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，且表明不會就本公告全部或任何部分內容所導致或因倚賴該等內容而產生的任何損失承 擔任何責任。 中國外運股份有限公司 Sinotrans Limited ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號: 00598) 中国外运股份有限公司 关于以集中竞价交易方式回购公司 A 股股份的 进展公告 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。 重要内容提示： 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國外運股份有限公司（『本公司』）於上海證券交易所網站（www.sse.com.cn） 刊登的《中國外運股份有限公司關於以集中競價交易方式回購公司A股股份的進展公告》， 僅供參閱。 承董事會命 中國外運股份有限公司 公司秘書 李世礎 北京，二零二五年十一月四日 於本公告日期，本公司董事會成員包括張翼（董事長）、高翔、楊國峰、羅立、余志良、 黃傳京、許克威，以及四位獨立非 ...

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10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: 中國外運股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00598 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,016,281,000 | RMB | | 1 RMB | | 2,016,281,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,016,281,000 | RMB | | 1 RMB | | 2,016,281,000 | | 2. 股份分類 | 普通股 | 股份類別 | ...

Market Overview - The logistics sector experienced a decline of 0.16% on November 4, with China National Freight leading the drop [1] - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] Stock Performance - Xiamen Xiangyu (600057) saw a significant increase of 5.11%, closing at 8.85 with a trading volume of 902,700 shares and a turnover of 803 million [1] - ST Xuefa (002485) rose by 4.92%, closing at 4.48 with a trading volume of 89,700 shares and a turnover of 39.89 million [1] - Conversely, China National Freight (601598) fell by 4.12%, closing at 6.52 with a trading volume of 279,700 shares and a turnover of 186 million [2] Capital Flow - The logistics sector saw a net outflow of 234 million from institutional investors, while retail investors contributed a net inflow of 157 million [2] - Notable stocks with significant capital inflow include Pulutong (002769) with a net inflow of 36.85 million from institutional investors [3] - Conversely, China National Freight (601598) experienced a net outflow of 18.08 million from retail investors [3]

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - In Q3 2025, the company's operating revenue was 24.52 billion yuan, a year-on-year decrease of 16.9%, and the net profit attributable to shareholders was 730 million yuan, down 16.8% year-on-year [3][5]. - The company's gross profit decreased by 7.7% to 1.18 billion yuan, primarily due to the cancellation of the U.S. small package tax exemption policy, which led to a reduction in air freight charter volume and a decline in air freight agency profits. Additionally, railway transportation prices fell, putting pressure on railway agency profitability [3][8]. - Despite the operational challenges, the completion of the 25% equity transfer of Zhaoshang Lukai is expected to enhance the net profit attributable to shareholders in 2025. The company maintains a stable cash flow and attractive dividend yield, estimated at approximately 4.6% for A shares and 5.9% for H shares [8]. Summary by Sections Financial Performance - In Q3 2025, the company reported a 16.9% decline in operating revenue to 24.52 billion yuan and a 16.8% decrease in net profit to 730 million yuan [3][5]. - The gross profit margin fell by 7.7% to 1.18 billion yuan, influenced by reduced air freight charter volumes and declining railway transport prices [8]. Investment Insights - The net investment income decreased by 5.9% to 460 million yuan, with continued pressure on the volume of China Foreign Trade and DHL [8]. - The sale of 25% equity in Zhaoshang Lukai is projected to contribute approximately 1.65 billion yuan (pre-tax) to the profit statement in Q4 2025 [8]. Market Strategy - The company is upgrading its marketing system and activating overseas markets, indicating potential recovery in demand. It is focusing on key industries and optimizing management models to enhance logistics volume growth [8]. - With the gradual easing of U.S.-China relations, cross-border transportation demand is expected to recover, providing growth opportunities in freight forwarding [8].

