Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery sector shows resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. Long-term competition in the e-commerce express delivery market is expected to improve [12] - The aviation sector is anticipated to benefit from the upcoming Spring Festival travel peak and performance forecast periods, with a sustainable recovery in demand and a tightening supply situation [12] - The shipping market is expected to see a positive outlook due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cuts, enhancing the elasticity of VLCC freight rates [12] Summary by Sections Express Logistics - ZTO Express forecasts a revenue range of 48.5 to 50 billion yuan for 2025, with a year-on-year growth of 9.5% to 12.9%. The company expects a package volume of 38.52 billion pieces, a 13.3% increase year-on-year [5] - The company plans to issue $1.5 billion in convertible preferred notes, with a net amount of approximately $1.404 billion, to refinance and repurchase shares [6] - The express delivery market is characterized by significant growth opportunities for companies like YTO Express and SF Express, driven by market share increases and operational stability [12] Aviation - Global air passenger traffic is projected to reach 10.2 billion in 2026, a 3.9% year-on-year increase, with strong demand expected to continue [7] - The Spring Festival travel volume is expected to reach 95 million passengers, a year-on-year increase of approximately 5.3% [8] - The International Air Transport Association (IATA) indicates a strong demand for air travel in 2025, with a 5.3% increase in global passenger demand [8] Shipping and Ports - The shipping market is expected to benefit from geopolitical developments and trade agreements, particularly with India ceasing oil purchases from Russia [9] - The BDI index increased by 1.1% to 2011 points, indicating a positive trend in the dry bulk shipping market [11] - China's port cargo throughput increased by 9.63% week-on-week, with container throughput rising by 12.41% [12] Road and Rail - National logistics operations are running smoothly, with rail freight increasing by 2.27% and highway freight vehicle traffic up by 4.75% [12] - The road passenger volume decreased by 2.60% year-on-year, while rail passenger volume increased by 8.52% [12] Supply Chain Logistics - The logistics sector in South China is undergoing transformation, providing performance elasticity and potential for value reassessment [12] - The chemical logistics market is expanding, with significant growth opportunities for leading companies [12] Ports - The port sector is stabilizing, with strong cash flow and a focus on hub growth potential [12]

Core Insights - The article highlights the top short-selling ratios and amounts for various companies, indicating significant market sentiment against these stocks [1][2]. Group 1: Top Short-Selling Ratios - Lenovo Group-R (80992) has the highest short-selling ratio at 91.38% with a short-selling amount of 52.16 thousand [2]. - Ping An Insurance-R (82318) follows with a short-selling ratio of 83.34% and a short-selling amount of 200.88 thousand [2]. - Xiaomi Group-WR (81810) has a short-selling ratio of 80.95% with a short-selling amount of 597.54 thousand [2]. Group 2: Top Short-Selling Amounts - Tencent Holdings (00700) leads in short-selling amount at 29.69 billion, with a short-selling ratio of 15.25% [2]. - Alibaba Group-W (09988) has a short-selling amount of 23.66 billion and a short-selling ratio of 19.56% [2]. - Xiaomi Group-W (01810) ranks third with a short-selling amount of 10.16 billion and a short-selling ratio of 21.54% [2]. Group 3: Top Short-Selling Deviation Values - Ping An Insurance-R (82318) has the highest deviation value at 36.33%, indicating a significant difference from its average short-selling ratio [2]. - Xiaomi Group-WR (81810) follows with a deviation value of 34.41% [2]. - China Resources Beer (00291) has a deviation value of 33.89% [2].

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) experienced significant net redemptions recently, indicating a trend of outflows from this fund [1][2] Fund Performance - As of February 5, 2024, the fund's latest size is 480 million yuan, down from 482 million yuan the previous day, with a net outflow of 1.39 million yuan, representing 0.29% of the previous day's size [1] - Over the past five days, the fund faced net redemptions totaling 6.92 million yuan, ranking 40th out of 213 in cross-border ETF net outflows [1] - Year-to-date, the fund's shares decreased by 2.58%, while its size increased by 2.98% compared to December 31, 2023 [2] Liquidity Metrics - The cumulative trading volume over the last 20 trading days reached 871 million yuan, with an average daily trading amount of approximately 43.56 million yuan [2] - Year-to-date, the cumulative trading amount over 24 trading days is 997 million yuan, with an average daily trading amount of about 41.55 million yuan [2] 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 46.52%, while Wang has managed it since August 13, 2025, with a return of 4.58% [2] Top Holdings - The fund's major holdings include: - COSCO Shipping Holdings (8.86%) - 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]

