Group 1 - The board of directors of China Merchants Port Group Co., Ltd. held its fifth temporary meeting of the 11th session on December 30, 2025, via telecommunication [2][3][4] - All 12 directors participated in the voting process, ensuring a full quorum [3] - The meeting's resolutions complied with relevant laws, regulations, and the company's articles of association [4] Group 2 - The board approved the proposal regarding the appointment agreements and compensation plans for the management team, with 10 votes in favor and 2 abstentions [5] - The performance assessment indicators and evaluation standards for the management team for the year 2025 were also approved with the same voting results [6] - The performance assessment indicators and evaluation standards for the management team for the term 2025-2027 were approved, maintaining the same voting outcome [7] Group 3 - The board approved the adjustment of certain internal departments, splitting the Risk Control Audit Department/Legal Compliance Department into a Risk Management Department/Legal Compliance Department and an Audit Department, with unanimous support [8] - The appointment of Mr. Li Xiaofeng as the Chief Legal Counsel (Chief Compliance Officer) was approved, effective from the date of the board's resolution until the end of the current board's term [9] Group 4 - Mr. Liu Libing, the former Chief Legal Counsel, submitted his resignation due to work changes but will continue to serve as the board secretary [13] - Mr. Li Xiaofeng's qualifications and background were detailed, highlighting his extensive experience in legal and risk management roles within the company and related entities [16][17]

2025年12月29日，一则来自重庆市公共资源交易网的土地成交公示，引发了市场与业界的广泛关注。招商蛇口与重庆市地产集团以总价5.81亿元成功竞得两 江新区J07单元纯居住用地。该地块总用地73亩，可建筑规模7.27万平方米，容积率1.5，成交楼面价约为8000元/平方米。 此次拿地不仅是招商蛇口持续深耕重庆市场的战略举措，更标志着央地合作示范项目正式落地两江新区，为区域发展注入新动能。这一举动，清晰地传递出 招商蛇口作为责任央企，正以更深度的参与、更创新的模式，与重庆这座城市同频共振、共谋未来的积极信号。 央地携手前瞻布局 助力区域升级共创美好未来 招商蛇口所斩获的地块，位于两江新区园博园板块、轨道5号线湖霞街站和丹霞路站之间，处于园博园片区与照母山片区之间的关键"留白之地"。这一区域 在当前两江新区版图中，恰处于几何中心位置，将成为链接成熟都市区与未来拓展区的重要纽带，其价值释放将伴随城市的深化发展而日益凸显，有望成为 两江新区下一阶段的热点开发区域。近有光环、欢乐谷、汽博等商圈与休闲娱乐配套，也有、在建中的金渝公园等生态健康资源。 地块毗邻已开通的轨道交通5号线站点，是重庆最重要的轨道南北大动脉之一，可 ...

Core Viewpoint - Everllence aims to become an indispensable technology partner in China's low-carbon development, focusing on green transformation in the shipping industry and expanding its local operations to support the country's carbon neutrality goals by 2060 [1][5]. Group 1: Strategic Initiatives - The company plans to deepen collaboration with local partners and enhance its production capacity in China, providing diverse and forward-looking power solutions for the shipping industry [3][4]. - Everllence will leverage its expertise in carbon capture, utilization, and storage (CCUS) and efficient heat pump technologies to improve resource utilization and stimulate innovation across traditional industries [4]. - The company is accelerating the localization of its production base in Changzhou to better respond to local market demands and enhance operational efficiency [4]. Group 2: Future Goals for 2026 - By 2026, Everllence aims to strengthen strategic partnerships with Chinese shipyards, engine manufacturers, shipowners, and energy companies to scale up the production of two-stroke and four-stroke green engines [6]. - The company plans to increase R&D investment and utilize its digital platform for real-time monitoring and optimization of ship energy efficiency and carbon emissions, thereby helping clients improve operational efficiency and reduce environmental impact [6]. - Everllence intends to accelerate the deployment of heat pump and CCUS technologies in the Chinese market, establishing industry benchmarks for key decarbonization technologies [6].