Investment Rating - The report indicates a positive investment outlook for the banking sector, while suggesting a reduction in exposure to the power equipment and non-ferrous metals sectors [3][4]. Core Insights - The insurance funds have continued to increase their holdings in banks despite a low interest rate environment, while reducing their positions in power equipment and non-ferrous metals [3]. - As of October 2025, the new money investment yield for insurance funds is estimated at 2.77%, showing a recovery of nearly 10 basis points from the bottom [6][17]. - The total market value of insurance funds' holdings in A-shares reached 6,510 billion yuan, with a notable presence in 633 A-share companies [60][62]. Summary by Sections Insurance Fund Allocation Trends - Insurance funds are increasingly allocating to stocks, with a significant rise in stock investment proportion to 8.8% by the end of Q2 2025, reflecting an 8.9% increase from the previous quarter [18][20]. - The total stock investment by insurance companies reached 6,406 billion yuan in the first half of 2025 [20]. Sector Performance and Holdings - In Q3 2025, the banking sector had the highest market value held by insurance funds at 3,165.2 billion yuan, followed by public utilities and transportation [62]. - The report highlights that 26 out of 28 sectors experienced growth, with TMT and new energy sectors showing significant strength [59]. Key Stock Recommendations - The report suggests focusing on companies such as Xinhua Insurance, China Life, China Property Insurance, China Ping An, AIA, China Taiping, and China Pacific Insurance as potential investment opportunities [5]. Changes in Holdings - In Q3 2025, insurance funds increased their holdings in 11 sectors, including banking, communication, steel, computing, and food and beverage [69]. - Conversely, they reduced their positions in 18 sectors, notably in power equipment, non-ferrous metals, transportation, coal, and electronics [6]. Regulatory Environment - The report notes that regulatory measures are encouraging long-term capital to enter the market, with insurance funds being a focal point of this initiative [28]. - The China Securities Regulatory Commission has mandated that from 2025, 30% of new insurance premiums should be allocated to A-share investments [32].

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [12] Core Insights - The report identifies four key development focuses and investment opportunities for the transportation industry over the next five years, summarized as "Two Internals and Two Promotions": combating internal competition, driving domestic demand, promoting overseas expansion, and facilitating transformation [2][6][17] Summary by Sections Express Delivery - The ongoing effort to combat internal competition in the express delivery sector is expected to remain effective, positively impacting the entire e-commerce express delivery segment. Key recommendations include YTO Express, Shentong Express, Jitu Express, Zhongtong Express, and Yunda Express [2][6][17] Aviation - The implementation of paid staggered vacations is anticipated to improve the supply-demand dynamics in the aviation industry, aiding in reversing the current profitability downturn. Recommendations include A-share private airlines and the three major Hong Kong airlines [2][6][17] Overseas Expansion - The development of new growth poles through overseas expansion and the construction of the Western Land-Sea New Corridor is highlighted. This opens up profit margins for overseas enterprises, with continued recommendations for Jitu Express, Jiayou International, and Eastern Airlines Logistics [2][6][17] Green Transition - The report emphasizes the acceleration of green low-carbon transformation, marking the year as a significant one for green fuel investments. The focus is on promoting a green production and lifestyle, particularly in the transportation sector [2][6][17] Passenger Transport - Domestic passenger traffic has shown a 5% year-on-year increase, while international passenger traffic has risen by 20%. The domestic passenger load factor has improved by 2.2 percentage points year-on-year, and international load factors have increased by 5.6 percentage points [7][40] Maritime Transport - The average VLCC-TCE rate has surged by 44.1% to $114,000 per day, driven by increased demand from the Middle East. The SCFI index for foreign trade container shipping has risen by 10.5% to 1,551 points, indicating a favorable market environment [8][61][62] Logistics - The volume of express deliveries has increased by 9.9% year-on-year, with a stable demand for coal transportation. The report highlights the ongoing price adjustments in the express delivery sector, recommending investments in YTO Express, Shentong Express, Jitu Express, and Zhongtong Express [9][17]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The completion of the sale of 25% equity in Lukai International is expected to bring approximately 1.65 billion RMB in investment income, benefiting from the phase of easing Sino-U.S. relations, which may improve the company's Q4 operations [2][4]. - The company achieved a revenue of 75 billion RMB in the first three quarters of 2025, a year-on-year decrease of 13%, primarily due to declining freight rates. However, gross profit increased by 2.4% year-on-year to 4.29 billion RMB, with a gross margin of 5.7%, up 0.8 percentage points year-on-year [3]. Revenue and Profit Analysis - For Q1-Q3 2025: - Revenue: 75 billion RMB, down 13% year-on-year - Gross profit: 4.29 billion RMB, up 2.4% year-on-year - Net profit attributable to shareholders: 2.68 billion RMB, down 5% year-on-year - Investment income: 1.63 billion RMB, up 11.2% year-on-year [3][6]. - For Q3 2025: - Revenue: 24.5 billion RMB, down 17% year-on-year - Gross profit: 1.18 billion RMB, down 7.7% year-on-year - Net profit attributable to shareholders: 730 million RMB, down 17% year-on-year [3]. Business Segment Performance - Freight forwarding: - Q1-Q3 2025 volumes: - Sea freight: 11.79 million TEUs, up 7.56% - Air freight: 66.4 thousand tons, down 11.82% - Rail freight: 39.2 million TEUs, down 12.5% - Vessel agency: 5.59 million trips, up 16.74% - Warehouse services: 21.54 million tons, up 6.9% [5]. - E-commerce logistics: - Q1-Q3 2025 volumes: - Logistics e-commerce platform: 2.917 million TEUs, up 55.41% - Cross-border e-commerce logistics: 0.46 million shipments, down 72.66% [6]. Financial Forecast - Projected revenues for 2025-2027 are 110.3 billion RMB, 114.5 billion RMB, and 119.5 billion RMB, respectively, with net profits of 4.2 billion RMB, 4.46 billion RMB, and 4.68 billion RMB [6][7]. - The current stock price corresponds to a PE ratio of 12 for 2025, decreasing to 10 by 2027 [6][7].

