Group 1 - The core point of the news is that CSSC (Hong Kong) Shipping Company Limited successfully issued its first offshore convertible bonds amounting to HKD 2.338 billion, marking a significant milestone since its listing in June 2019 [2][20] - The convertible bonds have a coupon rate of 0.75% and an initial conversion price of HKD 2.39 per share, achieving the lowest financing cost in the company's history [2][20] - The funds raised will be used for working capital and general corporate purposes, including repaying existing loans and covering ship acquisition costs [2][20] - The issuance was oversubscribed by more than five times, with over 50 professional institutions participating, reflecting strong investor confidence in the company's strategy and operations [2][20] Group 2 - CSSC (Hong Kong) Shipping Company Limited is the first shipyard-affiliated leasing company in Greater China and one of the leading ship leasing companies globally, providing customized and flexible leasing solutions to meet diverse customer needs [3][21] - The company is headquartered in Hong Kong and has established subsidiaries in Singapore, Shanghai, and Tianjin, boasting a diversified and modern fleet [3][21] - CSSC (Hong Kong) distinguishes itself from competitors through its close relationship with the China Shipbuilding Group, allowing it to deeply engage in the global ship leasing market [3][21]

港股通央企红利ETF天弘（159281）现任基金经理为贺雨轩。贺雨轩自2025年8月20日管理（或拟管 理）该基金，任职期内收益2.85%。 最新定期报告显示，港股通央企红利ETF天弘（159281）重仓股包括中远海控、中国神华、中国海洋石 油、中石化炼化工程、中国外运、中国船舶租赁、中国石油股份、中煤能源、中信国际电讯、建设银 行，持仓占比如下。 规模方面，截止2月2日，港股通央企红利ETF天弘（159281）最新份额为3.45亿份，最新规模为3.45亿 元。回顾2025年12月31日，港股通央企红利ETF天弘（159281）份额为3.54亿份，规模为3.50亿元。即 该基金今年以来份额减少2.54%，规模减少1.55%。 流动性方面，截止2月3日，港股通央企红利ETF天弘（159281）近20个交易日累计成交金额9.96亿元， 日均成交金额4979.16万元。 来源：新浪基金∞工作室 2月3日，天弘中证港股通央企红利ETF（159281）收盘涨1.21%，成交额7232.62万元。 港股通央企红利ETF天弘（159281）成立于2025年8月20日，基金全称为天弘中证港股通央企红利交易 型开放式指数证券投 ...

最新定期报告显示，港股通央企红利ETF天弘（159281）重仓股包括中远海控、中国神华、中国海洋石 油、中石化炼化工程、中国外运、中国船舶租赁、中国石油股份、中煤能源、中信国际电讯、建设银 行，持仓占比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）01919中远海控4.11%116.05万1441.26万 01088中国神华2.68%26.80万939.20万00883中国海洋石油2.56%46.70万898.44万02386中石化炼化工程 2.56%129.50万895.97万00598中国外运2.52%201.40万882.26万03877中国船舶租赁2.45%452.20万857.72 万00857中国石油股份2.37%109.60万829.56万01898中煤能源2.37%92.30万829.50万01883中信国际电讯 2.34%367.50万819.88万00939建设银行2.28%114.80万797.37万 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请 ...

Core Viewpoints - The non-bank financial sector, including brokerage and insurance, shows continued improvement in fundamentals, highlighting the investment value of the non-bank sector [1] Group 1: Market Performance - As of January 31, 2026, the Shanghai Composite Index reported 4117.95 points, down 0.44%, while the Shenzhen Component Index was at 14205.89, down 1.62% [10] - The CSI 300 Index increased by 0.08%, and the ChiNext Index decreased by 0.09% [10] - The CITIC II Securities Index fell by 0.71%, while the CITIC II Insurance Index rose by 5.41% [10] Group 2: Industry Dynamics and Weekly Commentary Insurance Sector - Listed insurance companies are expected to maintain high growth, with a marginal improvement in long-term interest rate spreads [15] - As of January 30, 2026, the 10-year government bond yield was 1.81%, down 2 basis points from the previous week, indicating a cautious risk preference in the equity market [12] - The insurance sector is benefiting from a stable long-term interest rate environment and an upward trend in the equity market, which is expected to drive performance growth in Q1 2026 [15] Securities Sector - The securities market is showing positive core indicators, with a projected high growth in Q1 2026, supported by improved trading volume and margin financing [16] - As of January 30, 2026, 17 brokerages reported a total net profit of 1153.44 billion CNY for 2025, a year-on-year increase of 60.27% [19] - The average daily trading volume of all A and B shares reached 2.90 trillion CNY, a 144.26% increase compared to the same period in 2025, indicating a significant rise in market activity [21] Group 3: Investment Opportunities - The launch of commercial real estate REITs is expected to expand business opportunities, with the first three products anticipated to raise over 13 billion CNY [27] - The REITs initiative aims to activate existing commercial real estate assets and enhance the supply of capital market products, indicating strong market demand [27] - The insurance sector is advised to focus on companies like China Ping An, China Life, and New China Life, which are expected to benefit from favorable market conditions [15]

