Core Viewpoint - The article highlights the performance of the China Securities State-Owned Enterprises Dividend Index and the attractiveness of dividend stocks in the current market environment, particularly in the context of rising risk aversion and the potential for policy support in the fourth quarter [1][2]. Group 1: Index Performance - As of November 27, 2025, the China Securities State-Owned Enterprises Dividend Index increased by 0.20%, with notable gains from stocks such as LUXI Chemical (+2.67%) and Western Mining (+2.66%) [1]. - The National Enterprise Dividend ETF (159515) rose by 0.09%, with a turnover rate of 1.75% and a transaction volume of 771,300 yuan [1]. Group 2: Market Conditions - Entering the fourth quarter, there is significant profit-taking pressure, coupled with increased volatility in overseas markets, leading to a decline in equity risk appetite [1]. - The dividend style of investment is becoming more attractive due to the stability of leading companies and strong dividend certainty, especially during periods of heightened volatility in popular sectors [1]. Group 3: Investment Appeal - According to Debon Securities, dividend stocks are appealing in the current market due to their high dividend yield and defensive characteristics, particularly as funds shift towards high-dividend assets amid fluctuating expectations regarding U.S. Federal Reserve interest rate cuts [1]. - The China Securities State-Owned Enterprises Dividend Index comprises 100 listed companies selected for their high cash dividend yields and stable dividends, reflecting the overall performance of high-dividend securities among state-owned enterprises [1]. Group 4: Top Holdings - As of October 31, 2025, the top ten weighted stocks in the China Securities State-Owned Enterprises Dividend Index accounted for 17.08% of the index, with notable companies including COSCO Shipping Holdings and Jizhong Energy [2].

2025 年 11 月 27 日 集运指数（欧线）：弱势运行 郑玉洁 投资咨询从业资格号：Z0021502 zhengyujie@gtht.com 黄柳楠 投资咨询从业资格号：Z0015892 huangliunan@gtht.com 【基本面跟踪】 表 1：集运指数（欧线）基本面数据 | | | 昨日收盘价 | 日涨跌 | 昨日成交 | 昨日持仓 | 持仓变动 | 昨日成交/持仓 | 前日成交/持仓 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | EC2512 | 1,779.7 | 0.69% | 1,541 | 6,862 | -461 | 0.22 | 0.27 | | 期 货 | EC2602 | 1,568.6 | -0.54% | 17,415 | 43,333 | -100 | 0.40 | 0.66 | | | EC2604 | 1,142.1 | -0.45% | 1,676 | 16,096 | 135 | 0.10 | 0.17 | | | EC2512 - EC2604 | 637.6 | | | EC260 ...

"我们致力于吸引更多港航企业，聚力打造'服务最优、成本最低、效率最高'的口岸营商环境，提 升航运服务能级。"市口岸办有关负责人说，嘉华航运项目从今年5月中旬首次接洽，到8月1日注册成 功，仅用了60个工作日，"能在这么短的时间内落地，离不开我们与市投资促进局、鄞州区的合力招 引、通力协作"。 口岸有境，服务无境。多次联合市、区级相关部门协调项目落地并及时回应企业诉求，主动上门服 务企业对接各项落户政策，指导协助解决企业注册问题，全程做好项目跟踪服务…… 拿到营业执照的那一刻，嘉华航运有关负责人说，在与宁波政府部门沟通协作中，感受到了"宁波 效率"。 今年以来，在企业引育上，市口岸办牵头引进香港嘉华航运全球总部，注册资本5000万美元，实现 市外全球班轮百强企业总部落户我市"零的突破"，并推动全国首个海事类国际科技组织代表处—— IMarEST浙江代表处落户宁波。 原标题：让大项目不仅能"引进来"更能"留得住" 宁波加快打造高端航运服务 核心功能承载区 在60个工作日成功引进嘉华航运项目的基础上，眼下我市多部门正在持续推进嘉华新合资项目，使 其为宁波航运业发展注入新的动能。 作为一家新兴国际航运企业，嘉华航运目 ...

