Core Viewpoint - China Ocean Shipping (00598) plans to increase its stake in Antong Holdings, with a proposed investment of no less than RMB 300 million and no more than RMB 600 million, aiming to enhance its competitive edge in the container shipping industry [1] Group 1: Investment Details - The company intends to execute the share buyback within twelve months starting from July 31, 2025, with a maximum purchase price of RMB 3.2 per share [1] - The methods for increasing the stake include but are not limited to agreement transfers, block trades, or centralized bidding [1] Group 2: Strategic Implications - The acquisition is expected to promote synergy between the two companies in core resources such as container transportation and self-owned containers [1] - This move supports the company's development of a "new carrier" business model, enhancing its ability to provide comprehensive solutions and standardized products to target market customers [1]

Core Viewpoint - China National Foreign Trade Transportation Group (China Foreign Trade) plans to increase its stake in Antong Holdings (600179.SH) by investing between RMB 300 million and RMB 600 million, with a maximum purchase price of RMB 3.2 per share, to enhance its competitive edge in the container shipping industry [1] Group 1: Investment Details - The board of China Foreign Trade approved the share acquisition on July 31, 2025, with the investment period set for twelve months [1] - The planned investment will utilize the company's own funds and will be executed through various methods, including agreement transfer, block trading, or centralized bidding [1] Group 2: Strategic Implications - The acquisition aims to promote synergy between the two companies in core resources such as container transportation and self-owned containers [1] - This strategic move is expected to support the development of a "new carrier" business model, enhancing the company's ability to provide comprehensive solutions and standardized products to target market customers [1]

Core Viewpoint - China Ocean Shipping (601598) plans to increase its stake in Antong Holdings (600179) with an investment ranging from RMB 300 million to RMB 600 million, aiming to enhance its competitive edge in the container shipping industry [1] Group 1: Investment Details - The company intends to execute the share buyback within twelve months starting from July 31, 2025, with a maximum purchase price of RMB 3.2 per share [1] - The methods for the share acquisition may include agreement transfers, block trades, or centralized bidding [1] - As of the announcement date, the company has not yet implemented the buyback plan or signed any agreements related to the proposed increase [1] Group 2: Strategic Implications - The planned increase in stake is expected to promote synergy between the two companies in core resources such as container transportation and self-owned containers [1] - This move is part of the company's strategy to develop a "new carrier" business model, enhancing its supply chain capabilities and providing comprehensive solutions and standardized products to target market customers [1] - The initiative aims to strengthen the company's core competitiveness in the industry [1]

Group 1: Company Operations and Strategies - The company is enhancing operational efficiency in response to potential impacts from the construction of cross-sea bridges through vessel upgrades, port enhancements, new route openings, and optimized production processes [2] - The company has invested in two flat-deck barges specifically for the transportation of new energy vehicles, utilizing a "people and vehicles separated" model for improved efficiency [3] - The annual design capacity of the Haikou New Sea Passenger Hub is 35 million passengers and 5.6 million vehicles, indicating significant room for growth compared to current operational volumes [4] Group 2: Future Plans and Market Opportunities - The company operates a four-day, three-night tourism route from Sanya to the Xisha Islands, with plans to develop diverse marine tourism products to enhance visitor experiences [5] - If the Hainan Free Trade Port policy exceeds expectations, the company plans to increase investments in flat-deck barges and replace old vessels to meet market demand [5] - The company is actively pursuing the acquisition of Xuwen Port, which would enhance operational efficiency and service quality through unified management of ports on both sides of the Qiongzhou Strait [6][7] Group 3: Financial and Market Impact - The integration of Qiongzhou Strait shipping resources increased the fleet from 15 to 47 vessels by consolidating resources from various companies [9] - The implementation of favorable tax policies in the Hainan Free Trade Port is expected to lower operational costs and attract more investors, leading to a predictable increase in passenger and vehicle traffic [10] - The company plans to invest in the construction of two new passenger and roll-on/roll-off vessels to replace aging ships [11] Group 4: Pricing and Revenue Strategies - The ticket prices for the Haikou to Hai'an route have remained unchanged in recent years, with future revenue enhancement strategies focusing on value-added services and commercial operations at the new passenger hub [12]

人民财讯8月1日电，中国外运（601598）8月1日晚间公告，公司下属公司中外运船务、中外运裕丰冷冻 合计持有安通控股（600179）股份有限公司(简称"安通控股")0.0039%股份，公司拟自2025年7月31日起 12个月内通过自有资金增持安通控股股份，拟增持金额不低于3亿元(含本数)，不超过6亿元(含本数)， 增持价格不超过3.2元/股(含本数)，增持方式包括但不限于协议转让、大宗交易或集中竞价交易等。 ...

