Core Viewpoint - The report from the招商中证红利交易型开放式指数基金 indicates a net value growth rate of 9.21% over the past year, with significant changes in the top ten holdings compared to the previous quarter [1]. Group 1: Fund Performance - The fund achieved a net value growth rate of 9.21% over the last year [1]. - The report highlights the addition of new stocks to the top ten holdings, including 潞安环能, 中谷物流, 农业银行, 南钢股份, and 建设银行 [1]. Group 2: Changes in Top Holdings - New entries in the top ten holdings include: - 潞安环能 (669709): 7.7764 million shares valued at 1.11 billion - 中谷物流 (603560): 10.0744 million shares valued at 1.1 billion - 农业银行 (601288): 161.424 million shares valued at 1.08 billion - 南钢股份 (600282): 199.957 million shares valued at 1.05 billion - 建设银行 (601939): 117.632 million shares valued at 1.01 billion [2]. - 宁波华翔 (002048) saw an increase in holdings by 56.7 thousand shares, making it the largest holding at 2.73 billion [1][2]. - Other stocks that exited the top ten holdings include 成都银行, 兴业银行, 大秦铁路, 江苏银行, and 交通银行 [1][2].

Core Viewpoint - A-share listed companies are increasingly implementing mid-term dividends, with a total of nearly 660 billion yuan distributed, approaching last year's total mid-term dividends [1][2] Group 1: Company Dividends - China Merchants Industry Holdings (中远海控) announced a cash dividend of 0.56 yuan per share, totaling nearly 8.7 billion yuan [1] - Changsha Bank plans to distribute over 800 million yuan in cash dividends, the highest among listed companies in Hunan [1][2] - Foxconn Industrial Internet and Beijing Yanjing Beer announced their first mid-term dividends of 6.551 billion yuan and 282 million yuan, respectively [2] Group 2: Company Performance - China Merchants Industry Holdings reported earnings per share of 1.12 yuan and a net profit of approximately 1.75 billion yuan, with a year-on-year growth rate of 3.95% [1] - Kefu Medical reported earnings per share of 0.82 yuan and a net profit of approximately 167 million yuan, with a year-on-year decline of 9.51% [3] - Changsha Bank reported earnings per share of 1.08 yuan and a net profit of approximately 4.33 billion yuan, with a year-on-year growth rate of 5.05% [3] Group 3: Industry Trends - Over 850 A-share listed companies have announced or implemented mid-term dividend plans, with over 442 companies having a total market value exceeding 10 billion yuan, accounting for over 50% of the total [2] - The trend of companies practicing multiple dividends a year is expected to attract long-term investment and enhance market resilience [3]

Market Overview - The shipping and port sector declined by 0.62% on October 22, with Haixia Co. leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Stock Performance - Notable gainers in the shipping and port sector included: - Zhonggu Logistics (603565) with a closing price of 11.18, up 1.82% [1] - Tangshan Port (601000) at 4.00, up 1.01% [1] - COSCO Shipping Specialized (600428) at 7.21, up 0.84% [1] - Major decliners included: - Haixia Co. (002320) at 13.59, down 7.55% [2] - Antong Holdings (600179) at 4.29, down 6.94% [2] - Haitong Development (603162) at 10.63, down 6.01% [2] Trading Volume and Capital Flow - The shipping and port sector experienced a net outflow of 752 million yuan from institutional investors, while retail investors saw a net inflow of 708 million yuan [2][3] - The trading volume for Zhonggu Logistics was 177,100 shares, with a transaction value of 197 million yuan [1] Individual Stock Capital Flow - Zhonggu Logistics (603565) had a net inflow of 10.93 million yuan from retail investors, while institutional investors saw a net outflow of 54.53 million yuan [3] - COSCO Shipping Holdings (601866) had a net inflow of 73,040 yuan from retail investors, with a minor outflow from institutional investors [3]

