Core Viewpoint - The news highlights the increasing importance of dividend assets in the context of China's economic policies, particularly emphasizing the role of "patient capital" from insurance funds and the regulatory push for higher dividend payouts from listed companies [1][2]. Group 1: Market Performance - As of November 7, 2025, the CSI State-Owned Enterprises Dividend Index (000824) rose by 0.39%, with notable increases in constituent stocks such as Huayang Co. (600348) up by 2.58% and CITIC Bank (601998) up by 2.25% [1]. - The National Enterprise Dividend ETF (159515) also saw an increase of 0.50% [1]. Group 2: Policy and Regulatory Environment - The "14th Five-Year Plan" emphasizes the introduction of "patient capital," primarily from insurance funds, which favor dividend assets due to their stable cash flow characteristics [1]. - Policies like the "Nine National Policies" require listed companies to increase their dividend payout ratios, with state-owned enterprises' dividend scale exceeding 370 billion yuan [1][2]. - Regulatory focus on dividend payouts is expected to provide a solid institutional guarantee for the long-term investment value of dividend assets [1]. Group 3: Investment Strategy - Analysts suggest that the policy guidance injects significant vitality into dividend assets, with major brokerages recommending a dual strategy of technology and dividend stocks for 2025, positioning dividend stocks as defensive assets in a low-interest-rate environment [1].

Market Overview - The logistics sector increased by 0.36% on November 6, with ST Xuefa leading the gains [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Top Gainers in Logistics Sector - ST Xuefa (002485) closed at 4.94, up 5.11% with a trading volume of 89,700 shares and a turnover of 44.11 million yuan [1] - *ST Yuanshang (603813) closed at 31.15, up 4.95% with a trading volume of 9,205 shares and a turnover of 27.98 million yuan [1] - Jiayou International (603871) closed at 14.54, up 3.64% with a trading volume of 128,200 shares and a turnover of 186 million yuan [1] Top Losers in Logistics Sector - Xiamen Xiangyu (600057) closed at 8.39, down 3.12% with a trading volume of 489,700 shares and a turnover of 409 million yuan [2] - Huami Duhai (920351) closed at 26.55, down 2.82% with a trading volume of 23,000 shares and a turnover of 6.14 million yuan [2] - Changjiang Investment (600119) closed at 8.74, down 2.78% with a trading volume of 75,400 shares and a turnover of 6.60 million yuan [2] Capital Flow in Logistics Sector - The logistics sector experienced a net outflow of 94.34 million yuan from institutional investors, while retail investors saw a net inflow of 65.24 million yuan [2] - The main stocks with significant net inflows included SF Holding (002352) with 64.23 million yuan and Shanghai Yashi (603329) with 23.05 million yuan [3] Detailed Capital Flow Analysis - SF Holding (002352) had a main net inflow of 64.23 million yuan, but retail and speculative investors saw net outflows of 33.92 million yuan and 30.31 million yuan respectively [3] - Shanghai Yashi (603329) had a main net inflow of 23.05 million yuan, with retail investors experiencing a net outflow of 19.25 million yuan [3] - New Ning Logistics (300013) recorded a main net inflow of 18.31 million yuan, while retail investors had a net outflow of 12.91 million yuan [3]

Core Viewpoint - The performance of the China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight decline, with a focus on dividend-paying stocks amid increased market volatility and a shift in investor behavior towards defensive strategies [1][2]. Group 1: Market Performance - As of November 5, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.01%, with leading stocks such as Shanghai Pudong Development Bank (600000) rising by 1.55% [1]. - The National Enterprise Dividend ETF (159515) experienced a turnover of 0.12% during the trading session, with a total transaction value of 55,100 yuan, while the average daily transaction value over the past week was 5.8418 million yuan [1]. Group 2: Sector Analysis - The technology growth sector has been experiencing fluctuations since the fourth quarter, leading to increased market volatility and a cautious approach from investors [1]. - There is a notable shift from aggressive investment strategies to defensive positioning, which has allowed the dividend sector to maintain a relatively strong performance [1]. Group 3: Policy and Long-term Outlook - Short-term analysis indicates that during periods of market fluctuation, the cost-effectiveness of dividend-style investments becomes more pronounced [1]. - Long-term policies, such as the new "National Nine Articles" and market capitalization management, are encouraging listed companies to distribute dividends, which is beneficial for state-owned enterprises in stabilizing dividend expectations and enhancing investor returns [1].