Core Viewpoint - China National Foreign Trade Transportation Group (China Foreign Trade) plans to increase its stake in Antong Holdings, aiming to enhance cooperation in container shipping and improve its competitive edge in the logistics sector [1] Group 1: Stake Acquisition - As of the announcement date, China Foreign Trade's subsidiaries hold a total of 0.0039% of Antong Holdings [1] - The company intends to increase its holdings by no less than 300 million yuan and no more than 600 million yuan within 12 months starting from July 31, 2025 [1] - The maximum purchase price is set at 3.2 yuan per share, with acquisition methods including but not limited to agreement transfers, block trades, or centralized bidding [1] Group 2: Strategic Implications - The acquisition is expected to promote synergy in core resources such as container shipping routes and self-owned containers [1] - This move supports China Foreign Trade's development of a "new carrier" business model, focusing on providing comprehensive solutions and standardized products to target market customers [1] - The strategy aims to enhance the company's core competitiveness through active supply chain integration [1]

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core View of the Report - In the context of high - capacity suppression, as demand gradually enters the off - season, freight rates will face pressure in the future [2][20] Group 3: Summary of Related Catalogs EC Futures Contracts - EC2508 had a change of - 0.81 in price and - 724 in position change, with a closing price of 2121.6, trading volume of 195.0, and open interest of 4873 [2][20] - EC2510 had a price change of - 2.97, position change of - 3056, closing price of 1425.1, trading volume of 46302, and open interest of 51818 [2][20] Freight Rate Indexes - SCFIS had a change of - 3.50% compared to the previous period and - 0.89% compared to the two - period ago, with a current value of 2421.94 on July 28, 2025 [2][20] - SCFI had a change of 0.53% compared to the previous period and - 0.95% compared to the two - period ago, with a current value of 2099 dollars/TEU on July 25, 2025 [2][20] European Line Supply and Demand - The average weekly capacity in August and September (tentatively) is 325,000 and 324,000 TEU respectively. The capacity in week32/33/34/35 is 330,000, 305,000, 350,000, and 330,000 TEU respectively [2][20] - Overall, the capacity pressure is high, especially in the second half of August. The overall cargo volume is gradually weakening and entering the off - season [2][20] European Line Quotations - Currently, downstream is booking spaces for early August (week31 - 32). Week32 in August is expected to land at about 3300 dollars (equivalent to 2300 points on the disk) [2][20] - MSK's opening quotation for week33 is 2800 dollars, and most other shipping companies follow the previous quotations [2][20] Related News - On August 1, Trump increased the tariff on Canada from 25% to 35% and agreed to extend the temporary agreement with Mexico for 90 days, and Mexico agreed to terminate major non - tariff trade barriers [2][20] - On August 1, Hamas stated that the resistance will not stop until the end of the Israeli occupation [2][20]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The market atmosphere is bearish with significant drops in commodities, and the market is oscillating weakly with large recent fluctuations. Due to geopolitical conflicts and tariff uncertainties, the game is difficult. It is recommended to participate with a light position or stay on the sidelines. Attention should be paid to tariff policies, the Middle - East situation, and spot freight rates [1][3]. 3. Key Points by Category Market Conditions - The Shanghai Export Container Settlement Freight Index (SCFIS) for the European route on July 28 was 2400.50 points, down 0.9% from the previous period; for the US - West route, it was 1301.81 points, up 2.8% [2]. - The Ningbo Export Container Freight Index (NCFI) on July 25: the composite index was 1110.57 points, down 3.26%; the European route was 1422.9 points, down 1.20%; the US - West route was 1120.51 points, down 5.19% [2]. - The Shanghai Export Container Freight Index (SCFI) on July 25: the composite index was 1592.59 points, down 54.31 points; the European line price was 2090 USD/TEU, up 0.53%; the US - West route was 2067 USD/FEU, down 3.50% [2]. - The China Export Container Freight Index (CCFI) on July 25: the composite index was 1261.35 points, down 3.2%; the European route was 1787.24 points, down 0.9%; the US - West route was 880.99 points, down 6.4% [2]. - On July 31, the main contract 2510 closed at 1425.1, with a decline of 4.66%, a trading volume of 46,300 lots, and an open interest of 51,800 lots, a decrease of 3056 lots from the previous day [3]. Economic Data - Eurozone's June manufacturing PMI flash was 49.4 (expected 49.8, previous 49.4); services PMI flash was 50 (2 - month high, expected 50, previous 49.7); composite PMI flash was 50.2 (expected 50.5, previous 50.2); Sentix investor confidence index was 0.2 (expected - 6, previous - 8.1) [2]. - China's Caixin manufacturing PMI in June was 50.4, 2.1 percentage points higher than May, the same as April, back above the critical point [2]. - US June Markit manufacturing PMI flash was 52 (same as May, higher than expected 51, 2 - month high); services PMI flash was 53.1 (lower than previous 53.7, higher than expected 52.9, 2 - month low); composite PMI flash was 52.8 (lower than previous 53, higher than expected 52.1, 2 - month low) [2]. Policy and Geopolitical Events - Trump continued to impose tariffs on multiple countries, mainly in Southeast Asia, hitting re - export trade. The tariff negotiation date was postponed to August 1. Some shipping companies announced freight rate increases, and the market had a slight rebound [3]. - On July 30, the Chinese Foreign Ministry spokesperson hoped that the US would work with China to promote Sino - US economic and trade relations. On the same day, Yemen's Houthi rebels attacked Israeli targets, and Israel submitted a response to the cease - fire negotiation [5]. Trading Strategies - Short - term: The short - term market may rebound. Risk - takers were recommended to go long lightly on the 2510 contract below 1300 (with a profit of over 300 points) and take partial profits; go short lightly on the EC2512 contract, pay attention to the subsequent market trend, and set stop - losses [4]. - Arbitrage: In the context of international turmoil, with a positive spread structure and large fluctuations, it is recommended to stay on the sidelines or try with a light position [4]. - Long - term: It was recommended to take profits when the contracts rose, wait for the market to stabilize after a pullback, and then judge the subsequent direction [4]. Contract Adjustments - The daily limit for contracts 2508 - 2606 was adjusted to 18% [4]. - The company's margin for contracts 2508 - 2606 was adjusted to 28% [4]. - The daily opening limit for all contracts 2508 - 2606 was set at 100 lots [4].

