Core Viewpoint - The article discusses the upcoming launch of the Fangzheng Fubon CSI All-Share Free Cash Flow ETF, highlighting its investment strategy focused on companies with strong free cash flow generation capabilities and the advantages of investing in this ETF [1][20]. Group 1: Free Cash Flow Concept - Free cash flow is defined as the cash available for distribution after accounting for capital expenditures and working capital needs, illustrated through a small business example [3][4]. Group 2: Index Characteristics - The Fangzheng Fubon CSI All-Share Free Cash Flow ETF tracks the CSI All-Share Free Cash Flow Index, which selects stocks based on free cash flow yield, focusing on industries like coal, transportation, and consumer goods [4][5]. - The index excludes sectors with high cash flow volatility, such as finance and real estate, ensuring a more stable and sustainable cash flow profile [4]. Group 3: Index Performance Highlights - The CSI All-Share Free Cash Flow Index has significantly outperformed major indices, achieving a return of 342.88% from December 31, 2013, to June 9, 2025, compared to 62.08% for the Shanghai Composite Index [6][8]. - The index also boasts a high dividend yield of 4.8%, indicating strong profitability and financial health among its constituent companies [8][9]. Group 4: Investment Advantages - The ETF offers lower investment thresholds, allowing participation with as little as 1 yuan, making it accessible for retail investors [13]. - It supports regular investment plans, appealing to investors looking for systematic investment strategies [13]. Group 5: Target Investor Profile - The ETF is suitable for risk-averse investors seeking stable cash flow, those looking to balance their portfolios, and investors aiming to capture policy-driven opportunities in high free cash flow companies [15][16][18]. Group 6: Current Market Context - The article emphasizes the importance of free cash flow in the current economic landscape, where companies with strong cash flow are better positioned to navigate uncertainties and capitalize on growth opportunities [18][19].

1. Report Industry Investment Rating No information provided in the given content. 2. Core Viewpoints of the Report - The freight rate has likely reached its peak as Maersk and MSC have kept their freight rates unchanged in the second half of July. The EC2510 contract can be sold for hedging at high prices during the freight rate decline [4][5]. - The supply of the US - bound routes has rapidly recovered, and the freight rates from Shanghai to the East and West coasts of the US have dropped from their highs. The freight rates on the Shanghai - Europe route are still uncertain as to when they will peak, and the settlement price of the EC2508 contract is the arithmetic average of SCFIS on August 11th, 18th, and 25th [2][4]. 3. Summary by Relevant Catalogs I. Futures Prices - As of July 4, 2025, the total open interest of all container shipping index European route futures contracts was 83,240 lots, and the single - day trading volume was 39,157 lots. The closing prices of EC2602, EC2604, EC2506, EC2508, EC2510, and EC2512 contracts were 1338.70, 1172.90, 1319.90, 1896.90, 1363.90, and 1538.70 respectively [6]. II. Spot Prices - Online quotes for different shipping companies on the Shanghai - Rotterdam route vary. For example, Maersk's price for the 29th week from Shanghai to Rotterdam is 1785/2990. The SCFI (Shanghai - Europe) price announced on June 27th was 2030.00 US dollars/TEU, and the SCFIS (Shanghai - Europe) on July 1st was 2123.24 points [1][6]. III. Container Ship Capacity Supply - In 2025, it is still a big year for container ship deliveries. As of now, 135 container ships have been delivered, with a total capacity of 1.069 million TEU. The weekly average capacity on the Shanghai - European base port route in July was 261,900 TEU, and in August it was 269,900 TEU. There were 8 blank sailings in July and 2 in August [3][7]. IV. Supply Chain - Geopolitical events in Israel may affect the shipping market. The supply and demand of the US - bound routes have both increased, and the capacity has been rapidly restored. The congestion situation of container ships globally and the passage of ships through major canals such as the Suez, Panama, and around the Cape of Good Hope are also factors affecting the supply chain [2]. V. Demand and European Economy - The demand on the China - US route has increased rapidly after the reduction of Sino - US tariffs. The industrial production index, import and export data, consumer confidence index, and retail sales data of the EU 27 countries are important factors affecting the demand for shipping [2].