新华社伦敦11月25日电 国际海事组织秘书长多明戈斯25日表示，中国在航运领域参与度非常高，在国 际海事合作中扮演"非常重要的角色"。 中华人民共和国常驻国际海事组织代表处揭牌仪式当天在中国驻英国大使馆举行。多明戈斯现场接受新 华社记者采访时说，中国是造船大国，拥有全球最大的港口群和众多班轮公司，并具备向世界提供大量 海员的能力。 他说，设立常驻国际海事组织代表处体现了中国对参与该组织各项工作的重视，包括数字化、脱碳减 排、提升安全水平、推动多元包容、海员培训等。"这一举措无疑将强化中国的参与度，有利于中国进 一步参与行业变革、分享备受公认的成熟经验。" 国际海事组织是联合国系统主管海上安全和防止船舶造成海洋污染及其法律问题的专门机构，总部位于 英国伦敦。目前有176个会员国和3个联系会员。中国1973年恢复在该组织的会员国合法席位，1989年至 今连任其A类理事国。 审核：连萌 分享： 编辑：翟慧 责编：翟慧 ...

国际海事组织秘书长多明戈斯25日表示，中国在航运领域参与度非常高，在国际海事合作中扮演"非常 重要的角色"。 中华人民共和国常驻国际海事组织代表处揭牌仪式当天在中国驻英国大使馆举行。多明戈斯现场接受采 访时说，中国是造船大国，拥有全球最大的港口群和众多班轮公司，并具备向世界提供大量海员的能 力，设立常驻国际海事组织代表处体现了中国对参与该组织各项工作的重视。 （文章来源：新华社） ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Supply - side production cuts are accelerating the destocking of steel products, while inflation shows signs of the decline in pork prices slowing down. [1][2] Summary by Directory 1. Economic Growth: Supply - side Production Cuts Accelerate Steel Destocking 1.1 Production: Limited Increment in Power Plant Daily Consumption - Power plant daily consumption has limited increment. On November 25, the average daily consumption of 6 major power - generating groups was 79.3 tons, down 1.3% from November 18. On November 18, the daily consumption of power plants in eight southern provinces was 186 tons, up 3.3% from November 11. [4][11] - The blast furnace operating rate has been declining this month. On November 21, the national blast furnace operating rate was 82.2%, down 0.6 percentage points from November 14; the capacity utilization rate was 88.6%, down 0.3 percentage points from November 14. The blast furnace operating rate of Tangshan steel mills remained flat at 91.2% compared to November 14. [4][15] - The tire operating rate has declined. On November 20, the operating rate of truck all - steel tires was 61.3%, down 3.2 percentage points from November 13; the operating rate of car semi - steel tires was 71.1%, down 2.6 percentage points from November 13. The operating rate of looms in the Jiangsu and Zhejiang regions continued to decline. [4][17] 1.2 Demand: Supply - side Production Cuts Accelerate Steel Destocking - The sales volume of new homes in 30 cities has improved month - on - month. From November 1 - 25, the average daily sales area of commercial housing in 30 large and medium - sized cities was 243,000 square meters, up 11.9% from the same period in October, but down 30.4% from the same period last November, 20.1% from the same period in 2023, and 35.9% from the same period in 2022. [4][23] - The retail sales of the auto market have improved week by week. In November, retail sales were down 11% year - on - year, and wholesale sales were down 8% year - on - year. [4][27] - Steel prices fluctuated within a narrow range. On November 25, the prices of rebar, wire rod, hot - rolled coil, and cold - rolled coil changed by + 0.6%, - 0.3%, + 1.5%, and - 0.1% respectively compared to November 18. [4][32] - Cement prices remained stable. On November 25, the national cement price index remained flat compared to November 18. Cement prices in the East China and Yangtze River regions fell by 0.7%. [4][33] - Glass prices fluctuated strongly. On November 26, the active glass futures contract price was 1,026 yuan/ton, up 1.1% from November 19. [4][38] - The container shipping freight index showed a pattern of near - term decline and long - term increase. On November 21, the CCFI index rose 2.6% compared to November 14, while the SCFI index fell 4.0%. [4][40] 2. Inflation: The Decline in Pork Prices Slows Down 2.1 CPI: The Decline in Pork Prices Slows Down - The decline in pork prices slowed down. On November 26, the average wholesale price of pork was 17.9 yuan/kg, down 0.3% from November 19. [4][46] - The agricultural product price index rose moderately. On November 26, the agricultural product wholesale price index rose 0.6% compared to November 18. By variety, fruits (+ 2.8%) > vegetables (+ 1.4%) > mutton (+ 1.3%) > pork (- 0.3%) > eggs (- 0.5%) > chicken (- 0.7%) > beef (- 1.0%). [4][53] 2.2 PPI: Oil Prices Declined Weakly - Oil prices declined weakly. On November 25, the spot prices of Brent and WTI crude oil were 63.2 and 58.0 dollars/barrel respectively, down 0.6% and 4.6% from November 18. [4][56] - Copper and aluminum prices rose. On November 25, the prices of LME 3 - month copper and aluminum rose 1.5% and 1.0% respectively compared to November 18. [4][61] - The decline of the domestic commodity index narrowed month - on - month. On November 25, the Nanhua industrial products index fell 0.6% compared to November 18, and the CRB index fell 0.7%. [4][61] - Most industrial product prices fell month - on - month in November. The prices of steam coal and wire rod rose month - on - month, while other industrial product prices fell. The year - on - year decline of most industrial product prices converged, except for cement and glass. [63]

