公司名稱: 中遠海運控股股份有限公司 呈交日期: 2026年2月3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 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- ...

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed up 1.21% on February 3, with a trading volume of 72.32 million yuan [1] - As of February 2, the fund's latest share count was 345 million shares, with a total size of 345 million yuan, reflecting a decrease of 2.54% in shares and 1.55% in size since December 31, 2025 [1] - The fund's management fee is 0.50% per year, and the custody fee is 0.10% per year [1] Group 2 - The top holdings of the Tianhong ETF include COSCO Shipping Holdings, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Shipping, China Petroleum & Chemical Corporation, China Coal Energy, CITIC International, and China Construction Bank, with respective holding percentages [2] - The largest holding is COSCO Shipping Holdings at 4.11%, followed by China Shenhua Energy at 2.68% and CNOOC at 2.56% [2] - The fund manager, He Yuxuan, has managed the fund since August 20, 2025, achieving a return of 2.85% during the management period [1]

1. Report Industry Investment Rating - No relevant content provided 2. Core Views of the Report - The February contract valuation bottom of the container shipping index (European Line) futures may be around 1700 points, and factors such as vessel schedule delays and the online cargo collection ratios of different alliances will affect the final delivery settlement price [5]. - Before the Spring Festival, the freight rate driver is weak. The EC2604 contract is expected to fluctuate in the near - term. Attention should be paid to the implementation of shipping companies' price - holding strategies in March after the festival. The cancellation of VAT export tax rebates for photovoltaic and other products may disrupt the shipping rhythm and shipping companies' pricing strategies [6]. - For more distant contracts, the resumption time of the Suez Canal is uncertain. With relatively fewer ultra - large vessel deliveries in 2026, there may still be an expectation gap. Investors can consider arbitrage opportunities in contracts such as long EC2606 short EC2610 and long EC2608 short EC2610 [7]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - Online quotes for different shipping alliances on the Shanghai - Rotterdam route vary. For example, Gemini Cooperation's Maersk quotes for WEEK6 - WEEK9 are 1295/2070, 1230/1960, 1205/1910, and 1200/1900 respectively; HPL's quotes for February and March also show differences [1]. 3.2 Geopolitical and Supply - Geopolitically, a White House official will visit Israel and meet with Netanyahu [3]. - Static supply: As of January 31, 2026, 6 container ships with a total capacity of 46,950 TEU have been delivered in 2026. The delivery expectations for 12000 - 16999TEU and 17000 + TEU ships from 2026 - 2029 are provided, with relatively less delivery pressure for ultra - large ships in 2026 [3]. - Dynamic supply: The monthly average weekly capacity in February is 263,100 TEU, in March is 313,400 TEU, and in April is 279,000 TEU. There are 12 blank sailings in February and 6 blank sailings and 2 TBNs in March [4]. 3.3 Contract and Price Analysis - The final trading day of the EC2602 contract is February 9, 2026, and its delivery settlement price is the arithmetic average of the three - phase delivery settlement prices on January 26, February 2, and February 9, 2026. The preliminary estimated valuation bottom of the February contract delivery settlement price is around 1700 points [5]. - The freight rate before the Spring Festival is weakly driven. The EC2604 contract is expected to fluctuate. The freight rates of some shipping companies in March have increased, and the capacity in March has increased by 19% compared to February [6]. 3.4 Strategy - Unilateral: The April contract is expected to fluctuate. - Arbitrage: None currently [9] 3.5 Market Data - As of February 2, 2026, the total open interest of all contracts of the container shipping index (European Line) futures is 58,198 lots, and the single - day trading volume is 42,731 lots. The closing prices of different contracts such as EC2602, EC2604, etc. are provided [8]. - The SCFI and SCFIS prices for different routes on February 1 and February 2 are also given [8].