Market Overview - The FTSE China A50 Index components showed a mixed performance with banking, liquor, semiconductor, and logistics sectors rising, while non-ferrous metals and chemical pharmaceuticals sectors weakened [1] - BYD's stock price fell over 1% [1] Sector Performance Banking Sector - Major banks like China Pacific Insurance, Ping An Insurance, and China Life Insurance reported market capitalizations of 382.98 billion, 357.30 billion, and 1,030.15 billion respectively, with trading volumes of 9.81 million, 36.96 million, and 7.85 million [3] Liquor Industry - Key players such as Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,786.59 billion, 214.35 billion, and 467.31 billion respectively, with trading volumes of 40.87 million, 10.51 million, and 20.49 million [3] Semiconductor Sector - Companies like Northern Huachuang, Cambricon Technologies, and Haiguang Information had market capitalizations of 241.84 billion, 229.03 billion, and 315.09 billion respectively, with trading volumes of 24.36 million, 31.12 million, and 15.15 million [3] Automotive Sector - BYD, Great Wall Motors, and Beijing-Shanghai High-Speed Railway had market capitalizations of 1,818.73 billion, 186.84 billion, and 278.88 billion respectively, with trading volumes of 34.54 million, 4.39 million, and 5.94 million [3] Oil Industry - China Petroleum, Sinopec, and COSCO Shipping had market capitalizations of 239.78 billion, 688.67 billion, and 1,573.98 billion respectively, with trading volumes of 8.63 million, 6.43 million, and 7.64 million [3] Coal Industry - Major companies like China Shenhua and Shaanxi Coal and Chemical Industry had market capitalizations of 187.79 billion and 815.60 billion respectively, with trading volumes of 12.39 million and 6.45 million [3] Power Industry - Key players such as Yangtze Power and China Nuclear Power had market capitalizations of 360.33 billion and 737.96 billion respectively, with trading volumes of 20.49 million and 8.29 million [4] Food and Beverage Sector - Companies like Citic Securities, Guotai Junan, and Haitian Flavoring had market capitalizations of 409.94 billion, 340.96 billion, and 226.93 billion respectively, with trading volumes of 28.30 million, 3.94 million, and 16.84 million [4] Consumer Electronics - Industrial Fulian, Luxshare Precision, and Gree Electric Appliances had market capitalizations of 472.85 billion, 255.90 billion, and 242.55 billion respectively, with trading volumes of 30.57 million, 77.50 million, and 25.48 million [4] Chemical Products - Companies like Wanhua Chemical and SF Holding had market capitalizations of 239.20 billion and 271.34 billion respectively, with trading volumes of 12.28 million and 8.32 million [4] Construction and Engineering - China State Construction and Zijin Mining had market capitalizations of 532.88 billion and 166.95 billion respectively, with trading volumes of 27.26 million and 8.53 million [4]

Core Viewpoint - In the first half of 2025, shipping stocks experienced significant volatility due to tariffs and geopolitical conflicts, but overall showed an upward trend, with the Shenwan Shipping Index rising by 1.9% year-to-date, outperforming the CSI 300 Index by 4.1 percentage points [1][2]. Shipping Industry Overview - The shipping sector is characterized by a strong cyclical nature, with a clear positive correlation between high-frequency freight rates and stock prices. In the container shipping segment, a phase of increased shipping activity has enhanced freight rate elasticity, with the China Containerized Freight Index (CCFI) remaining at a high level [2]. - The oil shipping market benefited from increased production by oil-exporting countries and intensified U.S. sanctions, leading to a recovery trend in freight rates, although the Baltic Dirty Tanker Index (BDTI) saw a year-on-year decline due to a high base from the previous year [2]. - The dry bulk shipping market faced a weaker outlook in the first half of 2025, with high coal and iron ore inventories leading to a decline in the Baltic Dry Index (BDI) [2]. Container Shipping - Container shipping capacity continues to be delivered, with demand significantly impacted by tariffs and geopolitical tensions. Despite fluctuations in freight rates due to changing tariff policies, the overall market remains relatively strong. The demand growth for ton-miles is projected at 2.6% for 2025 and -2.9% for 2026, assuming the Red Sea remains closed in 2025 [3]. - Freight rate outlook for the second half of 2025 suggests a return to normal seasonal variations after a high-level decline, with smaller vessel types facing less delivery pressure and emerging markets showing better prospects than mainline routes [3]. Oil Shipping - The oil shipping market is heavily influenced by geopolitical conflicts, with a favorable supply-demand balance for Very Large Crude Carriers (VLCCs) in 2025. The first half of 2025 saw freight rates fluctuate due to Middle Eastern conflicts and increased U.S. sanctions on Iran [4]. - Demand growth for oil ton-miles is expected to be 0.5% for 2025 and -1.3% for 2026, with limited growth in VLCC capacity projected at 0% for 2025 and 2.5% for 2026 [4]. Dry Bulk Shipping - The dry bulk shipping sector is expected to see a year-on-year decline in market conditions, with a focus on iron ore trade ton-miles improvement in 2026. High inventories of bulk commodities have led to a slowdown in transport volumes, with demand growth projected at -0.8% for 2025 and 0.9% for 2026 [5]. - Freight rates are anticipated to experience slight recovery in Q3 2025, but overall market conditions are expected to remain weaker than the previous year [5]. Investment Opportunities - In the second half of 2025, the focus should be on the regional container shipping market, benefiting from increased inter-regional maritime trade, with freight rates remaining relatively high. Notable companies to watch include DeXiang Shipping, HaiFeng International, and ZhongGu Logistics, which are expected to show significant growth in the first half of 2025 [6]. - There are also opportunities for left-side positioning in oil tanker stocks, which currently have relatively low valuations and significant upside potential during peak seasons or in the event of regional conflicts. Companies like COSCO Shipping Energy and China Merchants Jinling are recommended for consideration [6].