为新时代海员队伍建设精准谋划路径、凝聚行业共识。 10月20日，2025北外滩国际航运论坛同期活动"国际海员发展专题研讨会"在沪举行。本次会议以"为新时代高素质海员队伍打造体面工作与能力标 准"为主题，旨在依托深度对话与前瞻探讨，为新时代海员队伍建设精准谋划路径、凝聚行业共识。 上海市虹口区副区长陈帅在致辞中表示，无论是推动行业绿色转型、制定数字标准，还是关乎行业未来的海员发展议题，北外滩都愿成为最理想的 试验田与合作平台。"相信在北外滩这片热土上，理念的碰撞能够迅速转化为行动的共识，机构的相邻能够催生紧密的协同。虹口区将一如既往，以 最大的诚意和决心，支持ICS、中远海运集运及所有航运伙伴在北外滩的发展，让大家心无旁骛地成就事业、共创未来。" 国际航运公会秘书长Thomas Kazakos在致辞中，阐述了海员对于航运业未来发展的重大战略意义与时代价值，他表示做好海员的招聘和保留工作一直 以来都是国际航运公会的重点工作。他希望行业各方强化国际协同，共同致力于为海员创造更好的职业发展途径，提升职业价值认同感与社会尊重 度，为维护贸易运转、全球供应链稳定提供坚实保障。 中远海运控股股份有限公司/中远海运集装箱运输 ...

Core Insights - Shanghai Baoshan District's green low-carbon industry scale reached 100.369 billion yuan in 2024, marking its entry into the "billion club" for the first time [1] - The district is transforming from an old industrial base to a "new highland of green development" through supply chain innovation, industrial cluster breakthroughs, and accelerated enterprise aggregation [1] Group 1: Green Industry Development - Green manufacturing accounted for 48.266 billion yuan, nearly half of the total green low-carbon industry scale [1] - Green energy, green services, and circular economy sectors each surpassed 10 billion yuan in scale [1] Group 2: Supply Chain and Collaboration - The first green low-carbon supply chain public service platform in Shanghai was launched in Baoshan District, connecting 26 cross-provincial cooperative enterprises from Jiangsu, Zhejiang, and Anhui [2] - The platform aims to create a full-chain service network covering supplier access, product carbon footprint accounting, and low-carbon technology matching [2] Group 3: Ecosystem and Industry Attraction - The "Eight Ones" ecological system has been established to support the industry, including a carbon-neutral industrial park and a green low-carbon supply chain platform [3] - The CN100 Green Low-Carbon Supply Chain Alliance has attracted 35 leading enterprises from key industries, forming a cross-sector collaborative "green industry matrix" [3] Group 4: Agricultural Sector Initiatives - A dual-carbon information disclosure platform for the pesticide industry was co-established with the China Pesticide Industry Association to promote low-carbon transformation [4] - The district will host important events for the CN100 alliance, facilitating the launch of green products and technologies [4] Group 5: Future Goals and Strategies - By 2025, Baoshan aims to enhance its "aggregation, contribution, and visibility" in the green low-carbon industry [5] - The district plans to optimize public service platforms, develop carbon databases, and promote green trade transformation [5] Group 6: Vision for Leadership - Baoshan District aims to become a leader in green rules and a source of low-carbon technology, focusing on the development of a green low-carbon supply chain standard system [6]

Core Insights - The global shipping industry is facing unprecedented changes, necessitating technological breakthroughs and innovative resource allocation for high-quality development [1][2] - Digitalization is identified as the core engine for new productivity in shipping, with a focus on overcoming data silos to enhance efficiency [2] - The construction of a green shipping ecosystem requires collaboration across various sectors, including shipping, shipbuilding, technology, ports, energy, and finance [3] Group 1 - The world is experiencing significant changes, and the instability of supply chains is becoming more pronounced, requiring deep transformation in the shipping industry [1] - Industry chain collaboration is seen as a pathway to address external uncertainties, emphasizing long-term partnerships with supply chain stakeholders [2] - The company is developing a digital platform for integrated port and shipping trade, aiming for full visibility and smart decision-making across the supply chain [2] Group 2 - Artificial intelligence is recognized as a transformative force in the industry, enhancing operational efficiency and reshaping industry dynamics [2] - The company has achieved high coordination in its port operations, significantly improving the efficiency of smart terminals [2] - The company plans to strengthen innovative cooperation with domestic and international ports to create green shipping corridors and hubs [3] Group 3 - The company advocates for a global multilateral consultation mechanism to support the implementation of a net-zero emissions framework in international maritime organizations [3] - Future explorations will include smart autonomous navigation and blockchain-based bill of lading frameworks to establish fair and inclusive global shipping governance [3]

