Core Viewpoint - The express delivery industry is expected to see demand growth exceeding expectations in 2025, driven by anti-involution policies that are pushing prices to recover from their lows. The overall industry valuation remains low, with an optimistic outlook on orderly competition, reduced competitive intensity, and improved profitability [1][2][3]. Group 1: Industry Demand and Growth - The express delivery business volume is projected to maintain rapid growth, with a cumulative completion of 1,807.4 billion pieces from January to November 2025, representing a year-on-year increase of 14.9%. The cumulative revenue reached 13,550.6 billion yuan, up 7.1% year-on-year, significantly outpacing the growth rates of retail sales and online retail [2]. - The anti-involution policies have led to a recovery in industry prices, with the average price decline narrowing from 8.8% in Q1 to 5.8% in Q3, and a slight increase of 1.7% in Q4 [2]. Group 2: Competitive Landscape and Company Performance - Major companies like SF Express and YTO Express have seen an increase in market share, with SF Express's market share rising by 1.3% year-on-year in Q3, while YTO Express's market share increased by 0.2% due to aggressive pricing strategies [2]. - The industry is expected to benefit from the continued development of the e-commerce market, with demand growth projected to stabilize at a mid-to-high level as the proportion of extremely low-priced e-commerce items decreases [3]. Group 3: Cost and Operational Efficiency - The industry is likely to see cost optimization through economies of scale, the application of new technologies (such as autonomous delivery vehicles), and improved management efficiency [3]. - The competitive landscape is anticipated to gradually improve due to regulatory support and a slow clearing of competition at the franchise and mainline levels, which will stabilize prices and enhance profitability [3]. Group 4: Broader Logistics Sector Insights - The cross-border air freight sector is expected to maintain year-on-year growth despite challenges from U.S. tariff policies, with a projected import and export volume of approximately 2.06 trillion yuan, up 6.4% year-on-year [4]. - The express delivery business overseas is experiencing rapid growth, particularly in Southeast Asia and emerging markets, with a significant increase in business volume, indicating strong potential for continued expansion [5].

Core Insights - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 0.41% on January 5, with a trading volume of 42.81 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 31, the fund's latest share count was 354 million shares, with a total size of 350 million yuan, indicating no change in share count or size year-to-date [1] Fund Performance - The current fund manager is He Yuxuan, who has managed the fund since its inception, with a return of -0.81% during the management period [2] - The fund's top holdings include COSCO Shipping Holdings, Orient Overseas International, China National Foreign Trade Transportation Group, PetroChina, CITIC Bank, CNOOC, China Shenhua Energy, People's Insurance Company of China, China Unicom, and Agricultural Bank of China, with respective holding percentages [2] Liquidity and Trading Activity - Over the last 20 trading days, the cumulative trading amount for the fund was 531 million yuan, with an average daily trading amount of 26.56 million yuan [1]

Group 1: Core Insights - The report maintains a "recommended" investment rating for the express logistics industry, highlighting the expected orderly competition and gradual optimization of the competitive landscape [1] - The express logistics sector is projected to benefit from the growth of e-commerce and reverse logistics, with a significant increase in business volume and revenue in 2025 [7][12] - The average price in the express industry has shown signs of recovery due to anti-involution policies, with a narrowing year-on-year decline in prices [18][24] Group 2: Industry Overview - In 2025, the total express business volume reached 180.74 billion pieces, a year-on-year increase of 14.9%, while total revenue was 1,355.06 billion yuan, up 7.1% [7][12] - The growth in express logistics is attributed to the expansion of e-commerce into lower-tier markets and the increasing demand for reverse logistics [12][14] - The average price per package has decreased by 12.5% year-on-year, reflecting the impact of low-cost e-commerce and live-streaming sales [12][14] Group 3: Competitive Landscape - Major companies like SF Express and YTO Express have seen an increase in market share, with SF Express's market share rising by 1.3 percentage points year-on-year [24][31] - The competitive dynamics have shifted, with leading companies maintaining growth while smaller firms face pressure to adapt to pricing strategies [24][25] - The report emphasizes the importance of head companies having stable cash flows and low debt levels, positioning them as quasi-dividend stocks [8][12] Group 4: Investment Strategy - The report suggests that the express logistics industry is currently undervalued, with expectations for improved profitability as competition stabilizes and pricing levels stabilize [7][12] - Key investment targets include Zhongtong Express, YTO Express, Shentong Express, and Yunda Express, which are expected to benefit from the evolving market dynamics [7][12] - The cross-border logistics segment is also highlighted for its growth potential, particularly in Southeast Asia and emerging markets, driven by the expansion of e-commerce [7][12]