Core Viewpoint - The Hang Seng High Dividend Yield Index (HSSCHKY) has experienced a decline of 1.01% as of August 1, 2025, with mixed performance among constituent stocks [1] Group 1: Market Performance - China Telecom (00728) led the gains with an increase of 1.65%, while China Petroleum & Chemical Corporation (00386) saw the largest decline at 5.65% [1] - The Bosera Hang Seng High Dividend ETF (513690) decreased by 1.12%, with the latest price at 1.06 yuan, but has risen by 3.28% over the past two weeks as of July 31, 2025 [1][2] - Southbound funds recorded a net purchase of 131.26 billion HKD in Hong Kong stocks on July 31, with a cumulative net inflow of 1,356.48 billion HKD for July, marking a historical high for the year [1] Group 2: Fund Performance - The Bosera Hang Seng High Dividend ETF has a current scale of 48.20 billion yuan, with a net inflow of 4.57 billion yuan over the last 23 trading days [2] - The ETF's financing buy-in amount reached 630.26 million yuan, with a financing balance of 1,044.09 million yuan [2] - The ETF has achieved a net value increase of 41.43% over the past three years, ranking 150 out of 1,829 index equity funds [2] Group 3: Risk and Return Metrics - The ETF's Sharpe ratio for the past year is 1.97, indicating a favorable risk-adjusted return [3] - As of July 31, 2025, the ETF has a year-to-date relative drawdown of 0.39%, with a recovery period of 37 days [3] - The management fee for the ETF is 0.50%, and the custody fee is 0.10% [3] Group 4: Index Composition - The HSSCHKY Index aims to reflect the performance of high dividend securities listed in Hong Kong that can be traded through the Stock Connect [4] - The top ten weighted stocks in the index account for 29.19% of the total index, including Yanzhou Coal Mining Company (01171) and Hang Lung Properties (00101) [4]

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core View of the Report - The spot price of shipping derivatives basically peaked at the end of July. It is expected to decline slowly until late August and then the decline rate will intensify. The main focus of the 10 - contract game is the decline rate of freight rates from August to October. The strategy is to short the 10 - contract on rallies (take profits due to recent large pullbacks) and hold the 12 - 4 calendar spread [5][6]. 3. Summary by Related Catalogs Shipping Freight Index - **Spot Index**: The Shanghai Export Container Freight Index (SCFI) and China Export Container Freight Index (CCFI) both declined. SCFI dropped by 3.30%, CCFI by 3.23%. Among different routes, SCFI - US West decreased by 3.50%, SCFIS - US West by 1.31%, SCFI - US East by 6.48%, SCFI - Northwest Europe increased by 0.53%, SCFIS - Northwest Europe decreased by 3.50%, and SCFI - Mediterranean by 4.35% [3]. - **Contract Index**: All contract indices declined. EC2506 dropped by 3.41%, EC2508 by 0.81%, EC2510 by 2.97%, EC2512 by 2.63%, EC2602 by 3.09%, and EC2604 by 4.47% [3]. - **Position**: For positions, EC2606 increased by 32, while EC2508 decreased by 724, EC2410 by 3056, EC2412 by 45, EC2602 by 77, and EC2604 by 184 [3]. - **Calendar Spread**: The 10 - 12 spread increased by 2.1 to - 267.2, the 12 - 2 spread increased by 1.6 to 207.6, and the 12 - 4 spread increased by 16.3 to 368.2 [3]. Market News - USTR Greer hopes for positive progress in China - related trade but does not expect a major breakthrough. Trump's trade team also anticipates no major breakthrough in China negotiations. The EU - China summit commemorated the 50th anniversary of diplomatic relations, with the meeting period shortened from two days to one at China's request, reflecting escalating tensions. The US - China trade negotiation team met in Stockholm, and both sides expressed the importance of stable economic and trade relations and the intention to continue consultations [4].