Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][3][5] Core Views - The logistics sector is benefiting from the introduction of unmanned delivery vehicles, which are expected to reduce costs and improve efficiency in the last mile of delivery [2][47] - The shipping industry is experiencing a divergence in performance, with oil tanker rates rising significantly for smaller vessels while VLCC rates are under pressure due to geopolitical factors [1][20][68] - The air travel sector is entering a low season, but domestic passenger flight volumes remain above 2019 levels, indicating a potential for recovery in pricing and demand [2][40][42] - The express delivery market is seeing strong demand growth, with major players like SF Express and ZTO Express planning to scale up their fleets of unmanned delivery vehicles [2][51] Summary by Sections Shipping Sector - Oil tanker rates have shown significant divergence, with small vessel rates increasing while VLCC rates are under pressure due to geopolitical tensions [1][20] - The report anticipates a rise in shipping rates due to limited new capacity and potential demand recovery, recommending companies like COSCO Shipping Energy and China Merchants Energy [1][68] Air Travel Sector - The overall and domestic passenger flight volumes have decreased slightly, but remain above 2019 levels, indicating resilience in the market [2][40] - The report suggests that domestic airfares may stabilize and recover in 2025, with recommendations for airlines such as Air China and China Southern Airlines [2][42] Express Delivery Sector - The introduction of unmanned delivery vehicles is expected to significantly reduce costs for leading companies in the express delivery market [2][47] - SF Express is projected to maintain a strong growth rate of 15-20% over the next two years, with a PE ratio of approximately 20 times for 2025 [2][51] Investment Recommendations - The report recommends a focus on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and China Merchants Energy [5][27]

Insurance - China Pacific Insurance has a market capitalization of 366.17 billion, with a trading volume of 680 million, and a stock price change of -0.27 (-0.77%) [3] - China Life Insurance has a market capitalization of 336.52 billion, with a trading volume of 2.19 billion, and a stock price change of -0.58 (-1.07%) [3] - Ping An Insurance has a market capitalization of 972.61 billion, with a trading volume of 593 million, and a stock price change of -0.09 (-1.07%) [3] Automotive - BYD has a market capitalization of 284.26 billion, with a trading volume of 3.23 billion, and a stock price change of -0.79 (-0.22%) [3] - Great Wall Motors has a market capitalization of 1,093.94 billion, with a trading volume of 290 million, and a stock price change of -0.08 (-0.35%) [3] Semiconductor - North Huachuang has a market capitalization of 229.96 billion, with a trading volume of 992 million, and a stock price change of +0.86 (+0.20%) [3] - Cambricon Technologies has a market capitalization of 254.65 billion, with a trading volume of 2.51 billion, and a stock price change of -9.86 (-1.59%) [3] Power and Utilities - Yangtze Power has a market capitalization of 195.19 billion, with a trading volume of 1.64 billion, and a stock price change of +0.19 (+0.64%) [4] - China Nuclear Power has a market capitalization of 330.15 billion, with a trading volume of 523 million, and a stock price change of +0.03 (+0.32%) [4] Food and Beverage - Kweichow Moutai has a market capitalization of 1,892.32 billion, with a trading volume of 3.78 billion, and a stock price change of -1.27 (-0.69%) [3] - Wuliangye Yibin has a market capitalization of 485.55 billion, with a trading volume of 972 million, and a stock price change of -7.61 (-0.50%) [3] Financial Services - CITIC Securities has a market capitalization of 385.04 billion, with a trading volume of 1.31 billion, and a stock price change of -0.20 (-0.76%) [4] - Guotai Junan has a market capitalization of 326.15 billion, with a trading volume of 1.39 billion, and a stock price change of +0.07 (+0.38%) [4] Electronics - Luxshare Precision has a market capitalization of 226.99 billion, with a trading volume of 1.73 billion, and a stock price change of -0.31 (-0.98%) [4] - Industrial Fulian has a market capitalization of 355.27 billion, with a trading volume of 1.85 billion, and a stock price change of -0.08 (-0.15%) [4]