Summary of Key Points Core Viewpoint - China COSCO Shipping Holdings Co., Ltd. has been actively repurchasing its shares, indicating a commitment to enhancing shareholder value amidst a declining stock price trend [1][2]. Group 1: Share Buyback Activity - On November 26, 2025, the company repurchased 3 million shares at a price range of HKD 13.250 to HKD 13.460, totaling HKD 39.93 million [1]. - Since October 31, 2025, the company has conducted share buybacks for 19 consecutive days, acquiring a total of 52.188 million shares for a cumulative amount of HKD 721 million [1]. - Year-to-date, the company has executed 110 buyback transactions, repurchasing a total of 442 million shares for an aggregate amount of HKD 5.876 billion [1]. Group 2: Stock Performance - The stock closed at HKD 13.250 on November 26, 2025, reflecting a decline of 1.12% for the day, with a total trading volume of HKD 297 million [1]. - During the buyback period since October 31, 2025, the stock has experienced a cumulative decline of 0.97% [1].

格隆汇11月26日丨凤凰航运(000520.SZ)公布，公司及控股子公司武汉长航新凤凰物流有限公司近期收 到两项政府补助，合计金额为4,067.28万元，占公司最近一期经审计净资产的比例为8.87%，补助形式 为货币资金。 ...

格隆汇11月26日丨凤凰航运(000520.SZ)公布，公司及控股子公司武汉长航新凤凰物流有限公司近期收 到两项政府补助，合计金额为4,067.28万元，占公司最近一期经审计净资产的比例为8.87%，补助形式 为货币资金。 ...

格隆汇11月26日丨厦门象屿(600057.SH)公布，公司控股子公司香港兴耀航运有限公司（简称"兴耀航 运"）增资扩股引入产业投资人。股权变更登记完成后，公司和产业投资人通过各自子公司分别持有兴 耀航运49%和51%股权，兴耀航运成为公司的参股公司。根据兴耀航运业务需求，在股权变更登记完成 后，股东双方按照持股比例提供同比例担保用于银行授信，其中公司提供的担保额度不超过5,300万 元。兴耀航运作为公司控股子公司期间，公司为其提供了借款，在本次增资扩股完成后，产业投资人将 与公司按同等条件承担各自出资比例部分的上述借款本息，其中公司按股比承担的部分不超过5,300万 元，时限不超过5个月，利率为3.5%。因兴耀航运增资扩股后不再纳入公司合并报表范围，公司对其借 款被动形成对外财务资助，其实质为公司对原控股子公司日常经营性借款的延续，本次同比例提供借款 事项不存在损害公司利益的情况。 ...