Group 1 - Xiamen International Trade Group Co., Ltd. experienced a stock price increase of 5.29%, reaching 6.77 CNY per share, with a trading volume of 480 million CNY and a turnover rate of 3.41%, resulting in a total market capitalization of 14.472 billion CNY [1] - The company, established on December 24, 1996, and listed on October 3, 1996, is located in Xiamen, Fujian Province, and its main business areas include supply chain management, real estate operations, and financial services [1] - The revenue composition of the company shows that supply chain management accounts for 99.63%, health technology for 0.36%, and other segments for 0.02% [1] Group 2 - Xiamen International Trade is a significant holding in the fund managed by Xingzheng Asset Management, specifically in the Xingzheng Asset Management State-Owned Enterprise Dividend Preferred Mixed Initiation A Fund (023169), which holds 91,300 shares, representing 1.53% of the fund's net value [2] - The fund, established on January 9, 2025, has a latest scale of 24.0553 million CNY and has achieved a return of 9.96% since inception [2] - The fund manager, Liu Yi, has been in position for 300 days, with total fund assets of 36.8198 million CNY, achieving a best return of 8.8% and a worst return of 8.46% during his tenure [2]

Core Viewpoint - Xiamen International Trade Group's stock price has shown fluctuations, with a recent increase of 2.02% and a total market capitalization of 14.023 billion yuan, indicating active trading and investor interest [1] Financial Performance - For the period from January to September 2025, Xiamen International Trade reported a revenue of 240.352 billion yuan, a year-on-year decrease of 16.06%, and a net profit attributable to shareholders of 577 million yuan, down 18.94% compared to the previous year [2] - The company has distributed a total of 8.105 billion yuan in dividends since its A-share listing, with 3.261 billion yuan distributed over the last three years [2] Shareholder Structure - As of September 30, 2025, the number of shareholders for Xiamen International Trade was 80,300, a decrease of 2.11% from the previous period, while the average number of tradable shares per person increased by 2.16% to 26,542 shares [2] - The top ten circulating shareholders include various ETFs, with notable changes in holdings, such as Huatai-PB SSE Dividend ETF increasing its stake by 3.7228 million shares [3]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, emphasizing the timely allocation of transportation dividend assets [1]. Core Insights - The resilience of highway performance is highlighted, with a notable inflection point in bulk commodity performance. The report indicates that the transportation sector is currently experiencing a favorable investment environment [1]. Summary by Sections Highway: Stable Growth in Toll Revenue and Resilient Performance - In the first three quarters of 2025, the overall toll revenue of listed highway companies remained stable, with a year-on-year increase of 2.4% [4][7]. - The net profit growth rate for the highway sector in Q3 2025 was 7.1%, with notable performers including Ganyue Expressway (+64.7%) and Zhongyuan Expressway (+43.8%) [10][11]. - Current dividend yields for highway companies as of October 31, 2025, show Sichuan Chengyu at 5.1%, followed by Guangdong Expressway A and Shandong Expressway at 4.5% each [17][18]. Port: Slight Recovery in Bulk Cargo and Mixed Overall Performance - In Q3 2025, the total cargo throughput of national ports increased by 5.8% year-on-year, with container throughput rising by 5.2% [19][21]. - The port industry achieved a net profit of 97.9 billion yuan in Q3 2025, a decrease of 7.4% year-on-year, with Liaoport Co. leading in performance growth at +37.5% for the first three quarters [25][27]. - Current dividend yields for major ports include Tangshan Port at 5.0% and Qingdao Port at 3.7% [17][18]. Railway: Improvement in Q3 Performance - The railway sector showed a sequential improvement in Q3 2025, with key companies like Beijing-Shanghai High-Speed Railway reporting a net profit of 39.86 billion yuan, up 8.96% year-on-year [11][12]. - Current dividend yields for railway companies include Daqin Railway at 4.7% and Beijing-Shanghai High-Speed Railway at 2.3% [17][18]. Bulk Supply Chain: Continuous Recovery in Operating Environment - Xiamen Xiangyu reported a significant net profit increase of 443.17% in Q3 2025, indicating a strong upward trend [4][28]. - Xiamen Guomao turned profitable in Q3 2025, reflecting a stabilization in operations despite a year-on-year decline of 18.94% in the first three quarters [4][28]. Investment Recommendations - The report suggests a continued positive outlook for A/H shares in transportation dividend assets, emphasizing the importance of industrial logic and valuation elasticity [4]. - Key recommendations include Sichuan Chengyu and Wuhu Expressway for highways, and Tangshan Port and Qingdao Port for ports, highlighting their strong dividend yields and growth potential [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's revenue has shown a quarter-on-quarter recovery, indicating a gradual stabilization in operations. Despite a year-on-year decline of 2.66% in Q3 2025 revenue, the company has experienced three consecutive quarters of revenue growth. The volume of major commodity operations has stabilized, with some core product categories showing both year-on-year and quarter-on-quarter increases [7] - The company is actively optimizing its business structure and diversifying its service capabilities, which helps build a competitive moat. The ongoing structural adjustments in the industry and declining commodity demand have prompted the company to enhance its business structure to mitigate risks. The expansion of high-value-added services and cost control has led to steady improvements in the quality and profitability of its main products. If global economic recovery aligns with increased demand for new energy, the company is expected to leverage its resource network, technological capabilities, and financial stability to enter a new growth cycle [7] - The company is one of the leading players in the domestic bulk commodity supply chain industry, with long-term growth potential in its performance. The projected net profits for 2025-2027 are 889 million, 1.24 billion, and 1.53 billion yuan, respectively, with corresponding P/E ratios of 15.5, 11.1, and 9.0 times [7] Financial Summary - As of October 30, 2025, the company's closing price is 6.43 yuan, with a total market capitalization of 13,744.90 million yuan and a circulating market capitalization of 13,709.78 million yuan. The total share capital is 2,137.62 million shares, and the debt-to-asset ratio stands at 67.90% [4] - The company's revenue forecast for 2023 is 468,247 million yuan, with a year-on-year growth rate of -10.28%. For 2024, the revenue is expected to be 354,440 million yuan, reflecting a -24.30% decline. The forecasted revenue for 2025 is 313,099 million yuan, with an anticipated growth of 6.85% in 2026 and 5.09% in 2027 [6][8]