Group 1: Forum Overview - The "2025 North Bund International Shipping Forum" opened in Shanghai with a focus on "Collaborative Promotion of Global Shipping Sustainable Development" [1] - This year's forum is the fifth edition, co-hosted by the Ministry of Transport and the Shanghai Municipal Government, and aims to accelerate the construction of Shanghai as an international shipping center [1] - A record 30 new industry achievements were announced at the opening, with over 50 expected to be released during the forum [1] Group 2: Global Supply Chain Challenges - The global logistics supply chain is facing severe challenges due to rising unilateralism and protectionism [3] - Turkey's Deputy Minister of Transport emphasized the need for multi-modal transport to build a more resilient logistics network, highlighting Turkey's strategic role as a transit hub between China and Europe [3] - Turkey aims to operate 1,000 direct freight trains annually between China and Europe, focusing on infrastructure digitalization, sustainable transport, and enhancing industry resilience [3] Group 3: Aviation and Logistics Developments - Shanghai Pudong Airport has become the world's second-largest air cargo hub, with significant investments in multi-modal transport facilities [4] - The airport's new initiative aims to enhance its international air hub brand, focusing on comprehensive transformation in products, services, and efficiency [4] - China Eastern Airlines plans to open 23 new medium to long-haul international routes starting in 2024, enhancing its connectivity with Belt and Road countries [4] Group 4: Efforts Towards Net Zero Emissions - The shipping and air transport sectors are jointly responsible for about 6% of global greenhouse gas emissions, necessitating collaborative measures for sustainable development [7] - The International Maritime Organization (IMO) aims for net-zero emissions in shipping by around 2050, with significant investments in zero-emission vessels [7] - Over 200 vessels designed for zero or net-zero emissions are currently in operation, with expectations to exceed 1,000 by 2030, representing an investment of over $150 billion [7] Group 5: China's Green Shipping Initiatives - China's shipping industry is making solid progress in green transformation, focusing on a full-chain transport model and reducing carbon intensity [8] - The development of green vessels is being accelerated, with over one-third of new ship orders in 2024 expected to use alternative clean fuels [8] - China is leading in the construction of a green fuel supply network, with ports implementing regular LNG and methanol refueling [8] Group 6: Collaborative Initiatives for Green Shipping - Several green shipping corridors are being established, including collaborations between Shanghai and European ports to facilitate decarbonization [12] - Initiatives are underway to create a green and digital shipping corridor between Shandong and Singapore, promoting low-carbon shipping practices [12] - The forum will feature discussions among international organizations, industry leaders, and experts on key issues and innovations in the shipping sector [12]

Investment Rating - The report rates the transportation industry as "Positive" [1] Core Insights - Over 80% of transportation companies have performed well in ESG scores, with 15 companies scoring above 80 and 12 above 90, representing 83% and 67% respectively [9][11] - 94% of the 18 central enterprises in the transportation sector have completed the required disclosures regarding importance assessment, but only 33% have disclosed third-party verification reports [11][13] - Companies in the high score range actively disclose climate change issues, while those in the lower range focus more on environmental issues, indicating a need for improvement in climate-related disclosures [16][17] - The report highlights the social responsibilities of transportation enterprises, particularly in rural revitalization and safety operations, with a 94% disclosure rate for safety operations [37][41] - Governance scores are generally high, with many companies integrating party building into their governance structures, showcasing a unique governance advantage [47][51] Summary by Sections Overall Performance - More than 80% of transportation companies have good overall ESG scores, with detailed financial importance disclosures and high scores in environmental, social responsibility, and governance aspects [9][16] Importance Assessment - 94% of companies have completed the required disclosures, with 17 out of 18 companies highlighting financial importance [11][13] Environmental & Climate - 83% of companies scored between 30-34 in environmental issues, with high disclosure rates for waste management (100%) and energy management (96%) [16][20] - Climate management disclosures show a high completion rate of 89%, but climate strategy disclosures need improvement, with only 56% of companies fully disclosing [32][35] Social Responsibility - Transportation enterprises have detailed their efforts in rural revitalization and social contributions, achieving a 100% disclosure rate for social responsibility [41][42] - Safety operations are a key focus, with 94% of companies disclosing relevant information [37][45] Governance - Governance scores are high, with 14 companies disclosing governance structures and mechanisms, and many integrating party building into their governance [47][51] - 94% of companies focus on safety risk management, with detailed disclosures on safety management systems [53][56]