Group 1 - The core viewpoint of the articles emphasizes the performance of high-dividend sectors, particularly state-owned enterprises, in the current market environment, with a focus on the potential for structural shifts in investment strategies towards companies with stable dividends and growth potential [1][2]. - The China Securities State-Owned Enterprises Dividend Index has shown a positive trend, with notable increases in constituent stocks such as Cai Bai Co., Ltd. rising by 10.02% and Zhonglian Heavy Industry by 4.05% as of February 3, 2026 [1]. - The report from Huatai Securities indicates that the risk appetite in January continued to decline, but high-dividend sectors, especially in oil, coal, and steel, performed better than in December, suggesting a marginal recovery in the allocation value of high-dividend stocks [1]. Group 2 - Guojin Securities suggests that the dividend strategy for 2026 should focus on structural shifts, moving from historical dividend ratios to identifying companies with fundamental resilience and potential for increased future dividends [2]. - The resource and traditional manufacturing sectors are highlighted as having the broadest benefits from dividend strategies, driven by factors such as overseas AI investments, manufacturing recovery, and resource protectionism in emerging markets [2]. - The China Securities State-Owned Enterprises Dividend ETF closely tracks the China Securities State-Owned Enterprises Dividend Index, selecting 100 listed companies with high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [2][3].

Group 1 - The Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 2.94% on February 2, with a trading volume of 82.134 million yuan [1] - As of January 30, the fund had a total of 335 million shares and a total size of 343 million yuan, reflecting a decrease of 5.36% in shares and 2.16% in size since December 31, 2025 [1] - The fund's management fee is 0.50% per year, and the custody fee is 0.10% per year [1] Group 2 - The top holdings of the Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include COSCO Shipping Holdings, China Shenhua Energy, CNOOC, Sinopec Engineering, China National Shipping, China Petroleum & Chemical Corporation, and others, with respective holding percentages [2] - The largest holding is COSCO Shipping Holdings at 4.11%, followed by China Shenhua Energy at 2.68% and CNOOC at 2.56% [2] - The fund manager, He Yuxuan, has managed the fund since August 20, 2025, achieving a return of 2.85% during the tenure [1]

来源：新浪基金∞工作室 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 流动性方面，截止2月2日，港股央企红利ETF万家（159333）近20个交易日累计成交金额4.04亿元，日 均成交金额2020.48万元；今年以来，21个交易日，累计成交金额4.16亿元，日均成交金额1982.16万 元。 港股央企红利ETF万家（159333）现任基金经理为杨坤。杨坤自2024年8月21日管理（或拟管理）该基 金，任职期内收益48.23%。 最新定期报告显示，港股央企红利ETF万家（159333）重仓股包括中远海控、中国神华、中国海洋石 油、中石化炼化工程、中国外运、中国船舶租赁、中信国际电讯、中国石油股份、中煤能源、建设银 行，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）01919中远海控4.12%185.85万2308.12万 01088中国神华2.69%42.95万1505.18万00883中国海洋石油2.57%74 ...

| 项目类别 | 数据指标 环比 数据指标 最新 | 最新 | | | | 环比 | | --- | --- | --- | --- | --- | --- | --- | | | EC主力收盘价 -37.4↓ EC次主力收盘价 | 1184.600 | | 1513.1 | | -40.70↓ | | 期货盘面 | EC2604-EC2606价差 -12.70↓ EC2604-EC2608价差 | -328.50 | | | -423.30 | -43.30↓ | | | EC合约基差 | 607.54 | -24.77↓ | | | | | 期货持仓头寸（手） EC主力持仓量 | | 33806 | -2075↓ | | | | | | SCFIS（欧线）（周） -67.17↓ SCFIS（美西线）（周） SCFI（综合指数）（周） -141.11↓ 集装箱船运力（万标准箱） | 1792.14 1316.75 | | | 1,101.40 1,227.97 | -192.92↓ 0.00↑ | | 现货价格 | CCFI（综合指数）（周） -33.16↓ CCFI（欧线）（周） | 1175.59 | ...

Core Viewpoint - The Invesco Great Wall Hong Kong Stock Connect Dividend Low Volatility ETF (159569) experienced a decline of 2.81% on February 2, 2024, with a trading volume of 56.36 million yuan [1] Fund Overview - The fund was established on August 14, 2024, with an annual management fee of 0.50% and a custody fee of 0.08% [1] - As of January 30, 2025, the fund had 343 million shares outstanding and a total size of 478 million yuan, showing a 1.72% decrease in shares and a 2.60% increase in size compared to December 31, 2024 [1] Liquidity Analysis - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 690 million yuan, with an average daily trading amount of 34.49 million yuan [1] - Since the beginning of the year, the ETF has seen a cumulative trading amount of 726 million yuan over 21 trading days, with an average daily trading amount of 34.58 million yuan [1] Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong managing the fund since August 29, 2024, achieving a return of 45.41%, while Wang has managed it since August 13, 2025, with a return of 3.51% [2] Top Holdings - The ETF's top holdings include: - China COSCO Shipping (8.86% of holdings) - Orient Overseas International (7.48%) - Yanzhou Coal Mining (5.65%) - Seaspan Corporation (4.52%) - Yancoal Australia (4.46%) - WH Group (3.76%) - China Shenhua Energy (3.63%) - Far East Horizon (3.39%) - CNOOC (3.27%) - Sinopec (3.26%) [2][3]