Group 1 - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) experienced a net redemption of 2.7415 million yuan on February 3, ranking 47th out of 212 in cross-border ETF net outflows [1] - The latest fund size is 471 million yuan, with a previous day's size of 470 million yuan, indicating a net outflow of 0.58% relative to the previous day's size [1] - Over the past 5 days, the fund faced a net redemption of 9.6882 million yuan, ranking 51st out of 212 in cross-border ETF net outflows [1] Group 2 - As of February 3, the fund's latest share count is 341 million shares, with a total size of 471 million yuan, showing a 2.29% decrease in shares and a 1.01% increase in size since December 31, 2025 [2] - The cumulative trading amount over the last 20 trading days is 723 million yuan, with an average daily trading amount of 36.1478 million yuan [2] - The current fund managers are Gong Lili and Wang Yang, with returns of 43.44% and 2.38% respectively during their management periods [2] Group 3 - The fund's top holdings include COSCO Shipping Holdings, Orient Overseas International, Yanzhou Coal Mining, and China Shenhua Energy, with respective holding percentages of 8.86%, 7.48%, 5.65%, and 3.63% [2] - The fund's management fee is 0.50% per annum, and the custody fee is 0.08% per annum [1] - The ETF tracks the Hong Kong Stock Connect Dividend Low Volatility Index (987016) [1]

Industry Dynamics Tracking - The overall container shipping rates have decreased, with the SCFI composite index dropping by 9.7% to 1317 points. Specific routes such as Shanghai-Europe and Shanghai-Mediterranean saw declines of 11.1% and 12.0% respectively [3][4] - The refined oil tanker rates have increased, with the BCTI index rising by 4.6% to 890 points. The MR rates in the Pacific and Atlantic regions showed mixed results, with a notable increase of 12.7% in the Atlantic [8] - The logistics sector is witnessing a resilient demand, with the e-commerce express delivery industry expected to benefit from a recovery in the economy and a reduction in costs, leading to improved profitability for companies like SF Express and JD Logistics [12] Air Transport - The civil aviation sector is showing signs of recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while Eastern and Air China are projected to reduce their losses significantly [3] - The State Council has issued a plan to accelerate the cultivation of new growth points in service consumption, focusing on transportation services among others, which is expected to support the aviation sector [3] Shipping and Port Operations - The dry bulk shipping market is experiencing a "strong off-season" due to a combination of high demand in the Atlantic region and tight capacity, with the BDI index rising by 12.0% to 1949 points [8] - The geopolitical situation in the Middle East is tense, with the U.S. increasing military presence and Iran conducting live-fire exercises, which could impact oil shipping routes [6] - China's port cargo throughput has decreased, with a reported decline of 1.70% in total cargo and a 4.35% drop in container throughput [9] Road and Rail Transport - National logistics operations are running smoothly, with rail freight volumes reported at 7441.9 million tons, a decrease of 3.35% [10] - Shenzhen International reported a 3.3% increase in toll revenue for December 2025, indicating stable revenue growth in the road transport sector [11] Investment Opportunities - In the express delivery sector, companies like YTO Express and ZTO Express are expected to benefit from market share growth and operational improvements, while SF Express is noted for its cost control and shareholder returns [12] - The oil transportation market is anticipated to improve due to OPEC+ production increases and potential interest rate cuts, suggesting a favorable outlook for companies like China Merchants Energy and COSCO Shipping Energy [13] - The dry bulk shipping market is expected to continue its recovery, driven by environmental regulations and increased demand for commodities, with companies like China Merchants Energy and Haitong Development highlighted as potential beneficiaries [13]

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 截至月份: 2026年1月31日 狀態: 新提交 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: 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 | 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 | 本月底法定/註冊股本總額： HKD 500,00 ...

