Core Viewpoint - Chongqing Port's stock price has shown a year-to-date increase of 12.32%, with recent fluctuations indicating a 3.46% rise over the last five trading days, despite a 1.28% decline over the past 20 days and a 5.28% drop over the last 60 days [2] Company Overview - Chongqing Port Co., Ltd. was established on January 8, 1999, and listed on July 31, 2000. The company is primarily engaged in port terminal operations, warehousing, and multimodal transport logistics [2] - The company's revenue composition includes: 54.28% from commodity trading, 31.90% from loading and passenger and cargo agency services, 13.13% from comprehensive logistics, and 0.65% from other services [2] Financial Performance - For the first half of 2025, Chongqing Port reported revenue of 2.255 billion yuan, reflecting a year-on-year growth of 3.57%. However, the net profit attributable to shareholders was 5.6853 million yuan, showing a significant decline of 88.36% compared to the previous year [3] - As of June 30, 2025, the number of shareholders increased to 44,100, up by 18.82%, while the average circulating shares per person decreased by 15.84% to 26,916 shares [3] Shareholder and Dividend Information - Since its A-share listing, Chongqing Port has distributed a total of 799 million yuan in dividends, with 148 million yuan distributed over the last three years [4] - As of June 30, 2025, Hong Kong Central Clearing Limited was the fifth-largest circulating shareholder, holding 10.3424 million shares, an increase of 4.6207 million shares from the previous period [4] Market Activity - On October 14, Chongqing Port's stock price rose by 2.09%, reaching 5.38 yuan per share, with a trading volume of 40.6678 million yuan and a turnover rate of 0.65%. The total market capitalization stood at 6.385 billion yuan [1] - The net outflow of main funds was 586,900 yuan, with large orders accounting for 15.80% of purchases and 19.82% of sales [1]

Group 1: Passenger and Cargo Throughput Data - In September, the overall passenger throughput in the airport industry showed a year-on-year increase, while cargo throughput varied among companies [1][2] - Baiyun Airport reported 43,300 takeoffs, a 9.15% increase year-on-year, with passenger throughput of 6.601 million, up 10.84%, and cargo throughput of 201,300 tons, down 0.78% [1] - Xiamen Airport recorded 15,900 takeoffs, a 0.66% increase year-on-year, with passenger throughput of 2.3113 million, up 3.05%, and cargo throughput of 32,700 tons, down 2.04% [1] - Shenzhen Airport's cumulative passenger throughput since 2025 reached 48.9135 million, up 8.15%, with cargo throughput of 1,498.8 million tons, up 11.73% [1] - In September, Shenzhen Airport had a passenger throughput of 5.1016 million, up 3.18%, and cargo throughput of 170,800 tons, up 4.94% [1] Group 2: Port Cargo Throughput Data - Beibu Gulf Port reported a cargo throughput of 30.1612 million tons in September, a year-on-year increase of 9.00%, with a cumulative throughput of 266.8605 million tons, up 10.01% since 2025 [2] - Zhuhai Port's third-quarter cargo throughput was 14.7796 million tons, down 5.44% year-on-year, with a cumulative throughput of 41.7485 million tons, up 1.25% for the year [2] - Guangzhou Port expected to complete a container throughput of 2.051 million TEUs in September, down 0.8%, while cargo throughput was projected at 47.845 million tons, up 4.1% [2]

Core Insights - Abu Dhabi Ports Group and Yantai Port signed a preliminary strategic cooperation agreement to establish a green automotive industrial park aimed at enhancing automotive trade between Asia, the Middle East, and North Africa while utilizing sustainable energy [1] Group 1: Strategic Cooperation - The agreement focuses on exploring the feasibility of establishing and operating an integrated bilateral terminal and automotive hub network [1] - The collaboration aims to connect the Asia-Pacific green automotive circular economy industrial park in Yantai with Abu Dhabi Ports Group's automotive terminals and hubs in the UAE and other key countries [1] Group 2: Technological and Operational Enhancements - Both parties will consider exploring the use of artificial intelligence technology to improve operational efficiency [1] - The agreement includes discussions on sustainable energy initiatives [1]

Core Viewpoint - Abu Dhabi Ports Group has signed a strategic cooperation agreement with the United Nations Development Programme to accelerate innovation in digital trade, smart logistics, and port automation, aiming to promote sustainable development in the trade system of the MENA region and globally [1] Group 1: Strategic Cooperation - The agreement focuses on developing scalable digital platforms to enhance transparency and integration in trade and logistics systems [1] - The collaboration will leverage artificial intelligence to optimize supply chain management, trade financing, and customs processes [1] - The initiative supports the application of automation and Internet of Things (IoT) technologies in port operations [1] Group 2: UNDP's Role - The United Nations Development Programme operates in approximately 170 countries and regions, dedicated to promoting sustainable development, eradicating poverty, and strengthening governance [1]

