 汇率（人民币/港币） | 1.0925 | 一年内股价与基准指数对比走势： -7% 193% HSCEI 德翔海运 资料来源：Bloomberg 相关研究 ⚫ 风险关注：全球宏观经济衰退；关税政策升级；红海复航；新造船订单大量释放 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 875 | 1,340 | 1351 | 1299 | 1539 | | 同比增长 ...

Group 1: Stock Movements in Hong Kong Market - Youqu Holdings (02177) surged over 24% as it actively expands into the health sector with the launch of the Canadian anti-aging health food brand Vanpearl containing ergothioneine [1] - Longfly Fiber Optics (06869) rose nearly 10% following the commencement of mass production at its advanced Wuhan base, successfully producing its first 6-inch silicon carbide wafer [1] - SF Holding (06936) increased over 5% with a reported 19.1% year-on-year growth in express delivery volume in April 2025, reaching 16.32 billion parcels [1] Group 2: Notable Developments in Other Companies - Alibaba Pictures (01060) gained over 4% after announcing a name change to Damai Entertainment, indicating a focus on offline performances and IP derivatives [2] - Innovent Biologics (01801) rose over 4% after presenting promising results for its innovative drug IBI343 for treating advanced pancreatic cancer at the 2025 ASCO annual meeting [2] - Ideal Auto (02015) saw a rise of over 6% with May deliveries reaching 40,856 units, marking a 16.7% year-on-year increase [4] Group 3: U.S. Market Highlights - Ferguson (FERG.US) increased by 2.9% with Q3 sales of $7.621 billion, a 4.3% year-on-year growth, exceeding market expectations [5] - Credo Technology (CRDO.US) surged over 14% with Q4 revenue of $170.3 million, a 179.7% year-on-year increase [6] - Nvidia (NVDA.US) rose by 2.8% as UBS projected significant revenue from a new AI data center project in Texas [6]