Core Insights - The National Index of Free Cash Flow has increased by 0.15% as of November 3, 2025, with notable stock performances from companies like Yaxing Integration and Hailu Heavy Industry reaching the daily limit up [1] - The Cash Flow ETF from Harvest has seen a net value increase of 20.15% over the past six months, indicating strong performance and investor interest [3] Group 1: Cash Flow ETF Performance - As of October 31, 2025, the Cash Flow ETF from Harvest has achieved a maximum monthly return of 6.91% since its inception, with an average monthly return of 3.13% [3] - The top ten weighted stocks in the National Index of Free Cash Flow account for 54.79% of the index, with China National Offshore Oil Corporation (CNOOC) being the largest at 9.80% [3][5] Group 2: Market Environment and Trends - Global monetary and fiscal easing expectations have positively influenced risk assets, creating a favorable macro environment for A-shares [5] - A-share third-quarter reports show improvements in key metrics such as profit, revenue, and ROE compared to the first half of the year, suggesting a potential transition to a fundamental bull market [5]

Core Insights - Xiamen International Trade (600755.SH) reported a steady operational performance for the first three quarters of 2025, with total revenue reaching 240.35 billion and a net profit attributable to shareholders of 577 million [1] - The company achieved a revenue of 88.69 billion in Q3 2025, marking the third consecutive quarter of sequential growth, with stable trading volumes in bulk commodities and improvements in key operational categories both year-on-year and quarter-on-quarter [1] Group 1 - The company is committed to optimizing its business structure and enhancing operational quality while aligning with national development strategies and focusing on its "14th Five-Year" development plan [2] - Xiamen International Trade has implemented a strategy of "doing better and finer," strengthening risk management and actively promoting business model transformation and upgrades [1] - The company has successfully launched several projects, including a port iron ore blending project in Qingdao, which integrates non-mainstream mineral sources from Canada, Brazil, and Australia to provide cost-effective raw material solutions for steel mills [1] Group 2 - The company has initiated the construction of the polyester filament project in Jiujiang, leveraging its operational and channel advantages in the polyester supply chain to ensure raw material supply and smooth product sales [1] - Xiamen International Trade has been approved for the delivery warehouse qualification for printing paper at the Shanghai Futures Exchange, enhancing its ability to stabilize price fluctuations in paper products based on existing supply chain service models [1]

厦门国贸集团股份有限公司 董事会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 证券代码：600755 证券简称：厦门国贸 编号：2025-60 厦门国贸集团股份有限公司（以下简称"公司"）第十一届董事会 2025 年度 第十六次会议通知于2025年10月24日以书面方式送达全体董事，本次会议于2025 年 10 月 30 日以通讯方式召开。本次会议应到董事 9 人，实到董事 9 人。会议由 董事长高少镛先生主持，董事会秘书列席了会议。会议的通知、召开及审议程序 符合《中华人民共和国公司法》等法律法规及《公司章程》的规定。 二、董事会会议审议情况 与会董事经审议，通过如下议案： 1. 《公司 2025 年第三季度报告》 本议案已经第十一届董事会审计委员会 2025 年度第六次会议审议通过。 具体内容详见同日刊载于上海证券交易所网站的《厦门国贸集团股份有限公 司 2025 年第三季度报告》。 2. 《关于制定<公司董事、高级管理人员离职管理制度>的议案》 表决结果：同意 9 票、反对 0 票、弃 ...