Group 1 - The core point of the article is that Haifeng International (01308.HK) experienced a significant increase in stock price, rising over 4% in late trading [1] - As of the report, the stock price reached 30.22 HKD, reflecting a gain of 4.42% [1] - The trading volume for Haifeng International was reported at 1.57 million HKD [1]

Core Viewpoint - SeaFeast International (01308) has announced a positive earnings forecast, expecting a shareholder profit of approximately $1.2 billion to $1.23 billion for the year, representing a year-on-year increase of about 16.0% to 18.9% [1] Group 1: Earnings Performance - The company anticipates a shareholder profit of around $1.2 billion to $1.23 billion, which is an increase of approximately 16.0% to 18.9% year-on-year [1] - Morgan Stanley believes the performance slightly exceeds market consensus but expects limited market reaction to last year's earnings [1] Group 2: Future Outlook - SeaFeast International has announced the further exercise of two shipbuilding options, indicating strong confidence in the long-term demand for feeder container ships, particularly in the Asian regional routes [1] - The new capacity deployment plan has been extended to the next three to four years, with four new ships scheduled for delivery in September 2028, November 2028, January 2029, and by March 2029 [1]

Core Viewpoint - SeaFeast International (01308) has announced a positive earnings forecast, expecting a shareholder profit of approximately $1.2 billion to $1.23 billion for the year, reflecting a year-on-year increase of about 16.0% to 18.9% [1] Group 1: Earnings Performance - The company’s earnings forecast slightly exceeds market consensus, although Morgan Stanley anticipates limited market reaction to last year's profits [1] - The expected profit range indicates a strong performance compared to the previous year, showcasing the company's growth trajectory [1] Group 2: Strategic Developments - SeaFeast International has decided to further exercise two shipbuilding options, demonstrating confidence in the long-term demand for feeder container ships, particularly in the Asian regional routes [1] - The new capacity deployment plan includes the delivery of four new vessels scheduled for September 2028, November 2028, January 2029, and March 2029 or earlier, extending the company's operational plans into the next three to four years [1]

Group 1: Industry Dynamics - The overall container shipping rates have decreased, with the SCFI composite index dropping by 9.7% to 1317 points, and specific routes such as Shanghai-Europe and Shanghai-Mediterranean seeing declines of 11.1% and 12.0% respectively [1][8] - The refined oil tanker rates have increased, with the BCTI index rising by 4.6% to 890 points, while the MR rates for the Pacific and Atlantic regions showed mixed results [1][9] - The dry bulk market has shown strength during the traditional off-season, with the BDI index increasing by 12.0% to 1949 points, driven by a mismatch in supply and demand [1][8] Group 2: Express Logistics - YTO Express held a conference emphasizing the importance of building a resilient supply chain and adhering to national postal policies [2] - The State Post Bureau has prioritized the governance of illegal charges in rural express delivery as part of its 2026 initiatives [3] - Macro trends indicate a resilient demand in the e-commerce express delivery sector, with companies like SF Express and JD Logistics expected to benefit from cyclical recovery and cost control [13] Group 3: Aviation Sector - The civil aviation sector is showing signs of recovery, with major airlines like China Southern and Hainan Airlines expected to turn profitable in 2025, while others like China Eastern and Air China are projected to reduce losses significantly [4] - The State Council has issued a plan to enhance service consumption, which includes transportation services, aiming to stimulate economic growth [4] - Spring Festival travel demand is strong, with domestic flight bookings exceeding 7.16 million, reflecting a 16% increase compared to the previous year [5][6] Group 4: Shipping and Port Operations - The geopolitical situation in the Middle East remains tense, with the U.S. increasing military presence, which could impact oil shipping routes [7] - The Atlantic freight market is experiencing a surge, with dry bulk rates showing unexpected strength due to concentrated cargo volumes and tight capacity [8] - China's port cargo throughput has decreased, with a reported decline of 1.70% in total cargo and a 4.35% drop in container throughput [10] Group 5: Road and Rail Transport - National logistics operations are running smoothly, with rail freight volumes showing a slight decline of 3.35% [11] - Shenzhen International reported a 3.3% increase in toll revenue for December 2025, indicating stable growth in road transport [12] - Zhongyuan Express plans to recognize credit impairment and asset impairment provisions totaling 950 million, forecasting a 30% decline in annual net profit [12]