——国泰海通交运周观察 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 岳鑫(分析师) | 0755-23976758 | yuexin@gtht.com | S0880514030006 | | | 陈亦凡(研究助理) | 0755-23976151 | chenyifan2@gtht.com | S0880124070025 | [Table_subIndustry] | 春运客流持续增长，油运盈利 Q1 大增 [Table_Industry] 运输 本报告导读： 航空：2025 年主业盈利改善符合预期，春运客流持续增长，旺季表现可期。建议布 局超级周期长逻辑。油运：预计 2026Q1 油轮盈利同比大增数倍，期待超级牛市。 投资要点： [Table_Report] 相关报告 运输《公路政策优化可期，公路法修正将是信 号》2026.01.26 运输《春运客流再创新高，原油运价维持高位》 2026.01.25 运输《全球经济温和复苏，原油运价维持高位》 2026.01.25 运输《航空春运预售启动，预计因私需 ...

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之內容概不負責，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 容而引致之任何損失承擔任何責任。 本公告及隨附的上市文件乃按香港聯合交易所有限公司證券上市規則（「上市規則」）規定僅供參考 之用，並不構成收購、購買或認購任何證券的邀請或要約。本公告及本文所述任何內容（包括隨附的 上市文件）並非任何合同或承諾的依據。為免生疑，刊發本公告及隨附的上市文件不應被視為就香 港法例第32章公司（清盤及雜項條文）條例而言由發行人（定義見下文）或擔保人（定義見下文）或其 代表刊發的招股章程提出的證券發售要約，亦不屬於香港法例第571章證券及期貨條例所指其中載 有向公眾人士發出邀請以訂立或發出要約以訂立有關購買、出售、認購或承銷證券的協議的廣告、 邀請或文件。 本公告及隨附的上市文件並不構成在美國或任何其他司法權區提呈出售要約或招攬購買任何證券 之要約，倘未根據任何該等司法權區之證券法辦理登記或未獲批准而於該等司法權區進行上述要 約、招攬或出售即屬違法。本公告所述證券尚未且不會根據1933年美國證券法（經修訂）（「證 ...

Group 1 - The company announced that all conditions precedent under the subscription agreement have been fulfilled, leading to the issuance of bonds totaling HKD 2,338 million on January 28, 2026 [1] - The bonds are expected to convert into approximately 978,242,677 shares at an initial conversion price of HKD 2.39 per share, differing from the previously disclosed number of shares [1] - The bonds are set to be listed and traded on the Hong Kong Stock Exchange, with the listing and trading permission effective from January 29, 2026 [1]

Core Viewpoint - China Shipbuilding Leasing (03877) has successfully completed all conditions precedent under the subscription agreement, and the total principal amount of HKD 2.338 billion bonds was issued on January 28, 2026 [1] Group 1 - The bonds will be converted into approximately 978,242,677 shares at an initial conversion price of HKD 2.39 per share, differing from the previously disclosed 978,242,678 shares [1] - The bonds are expected to be listed and traded on the Hong Kong Stock Exchange, with the listing and trading permission effective from January 29, 2026 [1] - The company has obtained the listing and trading permission for the convertible shares on the Hong Kong Stock Exchange [1]

Group 1 - The company, China Shipbuilding Leasing (03877), announced that all conditions precedent under the subscription agreement have been fulfilled [1] - A total principal amount of HKD 2.338 billion bonds was issued on January 28, 2026 [1] - The bonds are expected to convert into approximately 978,242,677 shares at an initial conversion price of HKD 2.39 per share, differing from the previously disclosed 978,242,678 shares [1] Group 2 - The bonds are anticipated to be listed and permitted for trading on the Hong Kong Stock Exchange effective January 29, 2026 [1] - The company has obtained approval for the convertible shares to be listed and traded on the Hong Kong Stock Exchange [1]

本公告僅供參考，並不構成提呈收購、購買或認購證券之邀請或要約。 本公告並不構成在美國或任何其他司法權區提呈出售要約或招攬購買任何證券之 要約，倘未根據任何該等司法權區之證券法辦理登記或未獲批准而於該等司法權區 進行上述要約、招攬或出售即屬違法。 本公告所述證券尚未且不會根據1933年美國證券法（經修訂）（「證券法」）或美國任何 州或其他司法權區的證券法登記，不得在美國發售或出售，惟獲豁免遵守證券法登 記規定或屬不在證券法登記規定規限的交易除外。因此，證券僅會根據證券法S規例 在美國境外作離岸交易發售及出售。 於香港聯合交易所有限公司 上市的通告 於2031年到期的港幣2,338,000,000元0.75厘的有擔保可轉換債券（「債券」） （股份代號：40066） 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之內容概不負責， 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之任何損失承擔任何責任。 無條件及不可撤銷地擔保 聯席全球協調人，聯席賬簿管理人及聯席牽頭經辦人 （按字母順序） CSSC CAPITAL 2015 LIMITED （於 ...