Market Overview - The FTSE China A50 Index components showed mixed performance with oil and coal stocks strengthening while brokerage, consumer electronics, and logistics sectors declined [1] Sector Performance Oil and Coal - Oil sector stocks like China Petroleum and China National Offshore Oil Corporation saw positive movements with market capitalizations of 697.16 billion and 1,555.68 billion respectively, with China Petroleum gaining +0.03 (+0.52%) [3] - Coal sector stocks such as China Shenhua and Shaanxi Coal and Chemical Industry also performed well, with China Shenhua's market cap at 785.20 billion and a gain of +0.22 (+0.56%) [3] Brokerage and Financial Services - Brokerage firms like China Pacific Insurance and China Ping An experienced declines, with China Pacific Insurance down -0.40 (-1.13%) and a market cap of 972.97 billion [3] Consumer Electronics - Consumer electronics companies such as Industrial Fulian and Luxshare Precision saw declines, with Industrial Fulian down -0.30 (-0.95%) and a market cap of 404.53 billion [4] Logistics - Logistics sector, represented by SF Holding, showed a slight increase with a market cap of 172.25 billion and a gain of +0.60 (+1.11%) [4] Food and Beverage - The food and beverage sector, including companies like Haitian Flavoring and Seasoning, faced declines, with Haitian down -0.22 (-0.51%) [4] Automotive - Automotive stocks like Great Wall Motors and BYD showed mixed results, with Great Wall Motors down -1.25 (-0.35%) [3] Power and Utilities - Power sector stocks such as China Yangtze Power and China Nuclear Power experienced slight gains, with China Yangtze Power up +0.16 (+0.54%) [4] Pharmaceuticals - Pharmaceutical companies like Heng Rui Medicine faced declines, with Heng Rui down -0.44 (-0.82%) [4] Construction and Engineering - Construction sector stocks like China State Construction and China Unicom showed stable performance, with China State Construction up +0.18 (+1.01%) [4]

6月下半月价格坚挺，关注船司7月份涨价函情况 市场分析 线上报价方面。 Gemini Cooperation：马士基上海-鹿特丹25周开出为1680/2800；HPL 6月份上半月船期报价1635/2535，6月下半月 船期报价2235/3535，7月上半月船期报价2635/4435。 MSC+Premier Alliance：MSC 上海-鹿特丹6月上半月船期报价1580/2640；ONE上海-鹿特丹 6月份上半月船期报 价2381/2437，6月下半月船期报价2831/2937；HMM上海-鹿特丹6月上半月船期报价1467/2504，6月下半月上海-鹿 特丹价格1717/3004。 Ocean Alliance：COSCO上海-鹿特丹 6月上半月船期报价2125/3225，6月下半月船期报价2625/4225；CMA上海- 鹿特丹 6月上半月船期报价1635/2845，6月下半月船期报价1835/3245，CMA上海-安特卫普7月份报价挂出 2385/4345；EMC 6月上半月船期报价2305/3260，6月下半月船期报价2555/3610；OOCL 6月下半月报价2200/3800. 部分船司宣布6月 ...

Core Viewpoint - The China Securities State-Owned Enterprises Dividend Index (000824) has experienced a decline of 0.66% as of June 5, 2025, indicating a mixed performance among its constituent stocks, with some stocks rising while others fell significantly [1][2]. Group 1: Index Performance - The China Securities State-Owned Enterprises Dividend Index (000824) has decreased by 0.66% as of June 5, 2025 [1]. - The National Enterprise Dividend ETF (159515) has also seen a decline of 0.54%, with the latest price at 1.1 yuan [1]. - Notable gainers include Ninghu Expressway (600377) up by 1.75%, and notable losers include Caibai Co., Ltd. (605599) down by 6.15% [1]. Group 2: Market Analysis - Recent reports indicate that dividend assets have rapidly "shrunk," with the exception of the banking sector, which has shown lackluster performance [1]. - The proportion of stocks with a Sharpe Ratio higher than the index among dividend assets has reached an extreme historical low, suggesting a potential market adjustment followed by upward movement [1]. - Despite the rising valuation levels of dividend assets, there remains significant room for further increases when compared to historical peaks [1]. Group 3: Top Holdings - As of May 30, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index include COSCO Shipping Holdings (601919) and Jizhong Energy (000937), with the top ten accounting for 15.83% of the index [2].

