Group 1 - The company announced the convening of its third extraordinary general meeting for 2025 on September 3, 2025 [2] - The meeting approved the proposal to reappoint Crowe Horwath as the financial auditing firm for the company's 2025 fiscal year [2]

Core Viewpoint - The Invesco Great Wall National Index Hong Kong Stock Connect Dividend Low Volatility ETF (159569) has shown significant growth in both share count and total assets since its inception, indicating strong investor interest and market performance [1][2]. Fund Overview - The fund was established on August 14, 2024, and has an annual management fee of 0.50% and a custody fee of 0.08% [1]. - As of September 2, 2024, the fund's total shares stood at 238 million, with a total asset size of 315 million yuan [1]. - Year-to-date, the fund's share count has increased by 110.48%, and its total asset size has grown by 143.72% compared to December 31, 2024 [1]. Liquidity Analysis - Over the last 20 trading days, the ETF has accumulated a total trading volume of 836 million yuan, averaging 41.82 million yuan per day [1]. - Since the beginning of the year, the total trading volume has reached 6.523 billion yuan, with an average daily trading volume of 39.78 million yuan over 164 trading days [1]. Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong Lili managing the fund since August 29, 2024, achieving a return of 35.08%, while Wang Yang has managed it since August 13, 2025, with a return of -3.59% [2]. Top Holdings - The ETF's top holdings include: - Orient Overseas International: 9.65% [3] - China COSCO Shipping: 7.14% [3] - Yancoal Australia: 5.43% [3] - Yanzhou Coal Mining: 4.73% [3] - Seaspan Corporation: 4.36% [3] - China Hongqiao Group: 3.10% [3] - Sinopec: 3.08% [3] - CNOOC: 3.03% [3] - Minsheng Bank: 3.01% [3] - China Everbright Bank: 3.01% [3]

Group 1 - BlackRock reduced its stake in China COSCO Shipping Holdings (01919) by 14.259 million shares at a price of HKD 14.6731 per share, totaling approximately HKD 209 million [1] - After the reduction, BlackRock's remaining shareholding is approximately 162 million shares, representing a stake of 5.63% [1]

证券日报网讯凤凰航运（000520）9月3日在互动平台回答投资者提问时表示，截至8月29日，公司股东 总户数84523户。 ...

Core Viewpoint - The company is focusing on enhancing ship operational efficiency and optimizing the age structure of its fleet while exploring the application of new energy vessels in its routes, pending thorough assessments of safety, economic viability, and feasibility [2]. Group 1 - The company is updating its shipping capacity primarily to improve operational efficiency [2]. - The company is optimizing the age structure of its vessels [2]. - The company is researching the application of new energy vessels, which will be implemented only after comprehensive evaluations [2].

Report Industry Investment Rating - No information provided on the report industry investment rating Core View of the Report - The freight futures prices of the container shipping index (European Line) declined collectively on Wednesday. The main contract EC2510 closed down 3.04%, and the far - month contracts fell between 1 - 3%. The spot indicators continued to decline. The "price war" has put continuous pressure on the fundamentals. With uncertainties in the trade war, weak demand expectations for the container shipping index (European Line), and large fluctuations in futures prices, investors are advised to be cautious, pay attention to the operation rhythm and risk control, and track geopolitical, shipping capacity, and cargo volume data in a timely manner [1] Summary by Relevant Catalogs Futures Market Data - EC main contract closing price: 1323.000, down 41.5; EC secondary main contract closing price: 1701.2, down 53.9 - EC2510 - EC2512 spread: +14.60 up; EC2510 - EC2602 spread: -211.00, down 1.60 - EC contract basis: +17.70 up, 450.60 - EC main contract open interest: 51946, down 2211 [1] Spot Market Data - SCFIS (European Line) (weekly): 1773.60, down 216.60; SCFIS (US West Coast Line) (weekly): 1013.90, down 27.48 - SCFI (composite index) (weekly): 1445.06, up 29.70; container ship capacity (10,000 TEUs): 1227.97, unchanged - CCFI (composite index) (weekly): 1156.32, down 18.55; CCFI (European Line) (weekly): 1685.80, down 71.94 - Baltic Dry Index (daily): 1986.00, up 38.00; Panamax Freight Index (daily): 1764.00, up 49.00 - Average charter price (Panamax ship): 14170.00, up 274.00; average charter price (Capesize ship): 26105.00, down 359.00 [1] Industry News - China's Ministry of Finance and the State Taxation Administration issued a notice clarifying 4 tax - exemption measures to support the operation and management of state - owned equity and cash proceeds transferred to enrich the social security fund. These measures have been in effect since April 1, 2024, and eligible paid taxes can be refunded, which directly boosts the investment return of the social security fund [1] - US President Trump said he would appeal the global tariff case ruling to the US Supreme Court. He believes that uncertainty causes the stock market to fall. Winning or losing the tariff case will have a significant impact on the stock market, and canceling tariffs may make the US a third - world country [1] - Bank of Japan Deputy Governor Hino Ryozo said that based on the improvement of the economy and prices, it is appropriate to continue to raise interest rates. Despite three rate hikes, Japan's real interest rate remains at a significantly low level due to persistent inflation, and there is still room for monetary policy normalization [1] Key Data to Focus On - September 4, 17:00, Eurozone retail sales month - on - month rate for July - September 4, 20:15, US ADP employment change (in ten thousand people) for August - September 4, 20:30, US initial jobless claims (in ten thousand people) for the week ended August 30 - September 4, 20:30, US trade balance (in billion US dollars) for July [1]