Core Viewpoint - The NCD Convention represents a transformative shift in the freight forwarding and logistics industry, establishing a new legal framework for transferable cargo documents, thereby enhancing trade facilitation and financial innovation [1][2]. Group 1: Background and Significance of the NCD Convention - The NCD Convention addresses long-standing issues in land-based trade, particularly the non-transferability of railway and road transport documents, which has hindered trade financing [2][3]. - The convention was proposed by China, driven by the need to facilitate the booming China-Europe Railway Express trade, and aims to create a unified legal basis for multimodal transport practices [2][4]. - The convention is seen as revolutionary, filling a legislative gap since the 1980 UN Convention on International Multimodal Transport, and providing a solid legal foundation for existing multimodal transport practices [2][4]. Group 2: Implications for the Freight Forwarding Industry - The NCD Convention is expected to reshape the role and responsibilities of freight forwarders, as it clarifies the legal nature of multimodal transport documents and enhances their potential [3][5]. - While the convention does not fundamentally change the legal responsibilities of freight forwarders, it establishes clearer rights and obligations, compelling the industry to improve operational capabilities and risk management [4][5]. - The convention allows freight forwarders to issue transferable documents, which can now serve as collateral for bank financing, significantly increasing their value and customer loyalty, especially for small and medium-sized enterprises [6][7]. Group 3: Implementation Challenges and Opportunities - Successful implementation of the NCD Convention requires freight forwarding companies to enhance internal systems and adapt to new legal responsibilities associated with the issuance of transferable documents [7][8]. - The industry faces practical challenges in revising existing multimodal transport document formats to accommodate the complexities of various transport modes, necessitating a comprehensive overhaul of current practices [7][8]. - The global implementation of the convention will also depend on international cooperation and adjustments in customs regulations across countries, particularly in regions where traditional transport documents are still the norm [7][8].

Core Viewpoint - The Hong Kong stock market is currently in a left-side layout phase, with strong expectations for an early spring rally, but there are still supply and demand pressures at year-end, and the right-side turning point remains unclear [1] Group 1: Market Analysis - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) saw a slight increase of 0.10% as of December 26, with top-performing holdings including China Wangwang, China Merchants Port, and Cheung Kong Infrastructure Group [1] - The chief macroeconomic analyst at Huatai Securities, Yi Shan, suggests that the market's expectations for a spring rally are strong, but year-end supply and demand pressures persist [1] - The anticipated improvement in the funding environment is expected to come from a reallocation of funds at the beginning of next year and the appreciation of the Renminbi [1] Group 2: External Environment - The overall overseas liquidity is trending towards being accommodative, and the expectation of further easing may be enhanced due to the upcoming change in the Federal Reserve chairmanship [1] - Concerns regarding potential interest rate hikes by the Bank of Japan have not materialized, alleviating some investor worries [1] Group 3: Fund Characteristics - The Hong Kong Stock Connect Dividend Low Volatility ETF (159118) closely tracks the S&P Hong Kong Stock Connect Low Volatility Dividend Index, which has historically outperformed the Hang Seng Index and other dividend-related indices [1] - The fund's holdings are primarily large-cap value stocks, with the top three sectors being real estate, utilities, and banking [1] - The fund management fee is set at an annual rate of 0.15%, while the custody fee is at 0.05%, supporting investors in a "dividend + low volatility" dual-factor strategy [1]

Core Insights - The official launch of the Hainan Free Trade Port's full island closure marks a new phase in its development, with significant opportunities for investment and collaboration in various industries [2] - The Haikou Xiuying District is leveraging the closure to attract over 50 enterprises and key projects across sectors such as international data, cross-border e-commerce, artificial intelligence, and brand expansion [2][3] Industry Developments - A series of industry events, including the Cross-Border E-Commerce Cooperation Conference and the International Data Industry Innovation Development Conference, have facilitated the signing of multiple agreements, enhancing the region's industrial ecosystem [3][4] - The establishment of the Hainan Short Drama Export Industry Base and the International Digital Nomad Community reflects a strategic focus on digital content and cross-border cultural exchanges [3] Infrastructure and Services - The Haikou Xuhua International Digital Port has upgraded to a 10G network, strengthening the infrastructure necessary for digital economic development [3] - The launch of the Xiuying District's one-stop service platform for cross-border e-commerce aims to address operational challenges faced by businesses, enhancing efficiency and reducing costs [5][6] Strategic Goals - The Xiuying District aims to transform institutional advantages from the free trade port into tangible industrial upgrades, focusing on building a competitive digital economy cluster [4][6] - Future initiatives will include deepening institutional innovation and optimizing the business environment to support the growth of cross-border e-commerce and other emerging industries [6]

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。 港口控股有限公司 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED （根據公司條例於香港註冊成立之有限公司） （股份代號：00144） 持續關連交易 (1 ) 2026年金融服務協議 (2 ) 2026年歐亞合作協議 (3 ) 2026年招商局港口大廈租賃協議 (4 ) 2026年前海灣花園租賃協議 (5 ) 2026年倉儲及物流相關服務框架協議 2026年金融服務協議 茲提述本公司於2022年9月29日作出的公告，內容有關本公司與招商局財務訂 立之2023年金融服務協議，自2022年12月23日起至2025年12月22日止為期三 年，當中載列與招商局財務為本集團提供多項金融服務有關的框架及截至2023 年、2024年及2025年12月31日止年度的相關年度上限。於2025年12月22日， 鑒於2023年金融服務協議於2025年12月22日屆滿，本公司與招商局財 ...