1. Report Industry Investment Rating No relevant information provided in the content. 2. Core View of the Report - The freight rates of the US route in June increased significantly due to the mismatch between supply and demand. The demand on the China-US route has rapidly increased, and the freight rates have soared under the background of the mismatch between supply and demand. The freight rates of the European route in June have a downward trend, and the Maersk's second-half-of-June quotation is relatively high, with a price increase expected in July. The 06 contract will gradually return to the "real" end trading as the delivery deadline approaches, and the 08 contract has a strong game between expectation and reality. It is recommended to conduct arbitrage operations. The main strategy is that the main contract fluctuates, and the arbitrage strategies are to go long on 08 and short on 10, and go long on 06 and short on 10 [3][5][7]. 3. Summary According to Relevant Catalogs 3.1 Futures Price - As of June 4, 2025, the total open interest of all contracts of the container shipping index European route futures was 91,264 lots, and the single-day trading volume was 113,681 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1399.80, 1239.20, 1970.30, 2199.10, 1383.00, and 1570.10 respectively [6]. 3.2 Spot Price - On May 30, the SCFI (Shanghai - Europe route) price was 1587.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 5172.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 6243.00 US dollars/FEU. On June 2, the SCFIS (Shanghai - Europe) was 1252.82 points, and the SCFIS (Shanghai - US West) was 1718.11 points [6]. 3.3 Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of May 30, 2025, a total of 34 ships of 12,000 - 16,999 TEU were delivered, with a total of 513,200 TEU; 4 ships of over 17,000 + TEU were delivered, with a total of 94,864 TEU. From January to May, a total of 115 container ships were delivered, with a total of 903,900 TEU [6]. 3.4 Supply Chain - There was an attack on Israel's Ben - Gurion International Airport by the Houthi armed forces, which may have an impact on the supply chain [3]. 3.5 Demand and European Economy - The demand on the China - US route has increased rapidly due to the reduction of Sino - US tariffs, and the demand on the European route has a downward trend. The monthly average weekly capacity of the Shanghai - European route in June was about 268,200 TEU, and the weekly capacity in weeks 23/24/25/26 was 273,200/227,100/298,400/273,700 TEU, an increase of more than 20% compared with the same period last year [3][4].