Group 1 - The Hang Seng High Dividend Low Volatility Index (HSHYLV.HI) has decreased by 0.26%, with notable stocks such as Shougang Resources up by 0.3% and Yancoal Australia up by 0.1% [1] - The Hang Seng Dividend Low Volatility ETF (159545) has attracted significant capital, with net inflows exceeding 210 million in the past 5 days, 1.5 billion in the past 20 days, and 3.7 billion in the past 60 days [1] - First Shanghai Securities highlights that the high dividend sector in Hong Kong stocks is worth attention in the current low interest rate environment, with a cumulative net inflow of 1.38 trillion HKD into the Hong Kong Stock Connect since the beginning of 2025, marking a historical high [1] Group 2 - The Hang Seng Dividend Low Volatility ETF (159545) has a mechanism for evaluating excess returns and distributable profits quarterly, which enhances cash yield stability and investor experience [2] - The E Fund Dividend Index series, including the Hang Seng Dividend Low Volatility ETF (159545), aims for monthly dividends to meet cash flow needs by assessing distributions quarterly [2] Group 3 - Related products include various ETFs such as the Hang Seng Dividend Low Volatility ETF Link A (021457) and E Fund Dividend ETFs, which are designed to provide diversified exposure to dividend-paying stocks [3]

Group 1 - The Wanjiacn Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159333) closed at a decrease of 0.28% on December 31, with a trading volume of 20.76 million yuan [1] - The fund was established on August 21, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of December 30, the latest share count for the ETF was 396 million shares, with a total size of 562 million yuan [1] Group 2 - The ETF's share count decreased by 8.12% and its size increased by 9.49% throughout the year [1] - Over the last 20 trading days, the cumulative trading amount was 26.9 million yuan, with an average daily trading amount of 13.43 million yuan [1] - For the year, the ETF recorded a cumulative trading amount of 8.571 billion yuan over 243 trading days, with an average daily trading amount of 35.27 million yuan [1] Group 3 - The current fund manager is Yang Kun, who has managed the ETF since its inception, achieving a return of 43.45% during the management period [2] - The ETF's top holdings include COSCO Shipping Holdings, China Nonferrous Mining, China Ocean Shipping, Orient Overseas International, CITIC Bank, China Petroleum, China Shenhua Energy, People's Insurance Company of China, CNOOC, and Agricultural Bank of China, with respective holding percentages [2] - The largest holding is COSCO Shipping Holdings at 6.02%, followed by China Nonferrous Mining at 3.22% and China Ocean Shipping at 3.00% [2]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced significant net redemptions, indicating a potential shift in investor sentiment towards this fund [1][2]. Group 1: Fund Performance - On December 30, the fund faced net redemptions of 45.53 million yuan, ranking 8th in net outflows among cross-border ETFs [1]. - The fund's latest size is 613 million yuan, down from 659 million yuan the previous day, with a net outflow representing 6.91% of the prior day's size [1]. - Over the past 5 days, the fund saw net redemptions totaling 45.53 million yuan, ranking 13th in net outflows [1]. - In the last 10 days, net redemptions reached 53.44 million yuan, ranking 14th [1]. - Over the past 20 days, the total net redemptions amounted to 63.42 million yuan, ranking 15th [1]. Group 2: Fund Management and Holdings - The fund is managed by Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, yielding a return of -0.40%, while Cai has managed since November 5, 2025, with a return of -3.14% [2]. - The fund's top holdings include COSCO Shipping Holdings (6.08%), China Nonferrous Mining (3.25%), and China Merchants Port (3.03%), among others, with significant positions in various state-owned enterprises [2]. Group 3: Comparative Analysis - The fund's size is 613 million yuan, with a daily average trading volume of 10.21 million yuan over the last 20 trading days [2]. - Other ETFs tracking the same index include Huaxia Central State-Owned Enterprises Dividend ETF (513910) with a size of 5 billion yuan and a recent average trading volume of 3 million yuan [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對 其準確性或完整性亦不發表任何聲明，且表明不會就本公告全部或任何部分內容所導 致或因倚賴該等內容而產生的任何損失承擔任何責任。 關於回購股份註銷實施暨股份變動的公告 玆提述中國外運股份有限公司（「本公司」或「公司」）日期為二零二二年四月二十 七日、二零二三年一月三日及二零二五年十二月五日之公告（「該等公告」），內容 有關以集中競價交易方式回購 A 股股份及註銷部分回購股份。除非另有界定，本公告 所用詞彙與該等公告所界定者具有相同涵義。 一、 回購股份方案及實施情況 本公司董事會於二零二二年四月二十七日召開會議，審議通過（其中包括）A 股股份 回購方案，同意本公司擬使用不超過人民幣 2.99 億元的自有資金，以集中競價交易的 方式，回購本公司 2,464 萬股至 4,928 萬股 A 股股份，用於實施股權激勵計劃；回購 價格不超過董事會通過回購股份決議前三十個交易日公司股票交易均價的 150% （即，不超過人民幣 6.06 元╱股）（含）；回購期限自董事會審批通過之日起不超過 9 個月。 二零二二年五月十九日，本公司以集中競價交易方式實施 ...

