Core Insights - The Hainan sector in the A-share market experienced a collective rise, with notable gains in various companies, indicating positive market sentiment and potential investment opportunities [1] Company Performance - Kangzhi Pharmaceutical saw a significant increase of 17.10%, with a total market capitalization of 3.709 billion [2] - Hainan Airport and Zhongtung High-tech both reached the 10% limit up, with market capitalizations of 56.1 billion and 56.4 billion respectively [2] - Haikong Group and Haide Co. also reported gains close to the limit, with increases of 9.99% and 9.94% respectively, and market capitalizations of 9.009 billion and 14.9 billion [2] - Jinpan Technology rose by 9.13%, with a market cap of 34.1 billion, while Hainan Mining and Haixia Co. increased by over 7% [2] - Other companies like Luoniushan and Shennong Seed Industry also reported gains of over 5%, indicating a broad-based rally in the sector [1][2] Market Context - The rise in the Hainan sector follows a report by the Governor of the People's Bank of China, Pan Gongsheng, emphasizing financial support for the Hainan Free Trade Port's operations and high-quality development [1]

Company Overview - Established in 2002 by five shareholders, listed on Shenzhen Stock Exchange in 2009 [2] - Acquired ferry terminal assets in 2017, marking the first step towards port and shipping integration [2] - Became a subsidiary of China COSCO Shipping Group in 2019, entering a rapid development phase [2] - Completed resource integration in Qiongzhou Strait in 2021, enhancing transportation service capacity [2] - Plans to acquire 100% equity of COSCO Shipping Passenger by 2025, increasing fleet size to 64 vessels, ranking first globally [2] Business Model - Revenue primarily generated from passenger and cargo transportation fees, alongside port operation income [3] - Development of unique products through tourism routes to enhance overall revenue [3] Market Opportunities - Anticipated increase in passenger and vehicle flow due to Hainan Free Trade Port's operational closure in 2025 [4] - Plans to invest in new flat barges and passenger ferries to meet market demand [4] - New routes to alleviate pressure on existing services [4] Dividend Policy - Committed to providing stable dividends while ensuring sustainable company growth [5] - Dividend policy considers profitability, cash flow, future investment plans, and shareholder expectations [5] Impact of Hainan Free Trade Port - Tax incentives will lower operational costs, creating a favorable environment for growth [6] - Policy changes will facilitate easier movement of goods, attracting more investors [6] - Improved infrastructure, such as the completion of the island tourism highway, will boost business [6] Future Capital Expenditure - Plans to invest in two new passenger ferries to replace aging vessels [7] Competitive Landscape - COSCO Shipping Passenger operates 12 vessels, while Bohai Ferry has 14, indicating a slight edge for the latter [8] - Focus on improving operational efficiency and management to enhance profitability [8] - Strategy includes capacity upgrades, joint marketing, and cost control measures [8] Disclosure - The activity does not involve any undisclosed significant information [9]

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Views - Crude oil freight rates have decreased month-on-month, while container shipping rates on long-distance routes have increased. The China Import Crude Oil Comprehensive Index (CTFI) reported 1632.26 points on October 23, down 8.9% from October 16. The VLCC market remains cautious due to the implementation of special port fees between China and the US, leading to a weak sentiment among shipowners [2][13] - Guangdong Province has released a high-quality development plan for the low-altitude economy, aiming to establish itself as a national leader in this sector. The civil aviation industry has shown steady growth in the first three quarters of 2025, with a total transport turnover of 1220.3 billion ton-kilometers, a year-on-year increase of 10.3% [2][15][16] - In Shenzhen, the monthly delivery volume of autonomous vehicles has surpassed one million, with a year-on-year growth of 12.7% in express delivery volume in September. The postal industry reported a total business income of 152.57 billion yuan in September, up 6.8% year-on-year [2][22][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, while container shipping rates on long-distance routes have increased. The CTFI reported a decrease of 8.9% [2][13] - Guangdong's low-altitude economy development plan aims to optimize airspace management and promote low-altitude logistics [15][16] - Shenzhen's autonomous vehicle delivery volume has exceeded one million, with express delivery volume growing by 12.7% [22][24] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index has shown a month-on-month increase of 6.9% [26] - Domestic cargo flights have increased by 3.05% year-on-year, while international flights have risen by 15.86% [32] - The express delivery business volume in September increased by 12.7% year-on-year, with total business income reaching 127.37 billion yuan [50][54] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [4] - Pay attention to the low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [4] - Explore investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [4]

Group 1 - The core viewpoint of the news is that Hainan Strait Shipping Co., Ltd. (海峡股份) experienced a stock price increase of 5.03%, reaching 13.58 CNY per share, with a trading volume of 758 million CNY and a turnover rate of 2.55%, resulting in a total market capitalization of 30.344 billion CNY [1] - The company, established on December 6, 2002, and listed on December 16, 2009, primarily engages in shipping and ferry port services, with its main revenue sources being: Hainan An Line (72.21%), Yanda Line (10.48%), Xisha Line (6.17%), port services (5.40%), other lines (3.72%), and additional sources (1.70%) [1] Group 2 - Among the top ten circulating shareholders of Hainan Strait Shipping, Huaxia Fund's Huaxia CSI 1000 ETF (159845) entered the list in the third quarter, holding 3.6344 million shares, which accounts for 0.16% of the circulating shares, with an estimated floating profit of approximately 2.3624 million CNY [2] - The Huaxia CSI 1000 ETF was established on March 18, 2021, with a latest scale of 38.227 billion CNY, achieving a year-to-date return of 27.18%, ranking 2124 out of 4218 in its category, and a one-year return of 26.87%, ranking 1833 out of 3878 [2]

