截至月份: 2025年10月31日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: 海豐國際控股有限公司 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 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01308 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法 ...

来源：新浪基金∞工作室 11月3日，景顺长城国证港股通红利低波动率ETF（159569）收盘涨2.02%，成交额4570.85万元。 最新定期报告显示，港股红利低波ETF（159569）重仓股包括东方海外国际、中远海控、兖矿能源、海 丰国际、兖煤澳大利亚、中国宏桥、中国神华、中国海洋石油、海螺水泥、中国石油化工股份，持仓占 比如下。 股票代码股票名称持仓占比持仓股数（股）持仓市值（元）00316东方海外国际9.08%26.05万3003.81万 01919中远海控6.30%188.50万2084.09万01171兖矿能源6.13%218.20万2027.98万01308海丰国际 5.16%62.40万1706.82万03668兖煤澳大利亚4.92%66.09万1629.15万01378中国宏桥4.51%61.95万1494.29 万01088中国神华3.47%33.80万1147.94万00883中国海洋石油3.25%61.80万1074.28万00914海螺水泥 3.15%48.60万1042.71万00386中国石油化工股份3.01%269.20万995.39万 风险提示：市场有风险，投资需谨慎。本文为A ...

Core Viewpoint - Shipping stocks experienced a collective rise, driven by positive developments in US-China trade relations, which are expected to boost the shipping market and increase freight rates [1] Group 1: Stock Performance - Shipping stocks such as Seaspan International (01308) rose by 6.85% to HKD 30.58, Pacific Shipping (02343) increased by 4.67% to HKD 2.69, China COSCO Shipping (01919) gained 2.82% to HKD 13.87, and Orient Overseas International (00316) went up by 1.86% to HKD 137 [1] Group 2: US-China Trade Relations - On October 30, the leaders of the US and China held a meeting to discuss economic and trade relations, agreeing to enhance cooperation in these areas [1] - The US will cancel the 10% tariff on fentanyl and will continue to suspend the 24% reciprocal tariff for another year, which is expected to alleviate trade friction and promote global economic stability [1] Group 3: Market Outlook - The shipping market is supported by positive news, leading to increased booking activity and rising freight rates [1] - It is anticipated that US-China maritime trade will quickly recover, particularly in container exports from China to the US and imports of bulk commodities such as grain, oil, and natural gas from the US to China [1]

Group 1 - The core viewpoint highlights the strong performance of the Hong Kong Dividend ETF, which has seen a 20.92% increase in net value over the past six months, with an average daily trading volume of 17.52 million HKD [2] - The Hong Kong Dividend ETF closely tracks the CSI Hong Kong Stock Connect High Dividend Investment Index, which selects 30 high-dividend, liquid stocks from Hong Kong listed companies [2] - The current policy environment encourages companies to distribute dividends, creating favorable conditions for dividend investments, especially as risk-free interest rates decline [2] Group 2 - According to Zhongtai Securities, the future performance of the Hong Kong stock market will heavily depend on the Federal Reserve's interest rate policies and international relations, with a continued flow of funds into high-dividend, low-valuation defensive sectors expected [3] - The top ten weighted stocks in the CSI Hong Kong Stock Connect High Dividend Investment Index account for 46.3% of the index, indicating a concentration in specific high-dividend stocks [3] - The top ten stocks include China COSCO Shipping, Yancoal Australia, and China Petroleum, with varying weightings and recent performance [5]

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) has shown significant growth in both share count and total assets since its inception, indicating strong investor interest and performance in the Hong Kong market [1][2]. Fund Overview - The fund was established on August 14, 2024, with a management fee of 0.50% and a custody fee of 0.08% [1]. - As of October 30, 2024, the fund's total shares stood at 240 million, with a total asset size of 335 million yuan [1]. - Year-to-date, the fund's shares have increased by 112.24%, and its total assets have grown by 158.98% compared to December 31, 2024 [1]. Liquidity Analysis - Over the last 20 trading days, the ETF has recorded a cumulative trading volume of 859 million yuan, averaging 42.95 million yuan per day [1]. - For the year, the cumulative trading volume over 200 trading days reached 7.89 billion yuan, with an average daily trading volume of 39.45 million yuan [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong Lili managing the fund since August 29, 2024, achieving a return of 41.22% during her tenure [2]. - Wang Yang has been managing the fund since August 13, 2025, with a return of 0.52% [2]. Top Holdings - The ETF's top holdings include: - Orient Overseas International: 9.08% [3] - China COSCO Shipping: 6.30% [3] - Yanzhou Coal Mining: 6.13% [3] - Seaspan Corporation: 5.16% [3] - Yancoal Australia: 4.92% [3] - China Hongqiao Group: 4.51% [3] - China Shenhua Energy: 3.47% [3] - CNOOC: 3.25% [3] - Anhui Conch Cement: 3.15% [3] - Sinopec: 3.01% [3]