Group 1 - The Invesco Great Wall CSI National New Hong Kong Stock Connect Central Enterprise Dividend ETF (520990) closed down 3.88% on February 2, with a trading volume of 284 million yuan [1] - As of January 30, the latest share count for the ETF was 5.733 billion shares, with a total size of 6.060 billion yuan, reflecting a 0.92% increase in shares and a 6.67% increase in size year-to-date [1] - The ETF's average daily trading amount over the past 20 trading days was 248 million yuan, with a total trading amount of 5.165 billion yuan in 21 trading days this year [1] Group 2 - The current fund managers for the ETF are Gong Lili and Wang Yang, with returns of 25.65% and 11.16% respectively during their management periods [2] - The ETF's top holdings include China National Offshore Oil Corporation, China Shenhua Energy, China Petroleum & Chemical Corporation, and China Mobile, with respective holding percentages of 10.04%, 9.99%, 9.82%, and 9.65% [2][3] - The total market value of the top holdings includes 5.71 billion yuan for China National Offshore Oil Corporation and 5.68 billion yuan for China Shenhua Energy [3]

1. Report Industry Investment Rating - The investment view of the report is "volatile", and the trading strategy is "bearish on rallies in the off - season", with a 6 - 10 positive spread arbitrage [3] 2. Core View of the Report - The current trading in the container shipping index is sluggish, and there is limited driving force under low valuations. The spot freight rate is affected by the pre - holiday decline and the differentiation adjustment of each alliance, showing a downward trend. Political and economic factors are neutral. The supply of shipping capacity shows a certain change trend, and the demand is bearish in the short and long term. The container shipping index shows a "differentiated pattern under the game between expectations and reality" this week, with the futures and spot markets showing different performances. In the medium and long term, the risk of over - capacity needs to be vigilant [3] 3. Summary According to Relevant Catalogs 3.1 Main Views and Strategy Overview - **Spot Freight Rate**: It is in a pre - holiday decline, with each alliance making differentiated adjustments. For example, in the GEMINI alliance, Maersk's opening price in WK6 dropped to $2000 - 2100/FEU, and further decreased to $1995/FEU in WK7; Hapag - Lloyd maintained at $2300 - 2500/FEU in WK6 and remained stable in WK7. In the OA alliance, the price in WK6 dropped slightly to around $2500/FEU, and in WK7, COSCO Shipping in North China ports adjusted to $2200 - 2300/FEU. In the PA alliance, the price fluctuated between $2200 - 2400/FEU in WK6, and in WK7, affected by ONE's WK8 list price of $2000/FEU, the average price approached $2000/FEU, and some special prices for bulk cargo were $1800/FEU. MSC also slightly lowered its price following the market rhythm. Overall, affected by the pre - holiday cargo volume vacuum period, the quotes of each alliance showed a downward trend [3] - **Political and Economic Factors**: They are neutral. The US and Iran are still sending mixed signals, and the market's probability of predicting military strikes has slightly decreased. The Wall Street Journal reported that the possibility of the US launching an air strike on Iran in the near future is low, and the "Lincoln" aircraft carrier has left the Oman Sea and entered the Indian Ocean [3] - **Shipping Capacity Supply**: It shows different levels in different months. In November 2025, the weekly average shipping capacity was about 270,000 TEU; in December 2025, it was about 300,000 TEU; in January 2026, it was 313,000 - 321,000 TEU; in February 2026, it was 255,000 TEU; in March 2026, it was 280,000 TEU [3] - **Demand**: In the short term, approaching the Spring Festival, shippers have stocked up in advance, but there is no traditional pre - holiday small peak season. In the next two weeks (WK6 - WK7), the cargo volume will enter a pre - holiday vacuum period, and the pressure on shipping companies to attract cargo will increase. Only the rush - export of photovoltaic and other categories in the first quarter will provide a slight support for the cargo volume, mainly for pre - holiday replenishment. In the long term, in 2026, the demand in Europe and the US will be differentiated. European infrastructure and reconstruction may moderately boost the cargo volume, while the US inventory replenishment is delayed and has limited elasticity. Coupled with policy pressures