Report Summary 1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The EC market showed an upward trend. The rise was mainly driven by MSC's announcement of two sailings cancellation during the National Day, the increased expectation of non - resumption of navigation in the Red Sea after the Houthi's retaliation against Israeli oil tankers, and the court's decision that Trump's so - called "reciprocal" tariffs were illegal. However, Maersk's lower opening price in wk38 narrowed the afternoon gains [7]. - The price adjustment of OCEAN's September freight rates accelerated, which might put pressure on NSK to cut prices for cargo. The spot market of OCEAN faced increasing cargo - picking pressure, leading to a freight rate callback. The 12 - contract price was likely to fluctuate weakly. The follow - up focus should be on whether MSK would cut prices and whether the freight rates could stop falling in mid - September, with a short - term possibility of falling below 1300 [8]. 3. Summary by Related Contents 3.1 Shipping Freight Index - The current values of SCFI comprehensive index, CCFI, SCFI - US West, SCFI - US East, SCFI - Northwest Europe, SCFIS - Northwest Europe, and SCFI - Mediterranean were 1445, 1156, 1923, 2866, 1481, 1773, and 2145 respectively. Their respective previous values were 1415, 1175, 1644, 2613, 1668, 1990, and 2225, with corresponding changes of 2.10%, - 1.58%, 16.97%, 9.68%, - 11.21%, - 10.90%, and - 3.60% [5]. 3.2 Shipping Futures Contracts - For contracts like EC2506, EC2608, etc., their current values, previous values, and changes are presented. For example, EC2506's current value is 1428.5, previous value is 1376.1, with a change of 3.81%. Also, information on contract positions and month - spreads is provided, such as the current EC2606 position is 890, a change of 23 from the previous value [5]. 3.3 Market News and Events - Yemen's Houthi rebels planned to avenge the death of important members in Israeli air strikes and continued to support the Palestinian people [6]. - The US Trade Representative's Office extended the exclusion list measures in the investigation of China's related behaviors under Section 301 until November 2025 [6]. - The US government planned to expand national security tariffs in the coming months, covering industries like steel, aluminum, semiconductors, etc. [6]. 3.4 Market Strategy - The recommended strategy is to short the 10 - contract on rallies and conduct a rolling 10 - 12 reverse spread [9].

