Group 1 - The core announcement is that the company, SeaFeast International, has signed a shipbuilding contract with Huanghai Shipbuilding for the construction of four container ships [1] - Each ship will cost up to $38.18 million, totaling a maximum of $152.7 million for all four vessels [1] - The new ships will expand the company's owned container fleet to meet the growing operational demands [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，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 SITC International Holdings Company Limited 根據各項造船合約，造船商同意為本集團建造一 (1) 艘船舶，價格最高為 38,180,000美元（相等於約299,713,000港元），惟須視船舶的最終規格而定。 船舶的交付時間表如下： 1308 須予披露交易 有關建造集裝箱船舶的造船合約 造船合約 於二零二五年八月二日，本公司的全資附屬公司海豐船東與造船商訂立造船 合約，據此，造船商同意為本集團建造四(4)艘集裝箱船舶，每艘船舶的代 價最高為 38,180,000 美 元（相等於約 299,713,000 港元），總代價最高為 152,720,000美元（相等於約1,198,852,000港元）。 上市規則的涵義 由於根據上市規則第14.07條，新建造的最高適用百分比率高於5 %但低於 25%，故新建造構成本公司一項須予披露交易，須遵守上市規則第十四章的 申報及公 ...

Investment Rating - The report maintains a recommendation for the transportation industry, suggesting a focus on the potential for price increases in the express delivery sector and the valuation recovery in the logistics sector [3]. Core Insights - The express delivery industry is expected to see a price increase in South China, which may lead to a recovery in industry valuations due to reduced price competition driven by "anti-involution" policies [7][23]. - The shipping sector is currently experiencing weak overall market conditions, with a focus on OPEC+ production plans and the potential for price recovery in the second half of the year [16]. - Infrastructure assets in Hong Kong are seen as having room for valuation improvement, particularly in the context of a declining interest rate environment [19]. - The aviation sector is witnessing a recovery in passenger traffic, but domestic ticket prices are experiencing a significant year-on-year decline [25]. Summary by Sections Shipping - The shipping market is currently weak, with freight rates for major routes declining. The SCFI index for the East America route dropped by 7.5% to $3,126 per FEU [11]. - OPEC+ is expected to approve an increase in production by 548,000 barrels per day in September, which may influence shipping rates positively in the latter half of the year [14][16]. - The demand for dry bulk shipping is fluctuating, with iron ore and grain transport demand decreasing, while coal imports remain strong [16]. Infrastructure - As of June 2025, the national port cargo throughput reached 1.56 billion tons, a year-on-year increase of 4.8%, while container throughput grew by 4.7% [50]. - The report highlights the stable performance of leading highway assets, suggesting a dividend yield returning to around 4% [19]. - The CR450 high-speed train is expected to enhance operational capacity significantly once it enters commercial service [18]. Express Delivery - The express delivery sector is projected to maintain a growth rate of over 20% in 2024, with a 19.3% increase in business volume in the first half of 2025 [20][23]. - The industry is experiencing a shift towards price stabilization due to "anti-involution" measures, with potential price increases expected in August [23]. - Major players like ZTO Express and YTO Express are recommended for investment due to their market positioning and growth potential [23]. Aviation - Passenger traffic in the civil aviation sector has shown a week-on-week increase of 3.1%, but domestic ticket prices have seen a year-on-year decline of 9.5% [24][25]. - The report emphasizes the importance of "anti-involution" policies in stabilizing the aviation market and improving valuations [25]. - Key airline stocks recommended include Air China and Southern Airlines, with a focus on their recovery potential [25]. Logistics - The logistics sector is seeing a slight decrease in air freight prices, with the TAC Shanghai outbound air freight price index down by 3.8% year-on-year [26]. - China National Freight is highlighted for its potential non-operating income from asset sales, making it a recommended stock [26].

