Core Viewpoint - Daiwa's report indicates that China COSCO Shipping Holdings (中远海控) is expected to show stable operational performance in Q3 2025, providing substantial shareholder returns through buybacks and dividends. However, profit pressure is anticipated to increase in 2026, leading to a downgrade in rating from "Outperform" to "Hold" due to a lack of catalysts, weak profit outlook, and limited upside potential for the target price, which remains at HKD 14 [1] Group 1 - The Q3 2025 operational performance of China COSCO Shipping Holdings is robust, with significant shareholder returns expected through buybacks and dividends [1] - The rating has been downgraded from "Outperform" to "Hold" due to anticipated profit pressures in 2026 and a lack of catalysts for stock price movement [1] - The target price is maintained at HKD 14, reflecting limited upside potential [1] Group 2 - The earnings per share (EPS) forecast for 2025 has been raised by 18% to reflect better-than-expected Q3 performance [1] - EPS forecasts for 2026 and 2027 have been reduced by 23% to 47% based on adjustments in freight rates and cargo volume predictions [1]

COSCO SHIPPING Holdings (601919.SS) Analyst Briefing Summary Company Overview - **Company**: COSCO SHIPPING Holdings - **Stock Codes**: 601919.SS (A-shares), 1919.HK (H-shares) - **Market Cap**: Rmb240.7 billion / $33.8 billion - **Enterprise Value**: Rmb123.2 billion / $17.3 billion - **Current Price**: Rmb15.03 (A-shares), HK$13.67 (H-shares) - **12-month Price Target**: Rmb16.00 (A-shares), HK$12.50 (H-shares) Key Takeaways from the Analyst Briefing Industry Outlook - Management is **cautiously optimistic** about long-term industry freight rates due to: - Over **25%** of existing containerships exceeding **20 years** of age by **2028-30**, necessitating scrapping under decarbonization regulations [2][3] - Strong cargo volume growth, particularly from **Southeast Asia, Europe, and Africa** routes [2][19] Q3 Performance Highlights - **Earnings Beat**: Q3 earnings exceeded expectations, attributed to: - Higher freight rates from increased exposure to **intra-Asia routes** [2][23] - Lower costs compared to peers, with container shipping costs rising **6% YoY** but unit costs only increasing **1% YoY** [23] - **Spot Rate Increase**: A pick-up in spot rates was observed in October, driven by strong demand ahead of **Black Friday** and frontloading due to anticipated US tariffs on Chinese goods [2][23] Financial Metrics - **Revenue Forecasts**: - 2025E: Rmb211,746.6 million - 2026E: Rmb205,699.3 million - 2027E: Rmb206,546.4 million [17] - **EBITDA**: - 2025E: Rmb50,426.7 million - 2026E: Rmb41,488.5 million - 2027E: Rmb37,791.5 million [17] - **EPS**: - 2025E: Rmb1.92 - 2026E: Rmb1.28 - 2027E: Rmb0.95 [17] Cost Management - The company has maintained a lower unit fuel cost compared to peers, attributed to higher fuel efficiency and a greater proportion of self-owned vessels [23] Capital Expenditure - As of September 2025, COSCO has a **Rmb57.8 billion** capital expenditure commitment, with **Rmb53.8 billion** allocated for new vessel construction [23] Regulatory Impact - The delay of **USTR port fees** (Rmb2 billion) on China-built and operated vessels has positively impacted the financial outlook, leading to a revision of net profit forecasts for 2025-27E by **25% to 46%** [21][22] Market Position - COSCO holds the **4th largest container fleet** globally, with a capacity of **3.2 million TEU** as of 1H24 [29] Risks and Considerations - **Upside Risks**: - Unexpected events leading to a reduction in effective capacity - Potential special dividend payouts [28][31] - **Downside Risks**: - Faster-than-expected new ship deliveries - Weaker-than-expected global trade demand [28][31] Conclusion - COSCO SHIPPING Holdings is positioned to benefit from long-term industry trends despite current market challenges. The company’s focus on cost management and strategic route exposure has allowed it to outperform peers in Q3, while regulatory changes have provided a more favorable financial outlook. The investment rating remains **Neutral** due to ongoing uncertainties in global trade dynamics and shipping rates.