Investment Rating - The report maintains an "Accumulate" rating for the transportation and warehousing industry [5] Core Insights - The transportation industry experienced a slight increase in net profit in H1 2025, with notable recovery in the airport sub-sector [1][13] - The express delivery sector is expected to see a reduction in price wars due to government initiatives aimed at curbing excessive competition [3][31] - Oil transportation demand is anticipated to rebound in the second half of 2025, driven by OPEC+ production increases and supply constraints [2][24] Summary by Sections 1. Transportation Industry Performance - In H1 2025, the transportation industry reported total revenue of 17,329 billion yuan, a year-on-year increase of 1.28%, and a net profit of 950 billion yuan, up 2.39% [1][13] - Among 121 listed companies, 110 were profitable, with 55 companies showing year-on-year profit growth [1][13] - The airport sub-sector saw a significant net profit increase of 26.5% year-on-year [13][19] 2. Shipping Sector Analysis - H1 2025 saw a slowdown in global oil demand growth, with the BDTI index averaging 971 points, down 21.2% year-on-year, and the BCTI index at 683 points, down 31.9% [2][21] - The SCFI index averaged 1,704 points, reflecting a 26.5% year-on-year decline, impacting shipping company performance [2][21] - Predictions indicate that oil transportation demand will grow faster than supply, with a 0.3 percentage point difference expected in 2025 [24][26] 3. Express Delivery Sector Insights - The express delivery sector maintained a high growth rate, with a total volume of 957 billion packages in H1 2025, a 19.3% increase year-on-year [3][28] - However, the average revenue per package fell by 5.3% in July 2025, with major companies experiencing varying degrees of profit decline [3][28] - Government initiatives to address "involution" in the industry are expected to improve profit margins and overall industry health [3][31] 4. Investment Recommendations - The report suggests focusing on state-owned enterprises in the transportation sector, particularly in highways, railways, and ports [4][33] - It highlights potential in oil and container shipping due to geopolitical tensions and slow capacity growth [4][33] - The recovery in express delivery volume and the easing of competition are also noted as positive indicators for investment [4][33]

证券代码：601022 证券简称：宁波远洋 公告编号：2025-036 宁波远洋运输股份有限公司 关于召开 2025 年半年度业绩暨现金分红说明会 的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ? 会议召开时间：2025 年 9 月 16 日（周二）9:30-11:00 ? 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心视频结合网络互动 ? 投资者可于 2025 年 9 月 9 日（周二）至 9 月 15 日（周一）16:00 前登录 上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ird@nbosco.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 宁波远洋运输股份有限公司（以下简称"公司"）已于 2025 年 8 月 28 日发 布公司 2025 年半年度报告，并于同日披露 2025 年半年度利润分配方案，为便于 广大投资者更全面深入地了解公司 2025 年半年度的经营成果 ...

