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 ...

Group 1 - Xiamen International Trade's board meeting was held on October 30, 2025, to review the Q3 2025 report and other documents [1] - For the first half of 2025, the company's revenue composition was 99.63% from supply chain management, 0.36% from health technology, and 0.02% from other sectors [1] - As of the report, Xiamen International Trade's market capitalization was 13.7 billion yuan [1]

Financial Performance - In the first three quarters of 2025, the company achieved operating revenue of CNY 240.35 billion, a decrease of 16.06% year-on-year[3] - For Q3 2025, the company reported operating revenue of CNY 88.69 billion, a decrease of 2.66% compared to the same period last year, marking the third consecutive quarter of sequential growth[5] - The net profit attributable to shareholders for the first three quarters of 2025 was CNY 577.17 million, down 18.94% year-on-year[5] - The company reported a total profit of CNY 704.46 million for the first three quarters, a decrease of 8.66% year-on-year[5] - Net profit for the first three quarters of 2025 was approximately ¥450.30 million, a decline of 36.4% from ¥708.03 million in 2024[20] - The total comprehensive income attributable to the parent company for the first three quarters of 2025 is CNY 496,354,321.61, a decrease of 30.2% compared to CNY 711,448,444.58 in the same period of 2024[21] - Operating profit for the first three quarters of 2025 was CNY -22.32 million, compared to CNY 426.37 million in the first three quarters of 2024, indicating a decline in profitability[29] - Net profit for the first three quarters of 2025 was CNY 127.11 million, down from CNY 445.29 million in the same period of 2024, reflecting a decrease of approximately 71.5%[30] - The company reported a gross profit margin of approximately 0.31% for the first three quarters of 2025, down from 1.35% in the same period of 2024, indicating a decline in profitability[29] - The company’s total comprehensive income for the first three quarters of 2025 was CNY 119.86 million, down from CNY 450.52 million in the same period of 2024, indicating a decline of approximately 73.4%[30] Cash Flow and Assets - The net cash flow from operating activities for the first three quarters was CNY 1.77 billion, an increase of 5.10% year-on-year[5] - Total current assets as of September 30, 2025, amount to ¥100,759,412,458.84, an increase from ¥73,749,875,048.83[15] - Cash and cash equivalents are reported at ¥9,228,601,780.33, up from ¥8,479,400,167.04[15] - Inventory stands at ¥29,752,868,015.89, compared to ¥25,647,510,578.37 in the previous period[15] - The company has a total of ¥10,355,932,397.72 in trading financial assets, significantly up from ¥3,410,092,562.51[15] - Long-term receivables increased to ¥2,732,516,840.23 from ¥1,484,019,422.64[15] - The total cash and cash equivalents at the end of September 2025 is CNY 8,074,372,947.54, down from CNY 11,793,437,431.35 at the end of December 2024[24] - The cash inflow from operating activities totaled CNY 270,336,052,914.17 for the first three quarters of 2025, down 12.7% from CNY 309,542,960,144.06 in 2024[23] - The cash inflow from financing activities for the first three quarters of 2025 is CNY 115,059,827,695.86, a decrease from CNY 119,277,662,107.91 in 2024[24] - Total assets at the end of the reporting period reached CNY 126.39 billion, an increase of 26.78% compared to the end of the previous year[5] - The company's total assets as of September 30, 2025, were approximately ¥126.39 billion, an increase from ¥99.70 billion at the end of 2024[17] - Total liabilities increased to approximately ¥90.12 billion as of September 30, 2025, compared to ¥61.46 billion at the end of 2024[17] - Total liabilities as of September 30, 2025, amounted to CNY 55.17 billion, an increase from CNY 43.00 billion as of December 31, 2024, representing a growth of approximately 28.4%[28] - Total equity as of September 30, 2025, was CNY 23.91 billion, compared to CNY 24.86 billion as of December 31, 2024, showing a decrease of about 3.9%[28] Shareholder Information - Total number of common shareholders at the end of the reporting period is 80,329[13] - Xiamen Guomao Holding Group Co., Ltd. holds 819,660,486 shares, accounting for 38.34% of total shares[13] - The number of shares held by the top 10 shareholders includes significant stakes from various institutional investors[14] - The company has no changes in the participation of major shareholders in margin trading and securities lending[15] - There are no significant changes in the shareholding structure of the top 10 unrestricted shareholders[15] Strategic Initiatives - The company plans to continue optimizing its business structure and improving operational quality in line with national development strategies[3] - The company aims to focus on its "14th Five-Year" development strategy while navigating external uncertainties and market challenges[3] Expenses and Investments - Research and development expenses for the first three quarters of 2025 were approximately ¥59.64 million, slightly up from ¥56.59 million in 2024[20] - The company reported a significant decrease in financial expenses, totaling ¥1.06 billion in 2025 compared to ¥1.66 billion in 2024, marking a reduction of 36.1%[20] - Investment income for the first three quarters of 2025 was approximately ¥942.82 million, down 38% from ¥1.52 billion in 2024[20] - The company’s long-term investments amounted to approximately ¥9.74 billion as of September 30, 2025, compared to ¥9.83 billion at the end of 2024[16] Cash Flow from Activities - Cash inflow from investment activities for the first three quarters of 2025 was approximately ¥10.82 billion, a decrease of 21.1% compared to ¥13.76 billion in the same period of 2024[32] - Cash outflow from investment activities for the first three quarters of 2025 was approximately ¥16.83 billion, down by 23.1% from ¥21.86 billion in the first three quarters of 2024[32] - Net cash flow from investment activities for the first three quarters of 2025 was approximately -¥6.01 billion, an improvement from -¥8.10 billion in the same period of 2024[32] - Total cash inflow from financing activities for the first three quarters of 2025 was approximately ¥56.09 billion, a decrease of 13.5% compared to ¥64.85 billion in the first three quarters of 2024[32] - Net cash flow from financing activities for the first three quarters of 2025 was approximately ¥1.87 billion, a significant improvement from -¥1.40 billion in the same period of 2024[32] - Cash received from investment income for the first three quarters of 2025 was approximately ¥325.63 million, a substantial increase of 321.5% compared to ¥77.20 million in the same period of 2024[32] - Cash paid for debt repayment in the first three quarters of 2025 was approximately ¥22.92 billion, a decrease of 39.6% compared to ¥37.97 billion in the same period of 2024[32] Accounting Standards - The company did not apply new accounting standards or interpretations for the year 2025[33]