更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 By analyzing data from Beijing city on inbound tourists, we answer investors' question – what is driving China's solid inbound visitation growth? We analyze Beijing's data: Lacking national-level international visitor breakdown post-Covid, we analyze Beijing's monthly inbound tourism data. The tourist breakdown in Beijing varies from national data, probably owing to visitors through borders ( Exhibit 1 and Exhibit 2 ). Even so, we think the comparison with its own historical lev ...

Core Viewpoint - The Pacer US Small Cap Cash Cows ETF (CALF) provides broad exposure to the Small Cap Value segment of the US equity market, with significant assets under management and a focus on companies with high free cash flow yields [1][7]. Group 1: Fund Overview - CALF is a passively managed ETF launched on June 16, 2017, and has amassed over $4.06 billion in assets, making it one of the larger ETFs in its category [1]. - The ETF targets small-cap companies with market capitalizations below $2 billion, which are associated with higher potential returns but also higher risks [2]. Group 2: Performance Metrics - The ETF seeks to match the performance of the Pacer US Small Cap Cash Cows Index, which employs a rules-based methodology [7]. - As of September 11, 2025, CALF has lost approximately 0.56% year-to-date and has gained about 2.16% over the past year, with a trading range between $32.00 and $48.76 in the last 52 weeks [7]. - The ETF has a beta of 1.10 and a standard deviation of 22.73% over the trailing three-year period, indicating a moderate level of volatility [8]. Group 3: Cost Structure - The annual operating expenses for CALF are 0.59%, which is relatively high compared to other ETFs in the space [4]. - The ETF has a 12-month trailing dividend yield of 1.36% [4]. Group 4: Sector Exposure and Holdings - The ETF has the largest allocation to the Consumer Discretionary sector, comprising about 22.9% of the portfolio, followed by Healthcare and Industrials [5]. - United Airlines Holdings Inc (UAL) represents approximately 2.52% of total assets, with the top 10 holdings accounting for about 19.75% of total assets under management [6]. Group 5: Alternatives - CALF carries a Zacks ETF Rank of 3 (Hold), indicating it is a viable option for investors seeking exposure to the Small Cap Value area [9]. - Other comparable ETFs include the iShares Russell 2000 Value ETF (IWN) and the Vanguard Small-Cap Value ETF (VBR), which have larger asset bases and lower expense ratios [10].

Group 1: Business Ties and Investment Opportunities - Business ties between mainland China and the Middle East are deepening, with Hong Kong serving as a crucial "superconnector" [1] - The Oman Investment Authority has invested over US$2 billion in Greater China, focusing on sectors such as healthcare, biotechnology, and technology [2] - Bilateral trade between China and Oman reached US$36.73 billion last year, with Chinese exports primarily consisting of mechanical and electrical products and hi-tech goods [3] Group 2: Trade and Economic Cooperation - Trade between China and the Gulf Cooperation Council (GCC) countries exceeded US$288 billion last year, with growing cooperation in energy and green transformation [4] - Hong Kong is positioned as a primary platform for capital and innovation, facilitating collaboration between Oman and mainland China [5][6] Group 3: Connectivity and Travel - There has been an increase in connectivity between Hong Kong and the Middle East, driven by the demand from business travelers [7]

Ryanair Chief Executive Michael O'Leary warned on Thursday that the Russia-Ukraine war would be an ongoing issue for all European airlines for years to come, a day after Poland shot down suspected Rus... ...

Here's what happened when WSJ travel columnist Dawn Gilbertson, a back-of-the-plane habitué, tried American Airline’s new business-class suite on a one-way trans-Atlantic flight. 🔗 https://t.co/PpUp6t8Bg0 https://t.co/dtX5MNDowY ...

JetBlue wants the US government to help it gain coveted airport slots and the ability to serve smaller and international cities https://t.co/Xd6sBiiEJw ...

FAA Urges Airlines To Strengthen Warnings About Lithium Battery Fire Risk On Planeshttps://t.co/6p6fYr7vDH https://t.co/jXtyywaGqU ...

Accessibility StatementSkip Navigation Airline grows its Golden State footprint to 14 airports  DALLAS, Sept. 10, 2025 /PRNewswire/ -- It's a September surprise as Southwest Airlines Co. (NYSE: LUV) is announcing service to Santa Rosa, California's Charles M. Schulz Sonoma County Airport (STS) is set to begin April 7, 2026, with initial flights available for purchase tomorrow morning at Southwest.com. "We aren't slowing down in our pursuit to provide Customers with more options than ever before," said An ...

Group 1 - The article provides a ranking of open-end funds based on their net asset value growth over a 10-day period, highlighting the top and bottom performers [2][4][6] - The top 10 funds with the highest net value growth include Anxin Innovation Pioneer Mixed Fund A, Anxin Innovation Pioneer Mixed Fund C, and Huian Growth Preferred Mixed Fund A, among others [2][4] - The bottom 10 funds with the lowest net value growth include Huaxia Industry Selection Mixed Fund C and HSBC Jintrust Era Pioneer Mixed Fund A, showing a decline in their net values [4][6] Group 2 - The article notes that as of September 10, 2025, a total of 28,679 funds have updated their net values, indicating a significant level of market activity [3] - The Shanghai Composite Index showed slight fluctuations, while the ChiNext Index experienced a rebound, with a total trading volume of 2 trillion yuan [6] - Leading sectors included telecommunications, tourism, and the internet, all showing growth of over 2%, while sectors like electrical equipment and chemicals faced declines [6] Group 3 - The article mentions that the fund with the fastest net value growth is Anxin Innovation Pioneer Mixed Fund A, which aligns with the trend of increasing interest in technology and innovation sectors [6] - The article also highlights the concentration of holdings in certain funds, with Anxin Innovation Pioneer Mixed Fund having a concentration of 62.87% in its top ten holdings, indicating a focused investment strategy [9] - The performance of individual stocks within these funds, such as the significant gains in companies like Zhongxin International and Shenghong Technology, reflects the underlying strength of the technology sector [9]

Financial Performance - Tsakos Energy (TEN) reported quarterly earnings of $0.67 per share, exceeding the Zacks Consensus Estimate of $0.59 per share, but down from $1.26 per share a year ago, indicating an earnings surprise of +13.56% [1] - The company posted revenues of $161.39 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 2.88%, but down from $172.65 million year-over-year [2] - Over the last four quarters, Tsakos has surpassed consensus EPS estimates three times and topped consensus revenue estimates only once [2] Stock Performance - Tsakos shares have increased approximately 29.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 10.7% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future earnings expectations [3][4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.67 on revenues of $165.86 million, and for the current fiscal year, it is $3.65 on revenues of $671.7 million [7] - The estimate revisions trend for Tsakos was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Transportation - Shipping industry, to which Tsakos belongs, is currently ranked in the bottom 26% of over 250 Zacks industries, suggesting potential challenges ahead [8]