1. Market Performance A - Share Market - The Shanghai Composite Index rose 0.43% to 3361.98 points, the Shenzhen Component Index rose 0.16%, and the Chi - Next Index rose 0.48%. Jewelry and jewelry maintained their strength, while the overall performance of the automobile manufacturing industry was mediocre, showing a divergence from the Hong Kong stock market [1]. Hong Kong Stock Market - The Hang Seng Index closed up 1.53% at 23512.49 points, the Hang Seng Tech Index rose 1.08%, and the Hang Seng China Enterprises Index rose 1.92%. Automobile and bank stocks led the rebound, with a total market turnover of HK$203.681 billion [1]. Overseas Markets - European stock markets closed higher. In the US, the Dow Jones Industrial Average rose 0.51%, the S&P 500 Index rose 0.58% to 5970.37 points, and the Nasdaq Composite Index rose 0.81% [1]. 2. Macroeconomic News US Labor Market - In April, US job openings unexpectedly increased significantly, with recruitment activities accelerating, indicating a still - robust labor demand. Job openings rose from a revised 7.2 million in March to 7.39 million, higher than the expected median of 7.1 million. The increase was mainly in the private sector, such as professional and business services, and healthcare and social assistance. Although there were fewer openings in state and local education, federal government job openings increased. However, economists expect the labor market to weaken more significantly in the coming months under the impact of Trump's tariff policies [12]. US Steel and Aluminum Tariffs - US President Donald Trump signed an order on Tuesday to raise steel and aluminum tariffs from 25% to 50% starting from June 4, aiming to help domestic manufacturers. The tariff on steel and aluminum imported from the UK will remain at 25%. This move intensifies trade tensions [8][12]. South Korean Presidential Election - South Korean opposition candidate Lee Jae - myung won the presidential election, with about 48.8% of the votes, while ruling - party candidate Kim Min - soo got 42.0%. This election is seen as a referendum on the failure of former President Yoon Suk - yeol's martial - law order. Lee Jae - myung faces challenges in uniting the divided country and restoring economic growth [12]. 3. Corporate News IPO News - Yisw Compute, a leading RISC - V chip company, submitted a prospectus to the Hong Kong Stock Exchange on May 30. It has completed four rounds of financing in five years, with a total scale of over RMB 9 billion. Its listing is expected to inject new impetus into China's semiconductor industry [10]. Corporate Actions - China Ping An plans to issue zero - coupon convertible bonds worth HK$1.1765 billion, maturing in 2030, with an initial conversion price of HK$55.02 per H - share [14]. - Midea Group has repurchased about 12.1888 million A - shares for about RMB 899 million as of May 31 [14]. - CITIC Bank has been approved to establish CITIC Financial Asset Investment, with a proposed registered capital of RMB 10 billion [14]. - COSCO SHIPPING Holdings has cancelled about 144 million repurchased shares, and its controlling shareholder's shareholding has increased to over 45% [14]. - Haier Smart Home repurchased about 6.3642 million A - shares in May for about RMB 164 million [14]. - China Biopharmaceutical announced the results of a Phase III clinical study of Bemosu - bam injection at the 2025 ASCO Annual Meeting, showing significant efficacy [14]. - China Railway Group plans to issue up to RMB 3 billion in science - and - technology innovation bonds to repay debts [14]. - China National Building Material issued RMB 1.3 billion in science - and - technology innovation bonds, with different interest rates for different varieties [14]. - Tencent Holdings reduced its stake in Jingtai Holdings by over 28.42 million shares, with its shareholding dropping to 5.93% [14]. - Galectin Therapeutics' acne drug Dinifasstat's Phase III clinical trial reached all endpoints, showing significant efficacy and good safety [14]. 4. Dividend and Rights - Issue Information Dividend Information - Some companies such as Yue Yun Transportation will pay dividends, while many others, including Tsim Sha Tsui Properties, will not pay dividends [15][16]. Rights - Issue Information - Some companies like Lvji Technology have rights - issue plans [16]. 5. Stock Performance Ranking Top Gainers - Huayin International Holdings, WANMA HOLDINGS, and Dingyifeng Holdings had significant increases on June 4, 2025 [22]. US Stocks - NVIDIA, Intel, and Adobe showed different performance trends, with some rising and some falling [24]. Chinese A - Shares - Stocks such as Microcore Biotech, Feile Audio, and Shanghai Rural Commercial Bank had significant increases, while some like Kweichow Moutai had slight declines [26][27].

金十图示：2025年06月04日（周三）富时中国A50指数成分股今日收盘行情一览：消费电子、家电板块飘红，银行股涨跌互现 保险 队 中国人保 中国太保 中国平安 ■ 3670.59亿市值 3375.78亿市值 9789.82亿市值 11.35亿成交额 23.23亿成交额 6.42亿成交额 35.09 8.30 53.76 +0.59(+1.71%) -0.09(-0.17%) -0.02(-0.24%) 酸酒行业 贵州茅台 五粮液 山西汾酒 18968.08亿市值 2185.93亿市值 4834.54亿市值 34.80亿成交额 24.10亿成交额 13.37亿成交额 1509.96 179.18 124.55 +0.96(+0.06%) -1.92(-1.06%) -0.13(-0.10%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2272.01亿市值 3164.12亿市值 2536.05亿市值 -成交额 8.26亿成交额 29.91亿成交额 425.33 607.50 136.13 +11.64(+1.95%) 0.00(0.00%) +0.56(+0.13%) 汽车整车 铁路公路 比亚迪 长城 ...