富时中国A50指数连续 金十图示：2025年07月03日（周四）富时中国A50指数成分股今日收盘行情一览：证券、消费电子、家电等板块收高，石油、煤 炭等板块收低，银行、保险等板块涨跌不一 -0.01(-0.18%) +0.06(+0.71%) +0.03(+0.71%) 保险 中国太保 中国平安 12,000 中国人保 电机 3825.38亿市值 3573.96亿市值 10161.31亿市值 5.06亿成交额 18.17亿成交额 6.14亿成交额 55.80 37.15 8.65 +0.03(+0.08%) -0.01(-0.02%) -0.04(-0.46%) 酸酒行业 贵州茅台 五粮液 山内对酒 17782.74亿市值 2142.50亿市值 4643.18亿市值 34.57亿成交额 10.02亿成交额 14.64亿成交额 1415.60 175.62 119.62 +6.00(+0.43%) 0.00(0.00%) +0.44(+0.37%) 术学体 北方华创 寒武纪-U 海光信息 HYGON 2368.09亿市值 2289.63亿市值 3146.22亿市值 13.25亿成交额 21.74亿成交额 12. ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The top of the freight rate has likely been reached, as Maersk's freight rate for the first week of the second half of July remained unchanged, and MSC's freight rate for the second half of July also remained the same as the first half. It is necessary to monitor the freight rate follow - up of other shipping companies, especially the PA Alliance [4]. - During the off - season, the EC2510 contract can be sold on rallies for hedging when the freight rate is falling [5]. 3. Summary by Directory I. Market Analysis - **European Routes**: Different shipping companies have different price quotes for the Shanghai - Rotterdam route. For example, Gemini Cooperation's Maersk Shanghai - Rotterdam price in week 29 is 1780/2980; HPL's quotes vary for different shipping periods. MSC + Premier Alliance and Ocean Alliance also have their own price quotes [1]. - **US Routes**: Earlier, the supply and demand of the US routes both increased, and the supply recovered rapidly. The freight rates on the US East and West routes have fallen from their highs. The weekly average capacity of the Shanghai - US East and West routes in June was 350,000 TEU, 243,400 TEU in May, 359,000 TEU in July, and 299,000 TEU in August. Maersk's Shanghai - Los Angeles price in week 29 is 1456/1820 (compared to 4296/5360 in the first half of June), and the Shanghai - New York price in week 28 is 3625 dollars/FEU (compared to 6410 dollars/FEU in the first half of June) [2]. II. Geopolitical Impact - Geopolitical events such as the Israeli air strikes in Gaza, the situation of the cease - fire agreement draft, and the US and Iran's statements may have an impact on the shipping market, but the specific impact is not elaborated in detail [2]. III. Shipping Capacity - **European Routes**: The monthly average weekly capacity of the Shanghai - European base ports was 261,900 TEU in July and 269,900 TEU in August. There were 8 blank sailings in July (5 by the OA Alliance and 3 by the MSC/PA Alliance) and 2 in August (both by the OA Alliance). The decrease in capacity in July was mainly due to the skipping of Shanghai ports by MSC's ALBATROS route from week 28 to week 31, with a reduction of about 15,000 TEU of allocated shipping capacity [3]. IV. Freight Rate Analysis - **European Routes**: The freight rate top has likely emerged. Historically, the Shanghai - European base port freight rate generally peaked around week 34. In 2024, it peaked in mid - July, and there is a strong game between the August contract expectations and reality. The delivery settlement price of the EC2508 contract is the arithmetic average of SCFIS on August 11th, 18th, and 25th [4]. V. Futures and Spot Prices - **Futures Prices**: As of July 3, 2025, the total open interest of all container shipping index European line futures contracts was 83,654 lots, and the single - day trading volume was 63,574 lots. The closing prices of different contracts are as follows: EC2602 at 1325.20, EC2604 at 1174.20, EC2506 at 1310.00, EC2508 at 1883.50, EC2510 at 1367.90, and EC2512 at 1528.00 [5][6]. - **Spot Prices**: On June 27th, the SCFI (Shanghai - Europe route) price was 2030 dollars/TEU, the SCFI (Shanghai - US West route) was 2578 dollars/FEU, and the SCFI (Shanghai - US East) was 4717 dollars/FEU. On July 1st, the SCFIS (Shanghai - Europe) was 2123.24 points, and the SCFIS (Shanghai - US West) was 1619.19 points [6]. VI. Container Ship Delivery - In 2025, it is still a big year for container ship delivery. As of June 28, 2025, 135 container ships have been delivered, with a total capacity of 1.069 million TEU. Among them, 41 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 615,000 TEU, and 6 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 142,400 TEU [7]. VII. Strategy - **Unilateral Strategy**: The main contract fluctuates. - **Arbitrage Strategy**: Go long on the December contract and short on the October contract [7].

