FF305 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 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) 呈交日期： 2025年11月25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 ...

中远海控（601919）(01919)发布公告，于2025年11月25日，该公司斥资4030.37万港元回购300万股股 份，每股回购价格为13.38-13.48港元。 ...

智通财经APP讯，中远海控(01919)发布公告，于2025年11月25日，该公司斥资4030.37万港元回购300万 股股份，每股回购价格为13.38-13.48港元。 ...

格隆汇11月25日丨中远海控(01919.HK)发布公告，2025年11月25日耗资4030万港元回购300万股，回购 价格每股13.38-13.48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11月25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 ...

Summary of Key Points from the Shipping Geopolitics Playbook: Winter 2025 Edition Industry Overview - **Industry**: Shipping - **Key Geopolitical Dynamics**: Gaza cease-fire, Russia-Ukraine war, US-China trade tensions, IMO decarbonization [1][11] Core Insights and Arguments Gaza Cease-fire and Red Sea Rerouting - The potential end of Red Sea rerouting is a significant concern for container shipping, having reduced effective capacity by approximately 10% [2][15] - Oversupply has negatively impacted profitability in the container shipping segment since Q4 2024, but a return to the Suez Canal could lead to a sharp recovery in earnings [2][17] Russia-Ukraine War - Increased restrictions on Russian oil exports or a peace deal could positively impact crude tankers, driving demand for legitimate tankers and supporting a multi-year up-cycle [3][41] - The VLCC (Very Large Crude Carrier) market has seen a rally due to tighter sanctions on Russian oil, with spot market prices reaching multi-year highs [40][42] US-China Trade Tensions - The shift in global supply chains away from China due to near-shoring initiatives may benefit dry bulk shipping, while container shipping faces long-term demand risks [4][62] - A recent truce between the US and China has temporarily reduced trade barriers, but long-term risks remain due to ongoing geopolitical tensions [64][68] IMO Decarbonization - Slower vessel speeds may reduce effective supply, necessitating a recalibration of traditional supply/demand forecasts [5][5] - Compliance costs and capital expenditures are expected to rise, with varying impacts across shipping segments [5][5] Segment Preferences - **Preferred Segments**: VLCC tanker shipping is favored due to a rational supply side and increased demand for legitimate vessels [6][14] - **Least Preferred Segment**: Container shipping is viewed negatively due to potential oversupply and geopolitical risks [6][14] Stock Ratings - **Overweight (OW)**: CSE-H, CMES - **Equal Weight (EW)**: CSE-A, Pacific Basin - **Underweight (UW)**: Maersk, CSH-H/A, OOIL, NYK, MOL, K-Line [10][14] Additional Important Insights - The container shipping order book represents 32% of the total fleet, with a significant increase in new orders since 2020, leading to an effective supply growth forecast of 8.3% in 2025 [28][29] - The geopolitical dynamics are reshaping investor expectations regarding global trade flows, with shipping being a critical component of global trade [11][12] - The ongoing geopolitical events have caused unexpected disruptions in shipping cycles, diverging from traditional supply and demand forecasts [11][12] Conclusion - The shipping industry is currently navigating complex geopolitical landscapes that significantly impact various segments. The potential end of rerouting in the Red Sea, ongoing tensions between the US and China, and the implications of the Russia-Ukraine conflict are critical factors influencing market dynamics and investment strategies in the shipping sector.

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].