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the impact of the recent US-China trade negotiations on various industries, including technology, electronics, textiles, and shipping. Core Insights and Arguments 1. **US-China Trade Negotiation Outcomes** The negotiations resulted in the suspension of new restrictions and the cancellation of the 10% tariff on fentanyl, which is expected to stabilize US-China relations and positively impact the Chinese economy [1][5][8]. 2. **Impact on Chinese Exports** A potential 10% reduction in US tariffs could lower the effective tariff rate on Chinese goods to around 28%, which would directly boost Chinese exports to the US and enhance overall export growth by approximately one percentage point [1][3][4]. 3. **Technology Sector Benefits** The negotiations are favorable for the technology sector, particularly with the expected cancellation of the 10% fentanyl tariff on electronic products, which would stimulate demand and alleviate valuation pressures on the electronics sector [1][6][7]. 4. **Market Sentiment and Stock Valuation** The outcomes of the negotiations have slightly exceeded market expectations, leading to a recovery in stock valuations, particularly in the technology and electronics sectors. Investor sentiment has improved, creating potential investment opportunities [1][8][9]. 5. **Short-term Market Trends** While the trade negotiation results are not expected to alter the current market trend significantly, there are concerns about overheating in certain sectors, particularly TMT (Technology, Media, and Telecommunications), which may lead to market volatility if new catalysts do not emerge [1][10]. 6. **Recommendations for Sector Allocation** It is suggested to shift towards a more balanced allocation strategy by focusing on sectors such as lithium batteries, non-ferrous metals, and consumer electronics, while also considering opportunities in overseas markets like power grid equipment and commercial vehicles [1][11][12]. 7. **Color on the Non-ferrous Metals Sector** The cancellation of tariffs is expected to lower global trade friction costs and boost demand for non-ferrous metals, marking the beginning of a prolonged bull market for metals like copper, aluminum, and rare earth elements [1][13]. 8. **Shipping Industry Implications** The trade agreement is anticipated to benefit the shipping industry, particularly companies like China COSCO Shipping, due to increased demand for shipping services between China and the US [1][15][16]. 9. **Textile and Apparel Industry Effects** The US remains a significant market for Chinese textiles and apparel, and the easing of trade tensions could improve production utilization rates and profitability in this sector [1][20][23]. 10. **Home Appliance Sector Outlook** The reduction in tariff pressure is expected to positively impact the home appliance sector, particularly for companies with high export ratios to North America, aiding in the recovery of their profit margins [1][21][22]. Other Important but Possibly Overlooked Content - The negotiations have also led to a strategic pause in the implementation of export controls on rare earth products, which underscores China's significant role in the global rare earth supply chain [1][14]. - The overall sentiment in the market remains cautiously optimistic, with expectations of a continued recovery in various sectors as trade relations stabilize [1][9].

港股红利低波ETF（159569）现任基金经理为龚丽丽、汪洋。龚丽丽自2024年8月29日管理（或拟管 理）该基金，任职期内收益41.26%；汪洋自2025年8月13日管理（或拟管理）该基金，任职期内收益 0.55%。 最新定期报告显示，港股红利低波ETF（159569）重仓股包括东方海外国际、中远海控、兖矿能源、海 丰国际、兖煤澳大利亚、中国宏桥、中国神华、中国海洋石油、海螺水泥、中国石油化工股份，持仓占 比如下。 10月29日，景顺长城国证港股通红利低波动率ETF（159569）收盘涨0.43%，成交额1961.84万元。 港股红利低波ETF（159569）成立于2024年8月14日，基金全称为景顺长城国证港股通红利低波动率交 易型开放式指数证券投资基金，基金简称为景顺长城国证港股通红利低波动率ETF。该基金管理费率每 年0.50%，托管费率每年0.08%。港股红利低波ETF（159569）业绩比较基准为国证港股通红利低波动率 指数收益率(使用估值汇率折算)。 规模方面，截止10月28日，港股红利低波ETF（159569）最新份额为2.40亿份，最新规模为3.32亿元。 回顾2024年12月31日，港股红 ...