Core Viewpoint - The first methanol dual-fuel container ship in China, "COSCO Shipping Yangpu," has successfully docked at Yangpu Port and completed its first green methanol refueling, marking a significant step towards low-carbon transformation in the shipping industry [1][2] Group 1: Industry Impact - The successful refueling of 200 tons of domestic green methanol on the "COSCO Shipping Yangpu" is expected to reduce carbon dioxide emissions by approximately 325 tons, showcasing the potential of green methanol in achieving low-carbon development in the shipping sector [1] - The application of green methanol is highlighted as an important choice for low-carbon development in the shipping industry, emphasizing the strategic position of Hainan Free Trade Port in logistics and green shipping [2] Group 2: Company Developments - "COSCO Shipping Yangpu" is the first domestically built methanol dual-fuel container ship, measuring 366 meters in length and 51 meters in width, with a maximum capacity of 16,000 TEUs, demonstrating the feasibility of "Chinese ships + Chinese green fuel" [2] - The ship's construction and operation reflect COSCO Shipping Group's comprehensive capabilities from ship design and construction to green fuel supply, contributing to the development of an international shipping hub at Yangpu Port [2]

Core Viewpoint - The announcement details the results of the stock option incentive plan for the second quarter of 2025, highlighting the number of shares exercised and the adjustments made to the stock option plan due to various corporate actions [1][2][3]. Group 1: Stock Option Exercise Results - A total of 446,622 shares were exercised by the incentive plan participants, with the shares to be listed for trading on the second trading day after the exercise date [1][6]. - The stock option exercise was conducted under the self-exercise model, and the newly issued shares are unrestricted for trading [6][9]. Group 2: Adjustments to Stock Option Plan - The exercise price for the first grant of options was adjusted from 3.15 CNY/share to 2.28 CNY/share, and for the reserved options from 2.69 CNY/share to 1.82 CNY/share due to the 2021 profit distribution [3][4]. - The company has also canceled unexercised options for individuals who no longer meet the eligibility criteria due to retirement, resignation, or performance issues, totaling 6,251,028 options [4][5]. Group 3: Impact on Share Capital Structure - Following the exercise of options, the total number of shares increased from 15,489,308,117 to 15,489,754,739, reflecting the addition of the exercised shares [9]. - The company raised 446,622 CNY from the exercise, which will be used to supplement its working capital [9][10]. Group 4: Financial Impact - The exercise of stock options is not expected to have a significant impact on the company's financial condition or operating results [10].

Group 1 - COSCO SHIPPING Holdings Co., Ltd. Unsponsored ADR (CICOY) is part of the Transportation sector, which includes 122 companies and ranks 4 in the Zacks Sector Rank [2] - CICOY currently holds a Zacks Rank of 2 (Buy), indicating a positive earnings outlook based on earnings estimates and revisions [3] - The Zacks Consensus Estimate for CICOY's full-year earnings has increased by 17.6% in the past quarter, reflecting improved analyst sentiment [4] Group 2 - CICOY has returned 7.7% year-to-date, outperforming the average loss of 3.7% in the Transportation group [4] - CICOY belongs to the Transportation - Shipping industry, which consists of 38 companies and ranks 31 in the Zacks Industry Rank; this industry has seen a loss of about 5.6% this year [6] - Another outperforming stock in the Transportation sector is Central Japan Railway Co. (CJPRY), which is up 19.7% year-to-date and has a Zacks Rank of 1 (Strong Buy) [5][7]

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6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中遠海運控股股份有限公司 呈交日期: 2025年7月2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) | 01919 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,199,780,000 | RMB | | 1 RMB | | 3,199,780,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 3,199,780,000 | RMB | | 1 RMB | | 3,199,780,000 | | 2. 股份分類 | 普通股 | 股份類別 | A | ...