Core Viewpoint - The introduction of blockchain technology is fundamentally transforming the bulk commodity trade in the Yangtze River Delta, enhancing efficiency and transparency in operations [1][2]. Group 1: Industry Overview - A group of large oil tankers is efficiently transferring oil products at Ningbo, Zhejiang, utilizing dedicated pipelines and advanced blockchain technology for order verification and registration [1]. - The Yangtze River Delta accounts for over one-third of China's total import and export trade, with key commodities like crude oil, iron ore, and non-ferrous metals playing a crucial role in national resource security and supply chain stability [1]. Group 2: Technological Impact - Blockchain technology is shifting the commodity trade from reliance on corporate credit to "physical credit" based on the status and ownership of goods, enabling full traceability and multi-party collaboration [2]. - The "航贸链" (Shipping Trade Chain) is facilitating the digital transformation of bulk commodity trade in Shanghai, with various stakeholders including storage institutions, registration platforms, exchanges, banks, and tax authorities achieving trusted collaboration [2].

Summary of Key Points Core Viewpoint - China COSCO Shipping Holdings has been actively repurchasing its shares, indicating a strong commitment to enhancing shareholder value and confidence in its stock performance. Group 1: Share Repurchase Details - On December 24, the company repurchased 1.96 million shares at a price range of HKD 13.820 to HKD 13.950, totaling HKD 27.2251 million [1] - Since October 31, the company has conducted share repurchases for 39 consecutive days, acquiring a total of 116 million shares for a cumulative amount of HKD 1.587 billion [1] - The stock price has increased by 3.74% during the repurchase period [1] Group 2: Year-to-Date Repurchase Activity - Year-to-date, the company has completed 133 repurchase transactions, acquiring a total of 510 million shares for a total expenditure of HKD 6.818 billion [1] - The repurchase activity reflects the company's strategy to support its stock price and return capital to shareholders [1] Group 3: Historical Repurchase Data - The detailed repurchase data shows various transactions with the highest repurchase price reaching HKD 15.040 and the lowest at HKD 11.440 [2][3] - The company has consistently engaged in share buybacks, with significant amounts spent on repurchases throughout the year, indicating a proactive approach to managing its capital structure [2][3]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年12月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | H 股份類別 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫 ...

格隆汇12月24日丨中远海控(01919.HK)发布公告，2025年12月24日耗资2722.51万港元回购196万股，回 购价格每股13.82-13.95港元。 ...

智通财经APP讯，中远海控(01919)发布公告，于2025年12月24日，该公司斥资2722.51万港元回购196万 股。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 第 2 頁 共 10 頁 v 1.3.0 公司名稱： 中遠海運控股股份有限公司 呈交日期： 2025年12月24日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | H 股份類別 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份 ...

Group 1 - The port and shipping stocks in Hong Kong and A-shares experienced a significant increase, with China COSCO Shipping Holdings (1919.HK) rising over 7% and Pacific Shipping increasing over 4% [1][2] - In A-shares, Beibu Gulf Port rose over 6%, Xiamen Port increased over 5%, and companies like Qinhuangdao Port and Rizhao Port also saw gains [1][2] Group 2 - Xiamen Port is set to merge with the provincial port group, with the actual controller changing to the Fujian Provincial State-owned Assets Supervision and Administration Commission [2] - Pacific Shipping received an increase in shareholding from M&G Plc, which raised its stake from 4.97% to 5.05% after acquiring 3.557 million shares on August 7 [2] - The Baltic Dry Index rose by 1.1% last Friday (14th), marking its 13th consecutive day of increase, reaching 1595 points, the highest since July 20, driven by increased demand for various types of vessels [2] - The Capesize vessel rate index increased by 0.8% to 2402 points, while the Panamax vessel rate index rose by 1.5% to 1824 points, reaching the highest level since October 18 of the previous year [2]

Group 1 - The shipping stocks in both Hong Kong and A-share markets experienced a decline, with China COSCO Shipping Holdings (1919.HK) leading the drop by over 6% [1] - In the A-share market, China COSCO Shipping Holdings (601919.SH) hit the daily limit down, followed by declines in other related companies such as China COSCO Shipping Development and China COSCO Shipping Energy [2] Group 2 - The Baltic Dry Index fell by 53 points or 3.8% to 1327 points, marking the lowest level since December 21, 2020, and has now declined for nine consecutive trading days [3] - The Capesize vessel rate index dropped by 8.9% or 150 points to 1544 points, with daily earnings decreasing by $1251 to $12802 [3] - The Panamax vessel rate index decreased by 1 point or 0.1% to 1623 points, the lowest since January 20, with daily earnings falling by $11 to $14604 [3] - The Supramax vessel rate index fell by 8 points to 1141 points, reaching its lowest point in nearly two weeks [3]

Core Viewpoint - The A-share market has seen a significant wave of stock buybacks in 2025, with nearly 1,500 companies participating, reflecting a robust response to economic recovery and external fluctuations [2][3]. Group 1: Market Overview - As of December 23, the Shanghai Composite Index closed at 3,919.98 points, with a year-to-date increase of 16.95%, peaking above 4,000 points [1]. - The overall market has shown a "shock bottoming and gradual recovery" trend, supported by favorable policies and improved corporate earnings [3]. - The three major indices have all risen this year, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index increasing by 16.95%, 28.37%, and 49.66%, respectively [3]. Group 2: Buyback Activity - Nearly 1,500 companies have initiated stock buybacks this year, with a total repurchase amount exceeding 1,400 billion yuan and over 13 billion shares repurchased [2][3]. - The buyback trend spans various sectors, including consumer, manufacturing, technology, and finance, indicating a comprehensive market support structure [2]. - Companies are increasingly using buybacks to enhance shareholder value and stabilize market expectations [2][3]. Group 3: Leading Companies in Buybacks - The top ten companies by buyback amount include Midea Group (11.55 billion yuan), Kweichow Moutai (5.99 billion yuan), and CATL (4.39 billion yuan) [1][6]. - Notably, Midea Group is the only company with a buyback amount exceeding 10 billion yuan this year [6]. - Companies like JD Display and XCMG Machinery have also made significant contributions to both buyback quantity and amount, showcasing their commitment to shareholder interests [6][7]. Group 4: Industry Participation - The manufacturing, consumer, and information technology sectors have the highest participation rates in buybacks, with leading firms like BOE Technology Group and XCMG Machinery actively repurchasing shares [4][5]. - These companies, backed by stable operating performance and ample cash flow, play a crucial role in stabilizing their stock prices and driving industry valuation recovery [4]. Group 5: Regulatory Support - The ongoing buyback trend is supported by regulatory policies, including the establishment of stock buyback and repurchase loans, which provide low-cost funding for companies [7]. - As of December 23, over 780 companies have disclosed receiving buyback loan support, with total loan amounts reaching over 100 billion yuan [7]. - The combination of these policies encourages companies to shift from passive stabilization to proactive value management [7][8].

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | H 股份類別 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 01919 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | ...