Core Viewpoint - The Hong Kong stock market is experiencing a short-term pullback post-National Day holiday, but the long-term driving logic remains unchanged, providing investors with opportunities to buy on dips [1] Group 1: Stock Buybacks - A total of 42 Hong Kong stocks were repurchased, with 9 stocks having buyback amounts exceeding 10 million HKD [1] - Tencent Holdings, COSCO Shipping Holdings, and China International Marine Containers had the largest buyback amounts, at 636 million HKD, 40.35 million HKD, and 35.9467 million HKD respectively [1] Group 2: Market Outlook - Institutions generally hold an optimistic view on the future of the Hong Kong technology sector [1] - According to China Merchants Securities, while short-term market volatility may increase, the long-term upward trend remains intact, with AI being the core theme of the Hong Kong market [1] - Guotai Junan Securities highlights a dual support logic for the fourth quarter, suggesting that the Hong Kong stock market may reach new highs due to improving fundamentals and continuous capital inflow [1] - The narrative in the internet industry has shifted towards "AI empowerment," with related policies continuing to strengthen, leading to a gradual recovery in the fundamentals of the technology sector [1] - The influx of foreign capital and sustained southbound fund inflows are providing ample incremental funds to the Hong Kong market [1] - Stocks benefiting from the AI industry cycle are expected to be the core theme for the year-end market [1]

Core Insights - The China Securities State-Owned Enterprises Dividend Index has shown a slight increase of 0.15% as of November 25, 2025, with notable gains in constituent stocks such as Fujian Expressway, which rose by 9.97% [1] - The National Enterprise Dividend ETF (159515) has also increased by 0.26%, indicating a positive trend in dividend-focused investments [1] - Market sentiment is under pressure due to a lack of performance policies and fluctuating expectations regarding the Federal Reserve's interest rate decisions, leading to a focus on dividend assets [1] Market Performance - The National Enterprise Dividend ETF recorded a turnover rate of 0.06% with a transaction volume of 27,200 yuan, and an average daily transaction volume of 3.54 million yuan over the past week [1] - The overall industry prosperity index continued to decline in October, but at a slower rate, with essential consumption, midstream manufacturing, and large financial sectors showing the most improvement [1] Investment Strategy - The dividend strategy is highlighted as a foundational investment approach, focusing on high dividend yields and stable cash flows from quality enterprises, which can provide continuous cash flow and long-term compounding potential [1] - A balanced investment approach is recommended, incorporating growth, cyclical, and dividend assets to identify opportunities with improving industry conditions and relatively low valuations [1] Index Composition - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high and stable cash dividend yields, reflecting the overall performance of high-dividend securities among state-owned enterprises [2] - As of October 31, 2025, the top ten weighted stocks in the index accounted for 17.08% of the total index weight, including companies like COSCO Shipping Holdings and Agricultural Bank of China [2]

Group 1 - Recent stock buybacks and shareholder increases from over 60 companies in the Shanghai market signal positive market expectations [2][3] - On November 21, approximately 40 companies in the Shanghai market announced buybacks and operational improvements, with over 30 buyback announcements [3] - Companies like Huida Technology and Yuyuan Group initiated new buyback plans, with Yuyuan Group planning to buy back between 80 million to 120 million yuan [3][4] Group 2 - Spring Airlines accelerated its buyback efforts, planning to repurchase shares worth 300 million to 500 million yuan for employee stock ownership plans [4] - Huida Technology announced a buyback plan of 200 million to 400 million yuan, representing 0.35% to 0.69% of its total share capital [4] - Heng Rui Pharmaceutical reported a total buyback of 889,870 shares for approximately 59.79 million yuan [5] Group 3 - State-owned enterprises like Sinopec and Fenghuo Communication disclosed their buyback and increase progress, with Sinopec completing a buyback of 48.82 million shares for 270 million yuan [6][7] - China Glass has repurchased 34.18 million shares, accounting for 0.85% of its total share capital, with over 534 million yuan spent [6] Group 4 - The hard technology sector saw at least 14 companies report buyback progress and contract orders, indicating strong market confidence [8] - JinkoSolar announced the mass production of its TigerNeo3.0 product, achieving a production efficiency of over 24.8% and a power output of up to 670W [8]

Summary of Asia Shipping Ecosystems Conference Call Industry Overview - The conference call focused on the Asia shipping industry, particularly the outlook for 2026 and the current dynamics affecting the sector [2][7][8]. Key Insights Demand Trends - Demand trends are highly bifurcated: - Asia-Europe and intra-region trade are resilient. - US routes are lagging, with container imports down approximately 7% year-over-year (Y/Y) [2][7]. - Europe has seen an 11% increase in trade, while the rest of the world is up 8% [2][7]. - Global trade excluding North America has grown around 6%, which is double the normal rate [2][7]. Supply Dynamics - Vessel delivery schedules and evolving emissions standards are critical factors shaping the market: - Global demand has increased by approximately 7-8% since Q4 2023, while global capacity has grown by about 11-12% [7]. - Anticipated large vessel deliveries in 2027/28 could lead to a cyclical downturn, reminiscent of 2015-16, but not as severe as the 2008 crash [7]. - Only 13% of the fleet is up for scrapping, indicating muted scrapping activity [7]. Trade Policy and Geopolitical Factors - Trade policy remains uncertain, particularly regarding the USTR 301 tariff issue, which is politically driven and likely to resurface [7][8]. - The Red Sea passage is a significant variable, with carriers expected to act cautiously due to geopolitical developments [9]. Intra-Region Trade - Intra-region trade is a bright spot, driven by supply chain realignment and India's emergence as a major market [7][8]. - Infrastructure gaps in India, particularly in port capacity, are creating demand for smaller feeder vessels [7]. Shipping Alliances - Ongoing reshuffles in shipping alliances are influencing competitive dynamics: - Financial strength allows carriers to manage capacity without engaging in price wars [8]. - Major carriers like Maersk and Hapag-Lloyd have seen volume growth, but rate declines are attributed to individual strategies rather than alliance structures [8]. Stock Ratings and Recommendations - Overweight ratings are maintained for: - TS Lines (intra-region) - COSCO - OOIL - Evergreen Marine - Mitsui OSK - An Underweight rating is retained for YZJ Shipbuilding, as the shipbuilding cycle has peaked [2][7]. Financial Metrics - The report includes financial metrics for various shipping companies, highlighting potential upside and market capitalization [10][11][12]. Conclusion - The Asia shipping sector is navigating a complex landscape with mixed opportunities and risks. Resilience and adaptability will be key themes for 2026 and beyond, with intra-region trade and supply chain realignment presenting potential growth areas [2][7].

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 | 1). | 購回股份(擬註銷但截至期終結存日期尚未註銷) | 3,000,000 | 0.1042 % | HKD | 13.57 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2025年10月31日 | | | | | | 2). | 購回股份(擬註銷但截至期終結存日期尚未註銷) | 1,500,000 | 0.0521 % | HKD | 13.81 | | | 變動日期 2025年11月3日 | | | | | | 3). | 購回股份(擬註銷但截至期終結存日期尚未註銷) | 4,500,000 | 0.1563 % | HKD | 13.71 | | | 變動日期 2025年11月4日 | | | | | | 4). | 購回股份(擬註銷但截至期終結存日期尚未註銷) | 1,250,000 | 0.0434 % | HKD | 13.43 | | | 變動日期 2025 ...

Core Viewpoint - China COSCO Shipping Holdings (中远海控) announced a share buyback plan, intending to repurchase 3 million shares for a total cost of HKD 40.35 million [1] Group 1 - The company plans to execute the buyback on November 24, 2025 [1] - The total expenditure for the buyback is approximately HKD 40.35 million, which reflects the company's confidence in its stock value [1] - The repurchase of shares is expected to enhance shareholder value and improve earnings per share [1]

格隆汇11月24日丨中远海控(01919.HK)发布公告，2025年11月24日耗资4035万港元回购300万股，回购 价格每股13.41-13.56港元。 ...

智通财经APP讯，中远海控(01919)发布公告，于2025年11月24日斥资4035万港元回购300万股。 ...

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 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 | | | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | 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 ...

Core Viewpoint - Recently, China COSCO Shipping (Shanghai) Shipping Technology Co., Ltd. was established with a registered capital of 1 billion yuan, focusing on artificial intelligence software development and applications [1] Company Summary - The new company is fully owned by China COSCO Shipping Group Co., Ltd. [1] - The business scope includes development of artificial intelligence theories and algorithms, general application systems, application software, and industry-specific system integration services [1]