证券代码：601598 证券简称：中国外运 公告编号：临 2025-100 号 中国外运股份有限公司 关于回购股份注销实施暨股份变动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 回购股份注销情况：中国外运股份有限公司（以下简称：公司）于 2025 年 12 月 5 日召开第四届董事会第十九次会议，并于 2025 年 12 月 29 日召开 2025 年第四次临时股东会、2025 年第二次 H 股类别股东会和 2025 年第二次 A 股类别 股东会，审议通过了《关于拟注销部分回购股份的议案》，同意公司将已回购但 尚未使用的 5,882,578 股 A 股股份进行注销。本次注销完成后，公司总股本将由 7,179,633,805 股变更为 7,173,751,227 股，并将相应减少注册资本。 回购股份注销日期：2025 年 12 月 31 日。 截至本公告日，本次回购但尚未使用的股份为 5,882,578 股 A 股股份，暂存放 于公司回购专用证券账户。 二、回购股份注销情况 公司于 2025 年 12 ...

Group 1 - The company announced the cancellation of 5.8826 million A-shares that have been repurchased but not yet used, effective December 31, 2025 [1] - Following the cancellation, the total share capital of the company will decrease from 7.18 billion shares to 7.174 billion shares, resulting in a corresponding reduction in registered capital [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，且表明不會就本公告全部或任何部分內容所導致或因倚賴該等內容而產生的任何損失承 擔任何責任。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條作出。 茲載列中國外運股份有限公司（『本公司』）於上海證券交易所網站（www.sse.com.cn） 刊登的《北京市嘉源律師事務所關於中國外運股份有限公司2025年第四次臨時股東會、 2025年第二次A股類別股東會和2025年第二次H股類別股東會的法律意見書》，僅供參閱。 承董事會命 中國外運股份有限公司 公司秘書 李世礎 北京，二零二五年十二月二十九日 於本公告日期，本公司董事會成員包括張翼（董事長）、高翔、楊國峰、羅立、余志良、 黃傳京、許克威、龔衛國，以及四位獨立非執行董事王小麗、甯亞平、崔新健及崔凡。 中國外運股份有限公司 Sinotrans Limited ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號: 00598) 北京市嘉源律师事务所 关于中国外运股份有限公司 2025 年第四次临时股东会、2025年第二次 ...