Core Viewpoint - Hainan Strait Shipping Co., Ltd. experienced a 5.03% increase in stock price, reaching 13.58 CNY per share, with a trading volume of 757 million CNY and a market capitalization of 30.344 billion CNY as of October 28 [1] Company Overview - Hainan Strait Shipping Co., Ltd. was established on December 6, 2002, and listed on December 16, 2009. The company is based in Haikou, Hainan Province, and its main business includes shipping and ferry port services [1] - The revenue composition of the company is as follows: Hainan An Line 72.21%, Yanda Line 10.48%, Xisha Line 6.17%, port services 5.40%, other lines 3.72%, and others 1.70%, with Beihai Line contributing 0.32% [1] Shareholder Information - Among the top ten circulating shareholders of Hainan Strait Shipping, a fund under Southern Fund holds a position. The Southern CSI 1000 ETF (512100) reduced its holdings by 68,500 shares in the third quarter, now holding 6.1152 million shares, which is 0.27% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a current scale of 64.953 billion CNY. Year-to-date returns are 27.27%, ranking 2113 out of 4218 in its category; the one-year return is 26.9%, ranking 1828 out of 3878; and since inception, the return is 12.63% [2]

Core Points - The company has ensured the authenticity, accuracy, and completeness of the quarterly report, with no false records or misleading statements [2][12][15] Financial Data - The company reported a net profit of -30,592,992.84 yuan from the merged entity, compared to a profit of 29,159,397.47 yuan in the previous period [9] - Non-recurring gains and losses amounted to 703,027.96 yuan, primarily from tax refund fees [3] Shareholder Information - The company has not reported any changes in the top ten shareholders or the number of shareholders holding more than 5% of shares [4] Business Operations - The company’s vehicle transportation on the Hai'an route reached 3.531 million trips, a year-on-year increase of 1.7%, while passenger transport decreased by 4.6% to 10.4406 million [7] - The Bohai Bay route saw a vehicle transport decrease of 9.8% to 268,200 trips, while passenger transport increased by 2.9% to 1.254 million [7] - The North Sea route experienced a significant increase in vehicle transport by 186.6% and passenger transport by 61.9% [7] - The Qiongzhou Strait ferry port reported a vehicle flow of 3.6091 million trips, a 1.2% increase, while passenger flow decreased by 4.8% to 10.7034 million [7] Corporate Governance - The company held a board meeting on October 27, 2025, where the third-quarter report was approved unanimously [11][14] - The company has revised its information disclosure management measures to comply with updated regulations [14]

格隆汇10月27日丨海峡股份(002320.SZ)公布三季度报告，前三季营业收入39.2亿元，同比下降0.52%， 归属于上市公司股东的净利润1.9亿元，同比下降32.11%，归属于上市公司股东的扣除非经常性损益的 净利润1.6亿元，同比下降40.06%。 ...

Group 1 - The core viewpoint of the article highlights the financial performance of Haixia Co., which reported a decline in revenue and net profit for the first three quarters of 2025 compared to the previous year [1] - Haixia Co. achieved approximately 3.923 billion yuan in revenue for the first three quarters of 2025, representing a year-on-year decrease of 0.52% [1] - The net profit attributable to shareholders of the listed company was about 190 million yuan, reflecting a significant year-on-year decline of 32.11% [1] - The basic earnings per share were reported at 0.0852 yuan, which is a decrease of 32.33% compared to the same period last year [1] Group 2 - As of the report, Haixia Co. has a market capitalization of 28.9 billion yuan [2]

Group 1 - The company reported a revenue of 39.226 billion yuan for the first three quarters of 2025, representing a year-on-year decrease of 0.52% [1] - The net profit attributable to shareholders of the listed company was 190 million yuan, down 32.11% year-on-year [1] - The basic earnings per share were 0.09 yuan, reflecting a year-on-year decline of 32.33% [1]

第三条 公司应当真实、准确、完整、及时地披露信息，不 得有虚假记载、误导性陈述或者重大遗漏。公司应当同时向所有 投资者公开披露信息。 — 1 — 第四条 公司、公司董事、高级管理人员应当忠实、勤勉地 履行职责，保证披露信息的真实、准确、完整、及时、公平。不 能保证报告内容真实、准确、完整的，应当在公告中作出相应声 明并说明理由。 海南海峡航运股份有限公司 信息披露事务管理办法 第一章 总则 第一条 为规范海南海峡航运股份有限公司（下称"公司"） 信息披露行为，切实保护公司、股东、债权人及其他利益相关者 的合法权益，健全和完善公司信息披露及重大财务事项报告制度， 依据《中华人民共和国公司法》《中华人民共和国证券法》《深圳 证券交易所股票上市规则》《上市公司信息披露管理办法》《企业 债券管理条例》《公司信用类债券信息披露管理办法》《银行间债 券市场非金融企业债务融资工具存续期业务规则》《银行间债券 市场非金融企业债务融资工具存续期信息披露表格体系》（2021 版）《银行间债券市场非金融企业债务融资工具信息披露规则》 （以下简称《信息披露规则》）等相关法规、规章要求并结合公 司的实际情况，特制定本办法。 第二条 本 ...