Company News - Yuanshan Group (00551.HK) reported a cumulative operating income of approximately $6.017 billion for the first nine months, a decrease of 1% year-on-year [2] - Baoshan International (03813.HK) recorded a cumulative operating income of 12.903 billion yuan for the first nine months, down 7.7% year-on-year [2] - Longyuan Power (00916.HK) achieved a cumulative power generation of 56,546,706 MWh in the first nine months, a decline of 0.53% year-on-year; excluding the impact of thermal power, there was a year-on-year increase of 13.81%, with wind power up 5.30% and solar power up 77.98% [2] Financial Performance - Qinhuangdao Port Co., Ltd. (03369.HK) reported a total throughput of 317 million tons for the first nine months, an increase of 5.56% year-on-year [3] - New China Life Insurance (01336.HK) expects net profit attributable to shareholders for the first three quarters to be between 29.986 billion yuan and 34.122 billion yuan, representing a year-on-year growth of 45% to 65% [3] - Jiangshan Holdings (00295.HK) reported a total power generation of approximately 238,787 MWh for the first nine months, a decrease of 4.83% year-on-year [3] - Morning News Technology (02000.HK) reported an unaudited revenue of 270 million HKD for the first nine months, down 7.6% year-on-year [3] - Dekang Agriculture and Animal Husbandry (02419.HK) sold approximately 7.5509 million pigs in the first nine months, with sales revenue of approximately 14.277 billion yuan [3] Drug Approvals and Developments - Hengrui Medicine (01276.HK) received a clinical trial approval notice for SHR-A2102, a targeted Nectin-4 antibody-drug conjugate (ADC) developed in-house; global sales for similar products are expected to reach approximately $1.949 billion in 2024 according to EvaluatePharma [3] - Hutchison China MediTech (00013.HK) plans to announce FRUSICA-2 registration study data at the 2025 European Society for Medical Oncology annual meeting [3] - CSPC Pharmaceutical Group (01093.HK) had its new drug application for Idaglutide α injection accepted by the National Medical Products Administration [3] Corporate Actions - Huazhen Medical (01931.HK) announced the acquisition of U.S. properties and the establishment of a U.S. subsidiary, ETHK BANK, to promote stablecoins and intellectual property securitization in the U.S. [3] - Lihigh Holdings (08472.HK) plans to invest 24 million HKD in cryptocurrency and commodities [3] - Hisense Home Appliances (00921.HK) and its subsidiaries subscribed to a financial product from Jingu Trust worth 1.739 billion HKD [3] Real Estate Performance - New Town Development (01030.HK) reported cumulative contract sales of 15.050 billion yuan for the first nine months, a decrease of 52.72% year-on-year [3] - Longfor Group (00960.HK) achieved total contract sales of 50.75 billion yuan in the first nine months [3] - CIFI Holdings Group (00884.HK) reported cumulative contract sales of approximately 13.06 billion yuan for the first nine months [3] - Ronshine China Holdings (03301.HK) reported contract sales of 3 billion yuan for the first nine months, down 45.3% year-on-year [3] - Yuzhou Group (01628.HK) reported cumulative sales of 4.913 billion yuan for the first nine months [3] - Yida China (03639.HK) reported contract sales of approximately 572 million yuan for the first nine months, down 24.74% year-on-year [3] Financing and Buyback Activities - Geely Automobile (00175.HK) was approved to issue debt financing instruments totaling no more than 10 billion yuan [3] - HSBC Holdings (00005.HK) repurchased 1.58 million HKD worth of shares at prices ranging from 102.2 to 103.77 HKD [3] - Xiaomi Group-W (01810.HK) repurchased 400 million HKD worth of shares at prices ranging from 47.82 to 50.55 HKD [3] - Shoucheng Holdings (00697.HK) repurchased 890 million HKD worth of shares at prices ranging from 2.21 to 2.27 HKD [3]

Group 1: Passenger and Cargo Throughput Performance - In September, the overall passenger throughput in the industry showed a year-on-year increase, while cargo throughput varied among companies [1][2] - Baiyun Airport reported a passenger throughput of 6.601 million, up 10.84% year-on-year, and a cargo throughput of 20.13 thousand tons, down 0.78% [1] - Xiamen Airport recorded a passenger throughput of 2.3113 million, up 3.05% year-on-year, and a cargo throughput of 3.27 thousand tons, down 2.04% [1] - Shenzhen Airport's passenger throughput reached 5.1016 million, up 3.18%, with cargo throughput at 17.08 thousand tons, up 4.94% [1] - Beibu Gulf Port reported a cargo throughput of 30.1612 million tons in September, up 9.00% year-on-year [1] Group 2: Cumulative Performance Data - As of October 13, Shenzhen Airport's cumulative passenger throughput for the year reached 48.9135 million, up 8.15%, and cargo throughput was 1.4988 million tons, up 11.73% [2] - Domestic passenger throughput at Shenzhen Airport was 44.2489 million, up 6.70%, while international passenger throughput was 4.2889 million, up 25.76% [2] - Zhuhai Port reported a cumulative cargo throughput of 41.7485 million tons for the year, up 1.25%, with a third-quarter throughput of 14.7796 million tons, down 5.44% [2] Group 3: Container and Cargo Throughput Forecasts - Guangzhou Port expects to complete a container throughput of 2.051 million TEUs in September, down 0.8%, and a cargo throughput of 47.845 million tons, up 4.1% [3] - For the first nine months of 2025, Guangzhou Port anticipates a container throughput of 20.165 million TEUs, up 7.0%, and a cargo throughput of 433.678 million tons, up 2.7% [3] - Qinhuangdao Port, Caofeidian Port, and Huanghua Port reported respective throughput increases of 4.55%, 4.96%, and 8.24% for the nine months ending September 30, 2025 [3]