金融界8月1日消息，上证指数下跌0.37%，中证香港200动量指数 (香港200动量，H30419)报3945.55点。 数据统计显示，中证香港200动量指数近一个月上涨10.69%，近三个月上涨28.35%，年至今上涨 38.29%。 本文源自：金融界 据了解，"中证香港策略指数系列从多种策略投资的角度反映了在香港交易所上市证券的整体表现，该 批指数样本的选取基于中证香港市场核心指数样本，结合了多种投资策略，形成指数编制方案。"该指 数以2005年12月30日为基日，以1000.0点为基点。 从指数持仓来看，中证香港200动量指数十大权重分别为：康方生物（5.83%）、金蝶国际（3.41%）、 三生制药（3.23%）、新华保险（2.73%）、中国铁塔（2.7%）、中信证券（2.66%）、中国人民保险集 团（2.41%）、美图公司（2.31%）、国泰海通（2.18%）、海丰国际（2.17%）。 从中证香港200动量指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港200动量指数持仓样本的行业来看，医药卫生占比21.46%、金融占比19.42%、信息技术占比 13.51%、通信服务占比9.9 ...

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has experienced a decline of 1.01% as of August 1, 2025, with mixed performance among constituent stocks [1] Group 1: Market Performance - China Telecom (00728) led the gains with an increase of 1.65%, while China Petroleum & Chemical Corporation (00386) saw the largest decline at 5.65% [1] - The Bosera Hang Seng High Dividend ETF (513690) decreased by 1.12%, with the latest price at 1.06 yuan, but has risen by 3.28% over the past two weeks as of July 31, 2025 [1][2] - Southbound funds recorded a net purchase of 131.26 billion HKD in Hong Kong stocks on July 31, with a cumulative net inflow of 1,356.48 billion HKD for July, marking a historical high for the year [1] Group 2: Fund Performance - The Bosera Hang Seng High Dividend ETF has a current scale of 48.20 billion yuan, with a net inflow of 4.57 billion yuan over the last 23 trading days [2] - The ETF's financing buy-in amount reached 630.26 million yuan, with a financing balance of 1,044.09 million yuan [2] - The ETF has achieved a net value increase of 41.43% over the past three years, ranking 150 out of 1,829 index equity funds [2] Group 3: Risk and Return Metrics - The ETF's Sharpe ratio for the past year is 1.97, indicating a favorable risk-adjusted return [3] - As of July 31, 2025, the ETF has a year-to-date relative drawdown of 0.39%, with a recovery period of 37 days [3] - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [3] Group 4: Index Composition - The HSSCHKY Index aims to reflect the performance of high dividend securities listed in Hong Kong that can be traded through the Stock Connect [4] - The top ten weighted stocks in the index account for 29.19% of the total index, including Yanzhou Coal Mining Company (01171) and Hang Lung Properties (00101) [4]

此次监管行动与2021年"反内卷"路径高度相似。2021年政策推动下，通达系单票价格提升约0.6元，圆通单票利润环比暴涨0.16元，净利润同比增202%。 此外，在近日修订的《价格法》和《反不正当竞争法》，其中明确禁止低于成本价倾销及强制低价销售，为行业价格托底提供法律支撑。 智通财经8月1日讯（编辑 胡家荣）受益于反内卷热度，港股快递相关个股走强。截至发稿，中通快递-W(02057.HK)涨8.43%，海丰国际(01308.HK)涨 2.55%、京东物流(02618.HK)涨2.05%。 | 注：快递相关个股的表现 | | --- | 政策定调：监管重拳整治"内卷式"竞争 国家邮政局近期密集召开会议，明确要求快递企业"旗帜鲜明反对内卷式竞争"，整治末端服务质量问题，并强调企业总部需履行主体责任，创新经营模式， 保障基层网点稳定与农村服务可持续性。 华源证券还指出，7-8月淡季局部提价后，9月旺季或迎来全国性价格修复。根据此前测算，单票提价0.1元可显著改善盈利，申通、韵达利润弹性高达82%和 47%。 机构如何看待快递行业？ 国信证券指出，除了政策面提振快递行业之外，目前无人物流车开始进入规模化商用阶段，快 ...

Core Viewpoint - The logistics sector in Hong Kong is experiencing a surge in stock prices, driven by favorable government policies and market opportunities in the industry [1] Group 1: Stock Performance - ZTO Express (02057) saw a price increase of over 8%, reaching 164.500 [1] - JD Logistics (02618) rose nearly 3%, with a current price of 14.020 [1] - Seaspan Corporation (01308) increased by approximately 2%, priced at 25.900 [1] - Kerry Logistics (00636) gained over 1%, now at 8.340 [1] Group 2: Government Initiatives - The Ministry of Transport held a meeting on July 31 to analyze the transportation situation in the first half of 2025 and outline key tasks for the second half [1] - Emphasis was placed on accelerating the construction of a national comprehensive transportation network and advancing major project developments [1] - The meeting highlighted the importance of utilizing various funding support policies to serve national strategic implementations and planning significant projects [1] Group 3: Industry Opportunities - Recent favorable policies and market opportunities for the logistics industry include the promotion of new energy logistics vehicles, smart transportation development, adjustments in cross-border logistics, and subsidies for phasing out old vehicles [1]