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunities Index, showcasing their daily and year-to-date performance along with dividend yields [1][2] - The top performer is COSCO Shipping Energy Transportation (600026.SH) with a daily increase of 8.76% and a year-to-date increase of 19.08%, offering a dividend yield of 2.77% [1] - China National Foreign Trade Transportation Group (601598.SH) ranks second with a daily increase of 7.40% and a year-to-date increase of 31.14%, providing a dividend yield of 4.28% [1] Group 2 - The index consists of 100 stocks, with a maximum weight of 3% for any single stock and a maximum of 33% for any single GICS industry [2] - The index's historical price-to-earnings ratio is 10.08, with an expected price-to-earnings ratio of 10.64, and a dividend yield of 5.18% [2] - The data for the index is sourced from the Shanghai and Shenzhen Stock Exchanges, with the latest update as of October 30, 2025 [2]

Market Overview - The logistics sector experienced a decline of 0.21% on October 30, with Furan De leading the drop [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - Notable gainers in the logistics sector included: - Pulutong (002769) with a closing price of 10.04, up 9.97% and a trading volume of 274,600 shares [1] - China Foreign Trade (601598) closed at 6.68, up 7.40% with a trading volume of 779,900 shares [1] - Yongtaiyun (001228) closed at 27.88, up 3.18% with a trading volume of 74,700 shares [1] - Major decliners included: - Furan De (605050) closed at 14.34, down 6.76% with a trading volume of 276,000 shares [2] - Longzhou Co. (002682) closed at 4.81, down 4.56% with a trading volume of 775,200 shares [2] - Guanghui Logistics (600603) closed at 7.86, down 3.91% with a trading volume of 263,900 shares [2] Capital Flow - The logistics sector saw a net outflow of 18.6 million yuan from institutional investors, while retail investors experienced a net outflow of 17.6 million yuan [2] - Conversely, speculative funds recorded a net inflow of 36.2 million yuan [2] Individual Stock Capital Flow - China Foreign Trade (601598) had a net inflow of 93.62 million yuan from institutional investors, while retail investors saw a net outflow of 80.52 million yuan [3] - Pulutong (002769) experienced a net inflow of 86.91 million yuan from institutional investors, with retail investors facing a net outflow of 54.94 million yuan [3] - Yongtaiyun (001228) had a net inflow of 14.84 million yuan from institutional investors, while retail investors saw a net outflow of 22.66 million yuan [3]

Core Insights - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index, showcasing significant daily and year-to-date gains along with dividend yields [1]. Group 1: Stock Performance - Nanshan Aluminum (600219.SH) leads with a daily increase of 10.12% and a year-to-date gain of 21.05%, with a dividend yield of 3.71% [1]. - Chuanheng Co., Ltd. (002895.SZ) follows closely with a daily rise of 10.00% and an impressive year-to-date increase of 44.31%, offering a dividend yield of 4.14% [1]. - Shenhuo Co., Ltd. (000933.SZ) shows a daily increase of 7.38% and a year-to-date performance of 53.35%, with a dividend yield of 3.16% [1]. - Yuntianhua Co., Ltd. (600096.SH) has a daily gain of 7.04% and a year-to-date increase of 42.93%, with a dividend yield of 5.37% [1]. - Tianshan Aluminum (002532.SZ) reports a daily rise of 6.81% and a remarkable year-to-date gain of 79.73%, with a dividend yield of 2.87% [1]. Group 2: Additional Notable Stocks - Mercury Home Textiles (603365.SH) shows a daily increase of 6.43% and a year-to-date performance of 30.72%, with a dividend yield of 4.39% [1]. - Deyue Co., Ltd. (605117.SH) has a daily rise of 4.50% and a year-to-date increase of 37.54%, with a dividend yield of 3.35% [1]. - Yiyi Co., Ltd. (001206.SZ) reports a daily gain of 4.32% and an impressive year-to-date increase of 101.18%, with a dividend yield of 2.59% [1]. - China Foreign Trade (601598.SH) shows a daily increase of 3.32% and a year-to-date performance of 22.11%, with a dividend yield of 4.60% [1]. - COSCO Shipping Energy (600026.SH) has a daily rise of 2.56% and a year-to-date increase of 9.48%, with a dividend yield of 3.02% [1].