Company Overview - Recently, COSCO Shipping Crew Management Co., Ltd. underwent a business change, with Han Chao resigning as the legal representative and chairman, succeeded by Weng Yi [1] - The registered capital increased from 700 million RMB to 1.7 billion RMB, representing an increase of approximately 143% [1] - The company was established in November 2004 and is fully owned by China COSCO Shipping Group Co., Ltd. [1] Business Operations - The company's business scope includes domestic ship management, labor dispatch, seafarer dispatch, ordinary waterway cargo transportation, publication, international ship management, ship sales, and transportation equipment leasing services [1][2] - The company operates under the supervision of the Free Trade Zone Lingang New Area Market Supervision Administration [2] Management Changes - Multiple senior management changes occurred alongside the leadership transition [1] - The company has a significant employee base, with 26,628 insured individuals reported [2]

中远海运船员管理有限公司成立于2004年11月，经营范围含国内船舶管理业务、劳务派遣、海员外派业 务、水路普通货物运输、出版物出版、国际船舶管理业务、船舶销售、运输设备租赁服务等。股东信息 显示，该公司由中国远洋海运集团有限公司全资持股。 天眼查工商信息显示，12月4日，中远海运船员管理有限公司发生工商变更，韩超卸任法定代表人、董 事长，由翁羿接任，注册资本由7亿人民币增至17亿人民币，增幅约143%，同时，多位高管发生变更。 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the content. 2. Core Viewpoints - The EC12 contract is moving towards the delivery logic with little deviation. P1 is around 1550 - 1600 points, P2 is between 1650 - 1700 points, and P3 is expected to be flat [3]. - The EC02 contract has a neutral valuation with short - term upward drivers. Due to the improvement in cargo volume, there are expectations of stable freight rates in late December and price increases in January. Historically, freight rate peaks often occur 4 - 5 weeks before the Spring Festival (mid - to - late January 2026). However, the large amount of available capacity in January 2026 may suppress the peak. A cautious long - position view is maintained [3]. - The EC04 contract has limited short - term downside space. Attention should be paid to the short - selling opportunities when it may rise following the near - month contract [3]. 3. Summary by Category Futures Contract Data - EC2512: Yesterday's closing price was 1658.6, up 0.58% with a trading volume of 443 and an open interest of 3500, a decrease of 231 [2]. - EC2602: Yesterday's closing price was 1609.9, up 1.57% with a trading volume of 37284 and an open interest of 32215, a decrease of 2007 [2]. - EC2604: Yesterday's closing price was 1092.9, up 0.26% with a trading volume of 4598 and an open interest of 19350, an increase of 229 [2]. - EC2606: Yesterday's closing price was 1252.5, down 0.21% with a trading volume of 180 and an open interest of 2108, a decrease of 33 [2]. - EC2608: Yesterday's closing price was 1367.1, down 1.34% with a trading volume of 88 and an open interest of 1226, an increase of 10 [2]. - EC2610: Yesterday's closing price was 1040.0, down 0.02% with a trading volume of 406 and an open interest of 3976, an increase of 15 [2]. Month - spread Data - EC2512 - 2504: The month - spread was 565.7, with a day - on - day increase of 6.7 [2]. - EC2512 - 2602: The month - spread was 48.7, with a day - on - day decrease of 15.4 [2]. - EC2502 - 2604: The month - spread was 517.0, with a day - on - day increase of 22.1 [2]. Index Data - SCFIS (European Line): Updated on 2025/12/5, at 1400 dollars/TEU, down 0.28% [2]. - CCFI: Updated on 2025/12/5, at 1447.56 points, down 0.12% [2]. - NCFI: Updated on 2025/12/5, at 967.55 points, down 5.57% [2]. European Line Spot Freight Situation - Week 50: Maersk's opening price dropped to $2200, setting the tone. Other shipping companies followed suit, with OA at $2300 - 2400 and PA at $1900 - 2100. The current central price is $2200, equivalent to 1550 points on the futures market [4]. - Week 51: Maersk's opening price was $2400 (+$200), and COSCO's offline price was $2400 (+$200). Maersk announced a price increase for January, with the freight for 20 - foot/40 - foot containers on the European line rising to $2275/$3500 respectively [4].

证券时报·数据宝统计，中远海控在港交所公告显示，12月5日以每股13.820港元至14.010港元的价格回 购300.00万股，回购金额达4167.45万港元。该股当日收盘价13.880港元，下跌0.50%，全天成交额2.05 亿港元。 自10月31日以来公司已连续26日进行回购，合计回购6954.30万股，累计回购金额9.58亿港元。 其间该 股累计上涨3.74%。 今年以来该股累计进行117次回购，合计回购4.59亿股，累计回购金额61.13亿港元。（数据宝） 中远海控回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.05 | 300.00 | 14.010 | 13.820 | 4167.45 | | 2025.12.04 | 300.00 | 13.990 | 13.890 | 4182.18 | | 2025.12.03 | 300.00 | 13.860 | 13.720 | 4137.25 | | 2025.12.02 | 300.00 | 13 ...

- The "CSI Central State-owned Enterprises Dividend 50 Index" (931231.CSI) is constructed based on a dual-dimension screening method combining "central enterprise attributes" and "high dividend yield factors" [38][39][43] - The index selects 50 listed companies with high cash dividend yields from central enterprises under the State-owned Assets Supervision and Administration Commission (SASAC) and includes companies with stable cash flows, continuous dividends, and clear dividend payout ratios [38][39][43] - The index's sample space includes A-shares and depositary receipts issued by red-chip enterprises, meeting criteria such as being controlled by SASAC, ranking in the top 80% in terms of average daily market value and trading volume over the past year, and maintaining a dividend payout ratio between 0 and 1 over the past three years [38][39][43] - The index is rebalanced annually, with adjustments implemented on the trading day following the second Friday of December each year [38][39][43] Index Backtesting Results - The CSI Central State-owned Enterprises Dividend 50 Index achieved a cumulative return of 7.65% and an annualized return of 5.70% from January 1, 2025, to December 1, 2025 [45][49][51] - The index's annualized volatility was 11.86%, with a Sharpe ratio of 0.31 and a maximum drawdown of 10.82% during the same period [45][49][51] - The weighted dividend yield of the index was 4.46%, ranking among the top in similar indices [49][51][60] Factor Exposure Analysis - Based on the Barra model, the index exhibits significant positive exposure to value factors such as high earnings yield and high book-to-price ratio, while showing negative exposure to risk factors like low beta and low residual volatility [68][70][72] - The index avoids momentum and growth factors, indicating a focus on stable, low-volatility assets rather than chasing market trends [68][70][72]

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5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 | 股份類別 | H | | 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 ...

格隆汇12月5日丨中远海控(01919.HK)发布公告，2025年12月5日耗资4167.5万港元回购300万股，回购 价格每股13.82-14.01港元。 ...

智通财经APP讯，中远海控(01919)发布公告，该公司于2025年12月5日斥资4167.45万港元回购300万股 股份，每股回购价格为13.82-14.01港元。 ...

中远海控（601919）(01919)发布公告，该公司于2025年12月5日斥资4167.45万港元回购300万股股份， 每股回购价格为13.82-14.01港元。 ...

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5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 | 股份類別 | H | | 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 ...