Core Viewpoint - The Hang Seng High Dividend Low Volatility Index (HSHYLV.HI) has shown a slight decline of 0.23%, with notable movements in key stocks, indicating a mixed performance in the market [1] Group 1: Market Performance - Key stocks such as Shougang Resources, Yancoal Australia, and Yanzhou Coal Mining experienced declines of 0.7%, 0.4%, and 0.6% respectively, while companies like VTech and Hang Seng Bank saw slight increases of 0.7% and 0.1% [1] - The index's performance reflects a broader trend in the market, with certain sectors like shipping and healthcare showing positive movements, including China Merchants Port up by 1.4% and COSCO Shipping Ports up by 2.6% [1] Group 2: Fund Inflows - The Hang Seng High Dividend Low Volatility ETF (159545) has attracted significant capital, with net inflows exceeding 690 million in the last 10 days and over 2 billion in the last 20 days [1] - Over the past 60 days, the fund has seen net inflows of more than 3.3 billion, indicating strong investor interest in dividend-focused assets [1] Group 3: Fund Structure and Strategy - The fund is designed to evaluate its excess return against the benchmark index quarterly, with a distribution mechanism that enhances cash yield stability for investors [3] - The EasyOne Dividend Index series, which includes the Hang Seng High Dividend Low Volatility ETF, aims to provide monthly dividends, catering to investors' cash flow needs [4]

Core Viewpoint - The announcement by Antong Holdings indicates a significant increase in shareholding by China Ocean Shipping Company, which raises the total ownership to 20% of the company's shares, reflecting a strategic investment move [1] Group 1: Shareholding Changes - From July 30, 2025, to December 18, 2025, China Ocean Shipping Company increased its stake in Antong Holdings by acquiring 42,968,269 shares, representing a 1.02% increase in ownership [1] - Following this transaction, the total shares held by China Ocean Shipping and its affiliates reached 846,305,397, which constitutes 20.00% of the total share capital, up from a previous holding of 15.00% [1] Group 2: Future Plans and Commitments - China Ocean Shipping and its affiliates have committed to not transferring their shares for 18 months post-transaction, with exceptions for transfers among entities under the same actual controller [1] - Both China Ocean Shipping and China Foreign Trade have disclosed plans to further increase their holdings within the next 12 months, with intended investment amounts of no less than 360 million yuan and no more than 720 million yuan, and no less than 300 million yuan and no more than 600 million yuan, respectively [1] Group 3: Control Structure Implications - The recent changes in shareholding have not resulted in a change of the actual controller of Antong Holdings; however, potential adjustments to the board or executive management could impact the control structure in the future [1]

Group 1: Airline Industry - Goldman Sachs forecasts that international demand will rise while supply constraints persist, leading to an expected return on equity (ROE) of 22% for airlines by 2027, surpassing the industry cycle average [1] - Despite risks associated with Japan in the first half of the year, the outlook for airline stocks remains positive, with further upward potential for ticket prices [1] - Preferred stocks include China National Aviation Holding (601111) H-shares (00753) and China Eastern Airlines (600115) A-shares (600115.SH) [1] Group 2: Container Shipping - The firm adopts a more cautious stance on container shipping due to supply recovery, which is expected to compress industry profit margins [1] - New ship orders this year have exceeded expectations, resulting in an order-to-existing capacity ratio of 33% [1] - Potential reopening of the Red Sea may pose additional downside risks, potentially releasing about 10% of effective capacity, which could lead to China COSCO Shipping Holdings (601919) (01919, 601919.SH) entering a cash consumption state [1] Group 3: Oil Tankers - The outlook for oil tankers remains optimistic, with expectations of rising spot freight rates during the sustained upward cycle in 2026 [1] - The oil reserve process in China may take up to a year, longer than the market's three-month expectation, while effective capacity is predicted to grow by only 1% [1] - China COSCO Shipping Energy Transportation (600026) (01138, 600026.SH) is expected to benefit due to its significant exposure to oil tankers and the Chinese import market [1] Group 4: Stock Ratings and Target Prices - China National Aviation (00753): Buy, target price raised from 7.3 to 8.2 HKD [2] - China Eastern Airlines (00670): Buy, target price raised from 3.7 to 5.1 HKD [2] - China Southern Airlines (01055): Buy, target price raised from 4.6 to 5.8 HKD [2] - China COSCO Shipping Energy (01138): Buy, target price raised from 8.8 to 10.8 HKD [2] - China COSCO Shipping Ports (01199): Buy, target price raised from 6 to 6.8 HKD [2] - China Merchants Port (00144): Neutral, target price raised from 14.2 to 15.7 HKD [2] - China COSCO Shipping Holdings (01919): Neutral to Sell, target price lowered from 12.5 to 10.4 HKD [2] - Meilan Airport (00357): Sell, target price raised from 7.6 to 8.4 HKD [2]