- Model Name: Expected High Dividend Portfolio; Model Construction Idea: The model uses a two-stage approach to construct the expected dividend yield indicator. The first stage calculates the dividend yield based on the annual report's profit distribution, and the second stage predicts and calculates the dividend yield using historical dividends and fundamental indicators. Additionally, two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening, and the selection is made from the CSI 300 constituent stocks to construct the expected high dividend portfolio. The portfolio holds 30 stocks each period and rebalances monthly[3][8] - Model Construction Process: 1. Exclude suspended and limit-up stocks from the CSI 300 constituent stocks to form the candidate stock pool[13] 2. Exclude the top 20% of stocks with the highest short-term momentum (i.e., the top 20% of stocks with the highest 21-day cumulative gains) from the stock pool[13] 3. Exclude stocks with declining profitability (i.e., stocks with a negative year-on-year growth rate of quarterly net profit)[13] 4. Rank the remaining stocks in the stock pool by expected dividend yield and select the top 30 stocks with the highest expected dividend yield to construct the portfolio equally weighted[9] - Model Evaluation: The model's historical performance is outstanding, with a cumulative return of 358.90% and a cumulative excess return of 107.44% relative to the CSI 300 Total Return Index. The annualized excess return is 8.87%, with a maximum rolling one-year drawdown of only 12.26% and a monthly excess win rate of 60.19%[11] Model Backtest Results - Expected High Dividend Portfolio, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14] - Best performing stocks in September 2025: CITIC Special Steel (3.81%), Yutong Bus (-0.35%), Industrial and Commercial Bank of China (-1.75%), Shuanghui Development (-1.90%)[15] Factor Construction and Evaluation - Factor Name: Expected Dividend Yield Factor; Factor Construction Idea: The factor is constructed by predicting dividend distribution using the method of dividend distribution combined with fundamental indicators. Two short-term factors affecting dividend yield—reversal factor and profitability factor—are used to assist in screening[14] - Factor Construction Process: 1. Calculate the dividend yield based on the annual report's profit distribution[8] 2. Predict and calculate the dividend yield using historical dividends and fundamental indicators[8] - Factor Evaluation: The factor is used to assist in screening and constructing the expected high dividend portfolio, which has shown outstanding historical performance[3][8] Factor Backtest Results - Expected Dividend Yield Factor, average return in September 2025: -5.35%, underperformed the CSI 300 Index by 8.09% and the CSI Dividend Index by 3.87%[3][14]

Core Viewpoint - Qin Port Co., Ltd. reported a total throughput of 317 million tons in the first three quarters of the year, representing a year-on-year increase of 5.56% [1] Summary by Category Company Performance - The total throughput for Qin Port Co., Ltd. in the first three quarters reached 317 million tons [1] - This figure indicates a year-on-year growth of 5.56% [1]

Core Insights - Qin Port Co., Ltd. (601326) reported a total throughput of 317.02 million tons for the first nine months of 2025, representing a year-on-year increase of 5.56% [1] Summary by Category Overall Performance - The total throughput of the company increased to 317.02 million tons, up by 5.56% compared to the same period last year [1] Port-Specific Performance - Qinhuangdao Port's throughput reached 138.36 million tons, reflecting a year-on-year growth of 4.55% [1] - Caofeidian Port's throughput was 101.39 million tons, with a year-on-year increase of 4.96% [1] - Huanghua Port's throughput amounted to 77.27 million tons, showing a significant year-on-year growth of 8.24% [1]

Core Viewpoint - Qinhuangdao Port Co., Ltd. reported a total throughput of 317 million tons for the nine months ending September 30, 2025, representing a year-on-year increase of 5.56% [1] Group 1: Company Performance - The total throughput for Qinhuangdao Port reached 138 million tons, reflecting a year-on-year growth of 4.55% [1] - Caofeidian Port's throughput was 101 million tons, with a year-on-year increase of 4.96% [1] - Huanghua Port achieved a throughput of 77.27 million tons, marking a year-on-year growth of 8.24% [1]