Report Industry Investment Ratings No relevant content provided. Core Views - The report analyzes multiple industries and commodities, including energy, metals, chemicals, agricultural products, and financial derivatives, providing insights into market trends, supply - demand relationships, and investment strategies for each sector [2][3][4] Summary by Commodity Energy - **Crude Oil**: Overnight international oil prices rose, with Brent 11 contract up 1.34%. In the third quarter, the oil market supply - demand was balanced. Considering OPEC+ output increase in September and post - peak demand decline, there is a risk of inventory build - up. Look for shorting opportunities when SC11 rebounds above 495 yuan/barrel [2] - **Fuel Oil & Low - sulfur Fuel Oil**: Singapore and Chinese ship - fuel sales declined year - on - year, but domestic refinery production was also low. Due to geopolitical premium and delayed supply pressure, LU rebounded and FU strengthened [22] - **Liquefied Petroleum Gas**: After the gas off - season, it shows some resilience. Supported by rising import costs and domestic demand, the civil gas price increased. The high - basis difference pattern persists, and the short - term market is strong in the near term and weak in the long term [24] - **Asphalt**: In the traditional peak season, demand increases seasonally, and supply - demand tightens. The 10 - contract is supported at 3500 yuan/ton, and it is expected to oscillate strongly in the short term [23] Metals - **Precious Metals**: Overnight, the US manufacturing PMI was slightly lower than expected, increasing the expectation of a Fed rate cut. Maintain a long position and focus on the US non - farm payroll data on Friday [3] - **Copper**: Overnight, copper prices broke through integer thresholds. In the short - to - medium term, it is affected by the Fed rate cut, domestic refined copper consumption substitution, and capital resonance. Hold short - term long positions based on the MA5 moving average [4] - **Aluminum**: Overnight, Shanghai aluminum oscillated strongly. Downstream开工率 has increased seasonally for four weeks. It is expected to test the resistance at 21,000 yuan in the short term [5] - **Alumina**: Production capacity is at a historical high, with rising inventory and supply surplus. It is running weakly, and pay attention to the support at 2830 - 3000 yuan [6] - **Zinc**: In September, refinery maintenance may reduce output. In the short term, it rebounds, but in the medium term, maintain a short - allocation strategy [8] - **Nickel and Stainless Steel**: Due to political unrest in Indonesia, prices rebounded. Short - term short positions are suspended, and a wait - and - see approach is adopted [10] - **Tin**: Overnight, Shanghai tin recovered some losses. There is a shortage of concentrates, and short - term long positions can be held based on 271,000 yuan [11] - **Manganese Silicon**: Production is increasing, and inventory has not accumulated. In the long term, manganese ore is expected to accumulate inventory [19] - **Silicon Iron**: Supply is increasing, demand is okay, and inventory is slightly decreasing [20] Chemicals - **Carbonate Lithium**: Futures prices declined, and the market was quiet. The overall sentiment is low, and a wait - and - see approach is adopted [12] - **Polysilicon**: It oscillated below 52,000 yuan/ton. Before new policy details are disclosed, the PS2511 price is expected to face pressure at 53,000 yuan/ton [13] - **Industrial Silicon**: Futures prices rose slightly. In September, supply surplus will intensify, and there is a risk of a price decline after the current up - trend [14] - **Methanol**: Coastal available supply is abundant, and inventory is accumulating. But with the improvement of downstream device economics, the market is expected to strengthen [26] - **Pure Benzene**: Oil prices rebounded, and benzene prices stopped falling. In the third quarter, supply - demand may improve [27] - **Styrene**: Crude oil and pure benzene provide little support. Supply - demand contradiction is increasing, and the fundamentals are weak [28] - **Polypropylene, Plastic, and Propylene**: Propylene production enterprises have controllable inventory pressure, but downstream acceptance of price increases is limited. Polyethylene demand is okay, while polypropylene supply pressure is increasing [29] - **PVC and Caustic Soda**: PVC supply pressure is high, and it may oscillate weakly. Caustic soda prices are relatively firm but may also oscillate widely [30] - **PX and PTA**: Prices are oscillating at a low level. Demand is improving, but the actual improvement is limited [31] - **Ethylene Glycol**: Prices fluctuate around 4350 yuan/ton. Supply - demand is weakening, and there are both long and short factors in the medium term [32] Agricultural Products - **Soybeans and Soybean Meal**: There is uncertainty in Sino - US trade. In the short term, it may oscillate, and in the long term, there is a cautious bullish view on domestic soybean meal [37] - **Soybean Oil and Palm Oil**: Prices rebounded. In the long term, consider buying at low prices, but pay attention to volatility risks [38] - **Corn**: Dalian corn futures were weak at night. After the new - grain purchase enthusiasm fades, it may continue to run weakly at the bottom [40] - **Pigs**: Spot prices are mixed, and futures prices are weak. There is downward pressure on prices under large supply [41] - **Eggs**: Spot prices are stable, and futures prices rebounded. Consider long positions in far - month contracts for next year [42] - **Cotton**: US cotton prices fell, and Zhengzhou cotton may continue to oscillate. Consider buying on dips [43] - **Sugar**: US sugar prices are trending down, and domestic sugar prices are expected to oscillate [44] - **Apples**: Futures prices are oscillating at a high level. In the short term, prices may rise, but in the long term, there is limited upside [45] - **Timber**: Futures prices are oscillating. Supply may remain low, and a wait - and - see approach is adopted [46] - **Paper Pulp**: Futures prices rose slightly. Supply is relatively loose, and a wait - and - see or range - trading approach is recommended [47] Financial Derivatives - **Container Shipping Index (European Route)**: MSC announced empty - sailing plans for the Golden Week. Spot prices are under pressure, and the market is expected to oscillate [21] - **Stock Index**: The market is adjusting, and there is short - term macro uncertainty. Increase allocation to technology - growth sectors [48] - **Treasury Bonds**: Futures prices oscillated flat. Pay attention to the opportunity for curve steepening in short - term multi - variety hedging [49]