Market Overview - The FTSE China A50 Index showed mixed performance among bank stocks, while consumer electronics stocks experienced an upward trend [1] Insurance Sector - China Life Insurance, China Pacific Insurance, and China Ping An had market capitalizations of CNY 366.17 billion, CNY 339.41 billion, and CNY 984.99 billion respectively, with trading volumes of CNY 1.35 billion, CNY 0.43 billion, and CNY 0.75 billion [5] - The stock prices changed as follows: China Life +0.78 (+2.26%), China Pacific +0.24 (+0.45%), China Ping An -0.03 (-0.36%) [5] Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of CNY 1900.45 billion, CNY 220.40 billion, and CNY 484.70 billion respectively, with trading volumes of CNY 0.54 billion, CNY 0.94 billion, and CNY 1.63 billion [5] - Stock price changes were: Kweichow Moutai +3.86 (+0.26%), Shanxi Fenjiu -0.44 (-0.24%), Wuliangye +0.19 (+0.15%) [5] Semiconductor Sector - Northern Huachuang and Cambricon Technologies had market capitalizations of CNY 226.95 billion and CNY 254.19 billion respectively, with trading volumes of CNY 2.09 billion and CNY 0.49 billion [5] - Stock price changes included: Northern Huachuang +13.03 (+2.19%), Cambricon Technologies +0.09 (+0.02%) [5] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of CNY 1100.23 billion, CNY 193.10 billion, and CNY 283.77 billion respectively, with trading volumes of CNY 3.76 billion, CNY 0.30 billion, and CNY 0.14 billion [5] - Stock price changes were: BYD -0.08 (-1.36%), Great Wall Motors +6.03 (+1.69%), Beijing-Shanghai High-Speed Railway +0.10 (+0.45%) [5] Shipping and Oil Sector - Sinopec, PetroChina, and COSCO Shipping had market capitalizations of CNY 698.37 billion, CNY 1530.55 billion, and CNY 250.31 billion respectively, with trading volumes of CNY 0.23 billion, CNY 0.35 billion, and CNY 0.54 billion [5] - Stock price changes included: Sinopec +0.01 (+0.17%), PetroChina -0.06 (-0.37%), COSCO Shipping +0.06 (+0.72%) [5] Coal and Battery Sector - China Shenhua, Shaanxi Coal and Chemical, and CATL had market capitalizations of CNY 196.32 billion, CNY 778.05 billion, and CNY 1148.85 billion respectively, with trading volumes of CNY 1.85 billion, CNY 0.40 billion, and CNY 0.37 billion [5] - Stock price changes were: China Shenhua -0.01 (-0.03%), Shaanxi Coal -0.21 (-1.03%), CATL +0.83 (+0.33%) [5] Other Sectors - Long江电力, China Nuclear Power, and Dongfang Fortune had market capitalizations of CNY 734.54 billion, CNY 195.40 billion, and CNY 332.68 billion respectively, with trading volumes of CNY 0.68 billion, CNY 0.32 billion, and CNY 3.34 billion [6] - Stock price changes included: Long江电力 +0.39 (+1.89%), China Nuclear Power -0.13 (-0.43%), Dongfang Fortune 0.00 (0.00%) [6]

Core Viewpoint - The China Securities Service Industry Index has shown a slight increase over the past month but has declined year-to-date, indicating mixed performance in the service sector [2][3]. Group 1: Index Performance - The China Securities Service Industry Index rose by 1.95% over the past month, decreased by 0.07% over the last three months, and has fallen by 0.89% year-to-date [2]. - The index is designed to reflect the overall performance of listed companies in the service industry, covering sectors such as agriculture, electricity, transportation, finance, real estate, culture, sports, and entertainment [2]. Group 2: Index Composition - The top ten weighted companies in the index include: - Changjiang Electric Power (5.94%) - Beijing-Shanghai High-Speed Railway (2.79%) - WuXi AppTec (2.6%) - Ping An Insurance (2.03%) - China State Construction (1.91%) - China Merchants Bank (1.9%) - SF Holding (1.86%) - COSCO Shipping Holdings (1.67%) - Cambricon Technologies (1.63%) - China Telecom (1.61%) [2]. Group 3: Market and Sector Breakdown - The index's holdings are primarily listed on the Shanghai Stock Exchange (75.92%) and the Shenzhen Stock Exchange (24.08%) [3]. - Sector allocations within the index include: - Industrial (26.26%) - Financial (20.63%) - Public Utilities (15.92%) - Information Technology (11.42%) - Communication Services (10.16%) - Healthcare (7.14%) - Real Estate (4.46%) - Consumer Discretionary (2.88%) - Energy (1.14%) [3]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].