公开信息显示，现任基金经理胡超先生:范德比尔特大学金融学硕士学位。历任普华永道咨询(深圳)有限 公司高级顾问、中合中小企业融资担保股份有限公司高级业务经理、中国人民财产保险股份有限公司海 外投资业务主管。2016年6月加盟天弘基金管理有限公司,历任国际业务研究员。历任天弘恒生沪深港创 新药精选50交易型开放式指数证券投资基金基金经理(2021年07月至2022年09月)、天弘中证沪港深物联 网主题交易型开放式指数证券投资基金基金经理(2021年10月至2022年10月)、天弘中证沪港深科技龙头 指数型发起式证券投资基金基金经理(2021年10月至2022年11月)、天弘中证沪港深线上消费主题交易型 开放式指数证券投资基金基金经理(2021年11月至2022年11月)、天弘中证沪港深云计算产业交易型开放 式指数证券投资基金基金经理(2021年12月至2022年12月)、天弘国证港股通50指数证券投资基金基金经 理(2022年03月至2023年10月)、天弘新华沪港深新兴消费品牌指数证券投资基金基金经理(2022年06月至 2023年08月)、天弘恒生沪深港创新药精选50交易型开放式指数证券投资基金发起式联接基金 ...

规模方面，截止7月22日，港股红利低波ETF（159569）最新份额为1.61亿份，最新规模为2.18亿元。回 顾2024年12月31日，港股红利低波ETF（159569）份额为1.13亿份，规模为1.29亿元。即该基金今年以 来份额增加42.42%，规模增加68.83%。 流动性方面，截止7月23日，港股红利低波ETF（159569）近20个交易日累计成交金额11.42亿元，日均 成交金额5711.30万元。 来源：新浪基金∞工作室 7月23日，景顺长城国证港股通红利低波动率ETF（159569）收盘涨0.44%，成交额7181.18万元。 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)。 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、兖煤澳大利 亚、兖矿能源、海丰国际、中国宏桥 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows significant divergence in June data, with a focus on the industry's anti-involution process [3] - The express logistics market is expanding, supported by the national strategy to boost domestic demand, with a year-on-year growth of 15.8% in express delivery volume in June 2025 [5] - The performance of major express companies varies, with SF Express maintaining a business volume growth rate of over 30%, while other companies like YTO Express and Yunda Express show slower growth [4][5] Summary by Sections Express Logistics - In June 2025, the total express delivery volume reached 16.87 billion pieces, a year-on-year increase of 15.8%, with total revenue of 126.32 billion yuan, up 9.0% [5][24] - Major express companies' performance in June: YTO Express (2.627 billion pieces, +19.34%), Yunda Express (2.173 billion pieces, +7.41%), SF Express (1.460 billion pieces, +31.77%) [4][28] - The market share for these companies is 15.6% for YTO, 12.9% for both Yunda and Shentong, and 8.7% for SF Express [4] Air Transportation - The air travel sector is expected to benefit from macroeconomic recovery, with a year-on-year increase of 4.4% in passenger transport volume in June 2025 [52] - Major airlines are projected to improve their performance in Q2 2025 due to better supply-demand dynamics and lower oil prices [8] Shipping and Ports - The shipping sector is anticipated to benefit from OPEC+ production increases and a favorable economic environment, with a focus on crude oil transportation [16] - The Baltic Dry Index (BDI) increased by 27.8% week-on-week, indicating a recovery in the bulk shipping market [11][68] - Container throughput at Chinese ports showed a slight increase in cargo volume but a decrease in container throughput [81] Road and Rail - In June 2025, road freight volume increased by 2.86% year-on-year, while rail freight volume rose by 7.36% [45] - National logistics operations are running smoothly, with a slight increase in freight truck traffic [14] Supply Chain Logistics - Companies like Shenzhen International and Debon Logistics are expected to benefit from strategic transformations and improved profitability [15]