Core Viewpoint - The performance of the China Securities State-Owned Enterprises Dividend Index (000824) has shown a slight decline, with a focus on dividend-paying stocks amid increased market volatility and a shift in investor behavior towards defensive strategies [1][2]. Group 1: Market Performance - As of November 5, 2025, the China Securities State-Owned Enterprises Dividend Index (000824) decreased by 0.01%, with leading stocks such as Shanghai Pudong Development Bank (600000) rising by 1.55% [1]. - The National Enterprise Dividend ETF (159515) experienced a turnover of 0.12% during the trading session, with a total transaction value of 55,100 yuan, while the average daily transaction value over the past week was 5.8418 million yuan [1]. Group 2: Sector Analysis - The technology growth sector has been experiencing fluctuations since the fourth quarter, leading to increased market volatility and a cautious approach from investors [1]. - There is a notable shift from aggressive investment strategies to defensive positioning, which has allowed the dividend sector to maintain a relatively strong performance [1]. Group 3: Policy and Long-term Outlook - Short-term analysis indicates that during periods of market fluctuation, the cost-effectiveness of dividend-style investments becomes more pronounced [1]. - Long-term policies, such as the new "National Nine Articles" and market capitalization management, are encouraging listed companies to distribute dividends, which is beneficial for state-owned enterprises in stabilizing dividend expectations and enhancing investor returns [1].

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. has announced that as of October 31, 2025, the company has not yet initiated its A-share stock repurchase plan and will consider implementing this plan based on market conditions [1] Summary by Category - **Company Actions** - The company has not commenced its A-share stock repurchase as of the specified date [1] - Future implementation of the repurchase plan will depend on market conditions [1]

Core Points - China COSCO Shipping Holdings Co., Ltd. has conducted share buybacks, purchasing 4.5 million shares at prices ranging from HKD 13.600 to HKD 13.960, totaling HKD 61.705 million on November 4 [2] - The stock closed at HKD 13.670 on the same day, reflecting a decline of 1.51%, with a total trading volume of HKD 502 million [2] - Since October 31, the company has repurchased a total of 9 million shares over three consecutive days, amounting to HKD 123 million, while the stock price increased by 2.17% during this period [2] - Year-to-date, the company has executed 90 buybacks, acquiring a total of 349 million shares for a cumulative amount of HKD 4.53 billion [2] Buyback Details - On November 4, 2025, the company repurchased 450,000 shares at a maximum price of HKD 13.960 and a minimum price of HKD 13.600, with a total expenditure of HKD 61.705 million [2] - On November 3, 2025, the company bought back 150,000 shares at a maximum price of HKD 13.910 and a minimum price of HKD 13.560, costing HKD 20.717 million [3] - On October 31, 2025, the company repurchased 300,000 shares at a maximum price of HKD 13.750 and a minimum price of HKD 13.350, with a total cost of HKD 40.706 million [3]

Group 1 - The company announced a buyback of H-shares totaling 856,900 shares at a price range of 6.99 to 7.19 HKD per share, with a total expenditure of 6.0605 million HKD [1] - The company also repurchased A-shares amounting to 5,081,308 shares at a price range of 7.85 to 7.90 CNY per share, with a total expenditure of 39.9996 million CNY [1]

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4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 | 佔有關事件前的現有已發 行股份（不包括庫存 ...

FF301 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10月31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11月4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 | | | 2,971,819,500 | RMB | | | 1 RMB | | 2,971,819,500 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 2,971,819,500 | RMB | | | 1 RMB | | 2,971,819,500 | | ...

Core Viewpoint - China COSCO Shipping Holdings (中远海控) has not yet initiated its A-share stock repurchase plan as of October 31, 2025, and will consider implementing the buyback based on market conditions [1] Summary by Categories - **Company Actions** - The company has not commenced the A-share stock repurchase [1] - Future implementation of the buyback plan will depend on market conditions [1]

Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. (中远海控) has announced that as of October 31, 2025, it has not yet initiated its A-share stock repurchase plan, and the company will consider implementing this plan based on market conditions in the future [1] Summary by Category - Company Actions - The company has not commenced its A-share stock repurchase as of the specified date [1] - Future implementation of the repurchase plan will depend on market conditions [1]