Core Insights - The Hong Kong Dividend ETF by Bosera (513690) has shown a recent increase of 0.45%, with a latest price of 1.12 CNY, and a weekly cumulative rise of 0.36% as of October 28, 2025 [3] - The overall coal supply and demand is improving, with stricter safety and production management expected in Q4, leading to a stable to strong coal price outlook [3] - The market is increasingly focused on dividend assets as domestic interest rates enter a downward cycle, with the Hong Kong market's overall valuation at a low point and a growing willingness among companies to distribute dividends [3] Market Performance - The latest scale of the Hong Kong Dividend ETF by Bosera is 5.869 billion CNY [4] - Recent fund flows have been balanced, with net inflows in 4 out of the last 5 trading days, totaling 26.7134 million CNY, averaging 5.3427 million CNY per day [4] - The ETF closely tracks the Hang Seng Hong Kong Stock Connect High Dividend Yield Index, which reflects the performance of high dividend securities listed in Hong Kong [4] Key Holdings - As of October 8, 2025, the top ten weighted stocks in the Hang Seng Hong Kong Stock Connect High Dividend Yield Index include Orient Overseas International, COSCO Shipping Holdings, Yancoal Australia, and others, accounting for 28.98% of the index [4]

Core Viewpoint - SITC International reported a decline in revenue and freight rates in 3Q25, indicating a challenging market environment for container shipping [1][2]. Financial Performance - Revenue for SITC in 3Q25 was US$796 million, down 1.7% year-over-year (YoY) and 11.9% quarter-over-quarter (QoQ) [1]. - Container shipping volume increased by 8.9% YoY but decreased by 11.0% QoQ to 920,179 TEU [1]. - The average freight rate was US$712 per twenty-foot equivalent unit (TEU), reflecting a decrease of 12.0% YoY and 5.7% QoQ [1]. Market Trends - Freight rates softened during the low season in 3Q25, with Southeast Asian route rates declining sharply by 30.6% YoY and 11.7% QoQ, while Japanese route rates increased by 20.5% YoY but fell 2.3% QoQ [2]. - Supply tightness for small container ships in Asia is expected to persist, with an annual supply growth of only 1-2% over the next three years [2][3]. Capacity and Demand Dynamics - Increased feeder demand due to Red Sea diversions has contributed to supply tightness, with capacity for vessels under 3,000 TEU increasing by 8.5% from end-2023 to October 2025 [3]. - Charter rates for 1,700 TEU and 2,750 TEU vessels increased by 37.8% and 16.4% YoY, respectively, indicating tight capacity conditions [3]. Industry Shifts - The trend of industrial relocation may accelerate due to the latest US tariff policy, potentially boosting intra-Asia cargo volumes [4]. - China and ASEAN countries experienced YoY export and import growth of 9.6% from January to September 2025, driven by ongoing supply chain relocations [4]. Valuation - SITC maintains an OUTPERFORM rating with a target price of HK$36 per share, implying a 27.0% upside based on 10.0x 2025 estimated price-to-sales (P/S) [5].

Company Overview - The company reported Q3 2025 operating data, achieving revenue of $796 million, a year-on-year decrease of 1.7% and a quarter-on-quarter decrease of 11.9% [1] - Container shipping volume reached 920,179 TEU, representing a year-on-year increase of 8.9% but a quarter-on-quarter decrease of 11.0% [1] - Average freight rate (excluding slot exchange fee revenue) was $712 per TEU, down 12.0% year-on-year and 5.7% quarter-on-quarter [1] Market Commentary - The market for small container ships in the Asian region is expected to remain tight, with attention on the progress of the Red Sea route reopening [1] - According to Clarksons, the annual new supply of small container ships is projected to be only 1-2% over the next three years, with 11.2% of vessels over 25 years old [1] - The tight supply of small ships this year is primarily due to the need for small vessels to support feeder services after the Red Sea detour and increased demand for small ships in long-distance alliances [1] - Alphaliner data indicates that by October 2025, capacity for vessels under 3,000 TEU will have increased by 8.5% compared to the end of 2023, with new capacity mainly in the Middle East, Indian subcontinent, and European routes [1] - Current rental rates for 1,700/2,750 TEU vessels have increased year-on-year by 37.8% and 16.4%, respectively [1] Industry Trends - The trend of industrial transfer under U.S. tariff policies may accelerate, with cargo volumes in the Asian region expected to continue increasing [2] - From January to September 2025, the year-on-year growth rate of imports and exports between China and ASEAN countries was +9.6% [2] - The ongoing industrial transfer from China to Southeast Asian countries is anticipated to further boost economic growth in these nations, contributing to stable cargo volume growth in the Asian region [2] Profit Forecast and Valuation - The company maintains its profit forecast and industry rating, with the current stock price corresponding to 7.8x and 9.4x P/E ratios for 2025 and 2026, respectively [2] - The target price remains at HKD 36 per share, corresponding to P/E ratios of 10.0x and 11.9x for 2025 and 2026, indicating a potential upside of 27.0% from the current stock price [2]