such as the EU's anti - subsidy investigation, the global demand growth rate will slow down, and the growth rate of shipping capacity is higher than that of demand, resulting in an expanding supply - demand gap, and the demand side will continue to be under pressure to support freight rates [3] - **Summary**: This week, the EC shows a "differentiated pattern under the game between expectations and reality", with the futures and spot markets showing different performances. The futures market is supported by multiple expectations and has increased. The core logic lies in the rush - shipping expectation caused by the cancellation of photovoltaic tax refunds, which supports the contracts after April. Coupled with the escalation of geopolitical conflicts and the disturbance of extreme weather in Northwest Europe, it temporarily boosts the market sentiment. The spot market continues to be weak. The pre - holiday cargo volume enters a vacuum period, and shipping companies continue to reduce prices to attract cargo, resulting in an overall decline in freight rates. The SCFIS European line settlement index also decreased month - on - month. The weak supply - demand reality suppresses the near - month contracts. In the medium and long term, the risk of over - capacity needs to be vigilant. The concentrated delivery of new ships in 2026 and the resumption of the Red Sea route will release hidden shipping capacity and continuously suppress the freight rate center. The strategy should be cautious, not chasing high prices. Hedging should be held, and arbitrage positions can be gradually reduced. Key points to track include the implementation of shipping companies' price increase announcements, signals of the Red Sea route resumption, and cargo volume data, and control the operation rhythm and risks [3] 3.2 Price - The report provides line charts of multiple shipping route indexes, including the European line index, the US West line index, the US East line index, etc., but no specific analysis content is provided [6] 3.3 Static Shipping Capacity - **Order Volume**: The report shows the order volume of container ships in different loading capacities over the years, including different loading capacity ranges such as 100 - 2999 TEU, 3000 - 7999 TEU, 8000+ TEU, etc. [11] - **Delivery Volume**: It shows the delivery volume of container ships in different loading capacities over the years, including different loading capacity ranges such as 100 - 2999 TEU, 3000 - 5999 TEU, 6000 - 7999 TEU, 8000+ TEU, etc. [14] - **Demolition Volume**: It shows the demolition volume of container ships in different loading capacities over the years, including different loading capacity ranges such as 100 - 2999 TEU, 3000 - 5999 TEU, 6000 - 7999 TEU, 8000+ TEU, etc. [14][15] - **Future Delivery**: It shows the future delivery volume of container ships in different loading capacities, including different loading capacity ranges such as 0 - 3000 TEU, 3000 - 6000 TEU, 6000 - 8000 TEU, 8000 - 12000 TEU, 12000 - 16999 TEU, >17000 TEU, etc., and also shows the quarterly seasonal chart of future delivery [20][22][23] - **Scrap Price**: It shows the scrap prices of container ships in different loading capacities, including different loading capacity ranges such as about 1000 TEU, about 1700 TEU, about 2000 TEU, etc., and also shows the new - building price index and second - hand price index of container ships [27][33] - **Existing Shipping Capacity**: It shows the existing shipping capacity of container ships in different loading capacities, including the total shipping capacity, the shipping capacity of different age groups, the proportion of idle and retrofitted ships, the average age, and the average age of scrapped ships [42][45][49] 3.4 Dynamic Shipping Capacity - **Shipping Schedule**: It shows the shipping capacity deployment of different alliances (PA + MSC, GEMINI, OCEAN, etc.) on the Shanghai - European base port route from week 13 to week 28 [57][59][61] - **Desulfurization Tower Installation**: It shows the situation of container ships with desulfurization towers installed, being installed, the average age and duration of desulfurization tower installation, and the average speed of container ships [67][70][72] - **Idle Shipping Capacity**: It shows the idle shipping capacity of container ships, including the total idle shipping capacity, the idle shipping capacity in different loading capacity ranges, the proportion of idle shipping capacity, and the hot - idle shipping capacity [75][76][77]