Core Viewpoint - The Chinese shipping industry has demonstrated strong resilience and vitality over the past year, achieving new results in high-quality development amidst complex environments [3]. Shipping Economic Performance - The maritime connectivity of China has maintained the world's highest ranking for 19 consecutive years, with the international shipping volume expected to account for 31.3% of global shipping volume in 2024. The port cargo throughput and container throughput have ranked first globally for several years [4]. - In the first eight months of this year, the national waterway freight volume reached 6.56 billion tons, a year-on-year increase of 3.8%. The total cargo throughput at ports was 12.03 billion tons, up 4.4%, and container throughput was approximately 23 million TEUs, increasing by 6.3% [4]. Shipping Infrastructure Development - Major waterway infrastructure projects are advancing, with the construction progress of the Xiaoyangshan North Container Terminal exceeding 50% and the Pinglu Canal over 80% [5]. - In the first eight months, national waterway construction investment reached 143.27 billion yuan, a year-on-year increase of 3.6%, providing strong support for domestic demand expansion and stable growth [5]. Smart Port Construction - China has built 60 automated terminals, leading global smart port construction. The national electronic navigation chart has surpassed 10,000 kilometers in published mileage [7]. - The use of shore power for vessels has become normalized, with annual usage expected to exceed 200 million kilowatt-hours [7]. Regulatory and Policy Framework - The revision of the "International Shipping Regulations" provides a solid legal guarantee for national maritime safety and development. A comprehensive policy system for high-quality inland waterway shipping development has been established [8]. International Cooperation - China has signed maritime agreements with Kuwait and has reached 70 countries and regions for bilateral and multilateral maritime agreements. The Shanghai International Shipping Center ranks among the top three globally [9]. Shanghai International Shipping Center Development - The Shanghai International Shipping Center has transitioned from "basically completed" to "fully completed" during the 14th Five-Year Plan, maintaining a top-three global ranking [10]. Port and Airport Development - Shanghai Port's container throughput is expected to reach 51.506 million TEUs in 2024, maintaining its position as the world's largest port for 15 consecutive years [12]. - In the first nine months, Shanghai's airport handled 1 billion passengers and 3.2869 million tons of cargo, with respective year-on-year growth of 8.04% and 6.72% [12]. Cruise Port Development - The first domestically produced large cruise ship, "Aida·Magic City," will commence commercial operations in January 2024. In the first nine months, Shanghai's cruise port received 225 international cruise calls, with passenger throughput increasing by nearly 45% [13]. Shipping Service Enhancement - Shanghai has established a multi-level, full-chain temporary arbitration system for maritime disputes, filling a domestic gap. The first foreign-related maritime temporary arbitration case was adjudicated in Shanghai in August 2024 [14]. Green and Smart Shipping Transition - Shanghai Port's LNG refueling capacity is increasing, and it has become one of the few ports globally capable of both LNG and methanol refueling. The Shanghai International Shipping Carbon Footprint Labeling Association has been established [15]. - The Yangshan Deepwater Port's fully automated terminal is now operational, and a digital trade platform has been launched [15][16]. 2025 North Bund International Shipping Forum - The forum, co-hosted by the Ministry of Transport and the Shanghai Municipal Government, will take place from October 19 to 21, 2025, focusing on global shipping sustainable development [17][19]. - The forum will include various sub-forums and activities, with an expected attendance of 4,000 participants from over 50 countries and regions [19].

格隆汇10月16日丨中远海控(01919.HK)宣布，将于2025年10月30日(星期四)举行董事会会议，以考虑及 通过(其中包括)公司及其附属公司截至2025年9月30日止九个月的未经审核业绩。 ...