Core Viewpoint - The recent trade tensions between the U.S. and China have escalated, with the Trump administration attempting to pressure China through tariffs, technology export restrictions, and limitations on aviation parts exports, but these measures have not yielded the desired results [1][3][24]. Group 1: U.S. Trade Measures - The first measure involved imposing high tariffs on all goods imported from China, aiming to create price barriers against Chinese products. However, China's robust supply chain and domestic demand have proven resilient against such tactics [3][5]. - The second measure targeted high-tech sectors, with the U.S. attempting to cut off key software supplies to hinder China's advancements in artificial intelligence and chip design. Nevertheless, China has made significant progress in domestic technology replacements, reducing the effectiveness of this strategy [5][9]. - The final measure focused on restricting exports of aircraft parts to China, aiming to impact the Chinese aviation industry. However, China has developed its own aircraft manufacturing capabilities and has begun to secure international orders, diminishing the potential impact of this restriction [7][9]. Group 2: International Alliances and Responses - Following the ineffectiveness of the initial measures, the Trump administration is seeking to form a coalition of countries to collectively pressure China, but faces challenges in garnering support from key allies like Japan and South Korea, who are cautious due to their economic ties with China [11][15]. - India's relationship with the U.S. is also tenuous, with ongoing trade negotiations and dependencies on Chinese components complicating any potential alignment against China [13][15]. - European nations are primarily focused on the Russia-Ukraine conflict and are unlikely to prioritize joining a coalition against China, as many are strengthening their economic ties with China [15][19]. Group 3: U.S. Strategic Challenges - The U.S. is struggling to find effective strategies in its dealings with China, as traditional methods of pressure and coalition-building are becoming less effective in the current international landscape [17][19]. - The increasing interdependence of global economies means that extreme pressure tactics could backfire, leading to a reevaluation of the U.S.'s role in international trade [21][24]. - The current geopolitical climate indicates that China is not intimidated by U.S. pressure and is prepared to respond strategically, maintaining its market position and exploring countermeasures if necessary [19][26].

格隆汇10月14日丨华夏航空(002928.SZ)公布，公司于2025年10月14日首次通过回购股份专用证券账户 以集中竞价方式回购公司股份60,000股，占公司目前总股本的0.0047%，最高成交价为9.85元/股，最低 成交价为9.75元/股，支付的总金额为588,200.00元（不含交易费用）。本次回购股份资金来源为股票回 购专项贷款，回购价格未超过回购方案中拟定的上限13.54元/股（含），本次回购符合相关法律法规的 要求，符合既定的回购股份方案。 ...

据了解，执行本次任务的AC101架机，是沃兰特VE25-100型号的研制批首架机，也是沃兰特自缩比验 证机Tiny，全尺寸验证机X1以来的第三架飞机。该机型翼展16米，最大起飞重量约2.6吨。 北京商报讯（记者 关子辰 牛清妍）10月14日，VOLANT沃兰特发布的消息显示，10月4日—14日，其 VE25-100 AC101架机在自贡试飞基地成功完成了首轮有人驾驶操纵试飞。这是国内首次有试飞员在机 内操纵一架两吨级以上eVTOL，也是首次有试飞员在机内操纵一架有大翼eVTOL。 ...

Core Insights - The article discusses the growing interest in cross-border ETF investments, particularly focusing on the recent submissions of Brazilian ETFs by Huaxia Fund and E Fund, highlighting the diversification of investment opportunities in overseas markets [1][8]. Group 1: Cross-Border ETF Landscape - The current trend in cross-border ETF investments shows a diverse range of options, with significant attention on the Saudi ETF and the French CAC40 ETF [1]. - The recent submissions of Brazilian ETFs indicate a new addition to the cross-border ETF family, enhancing the investment landscape for Chinese investors [1]. Group 2: Brazilian Market Insights - The Ibovespa index is a key indicator of the Brazilian economy, characterized by its resource-oriented nature, with major components including Vale and Petrobras, linking its performance closely to international commodity prices and Chinese economic demand [1][2]. - Brazil's stock market is heavily weighted towards the commodities sector, followed by a significant representation of the financial sector, reflecting its status as an emerging market [2]. Group 3: Performance and Valuation - The Ibovespa index has shown a 12% annualized return over the past decade, with a year-to-date return of 21.6% as of September, outperforming the Chinese stock market [5]. - The valuation of the Ibovespa index remains relatively low compared to other emerging markets, making it an attractive option for global asset allocation [5]. Group 4: ETF Market Dynamics - In the last three months, cross-border ETFs have seen a net inflow of nearly 200 billion, making them one of the most popular ETF categories, second only to bond ETFs [8]. - The overall ETF market has experienced a net inflow of approximately 428.4 billion, with significant contributions from various ETF categories, including cross-border ETFs [9]. Group 5: Future Outlook - The expansion of cross-border ETF connectivity is expected to enhance the accessibility of global capital markets for domestic investors, providing a convenient investment channel [8]. - The shift towards diversified asset allocation, including commodities and foreign exchange, is anticipated to play a crucial role in wealth management strategies moving forward [10].

Fixed Income Research - The convertible bond market has limited downside potential, and sharp declines may present investment opportunities, with a focus on three structural opportunities [1][3] - It is recommended to maintain a balanced layout to address potential differentiation in the market [3] Oil and Chemical Research - Trade frictions are impacting oil prices, with Brent crude oil prices at $62.09 as of October 10 [5] - OPEC+ has agreed to maintain production cuts, which may support oil prices in the short term [6] - The geopolitical situation in the Middle East has temporarily eased, reducing risk premiums in the oil market [6][7] - Investment recommendations include focusing on companies benefiting from downstream demand recovery and low-cost upstream players [7] Transportation Research - The aviation sector is experiencing strong demand during the National Day holiday, with ticket prices rising and Q3 earnings expected to grow against the trend [8][9] - The oil shipping market saw a temporary drop in rates during the holiday but is expected to rebound post-holiday [9] - The impact of China's countermeasures against the US 301 investigation is anticipated to lessen the effects on Chinese shipping companies [10] Cultural and Media Research - The gaming market remains robust, with notable performances from titles like "Delta Action" and strong revenue from mobile games [11][12] - The film market had a lackluster performance during the National Day holiday, with total box office revenue down 13% year-on-year [14]

Group 1: Shipping Industry - The implementation of mutual port fees between China and the US is expected to impact over 40% of shipping capacity, with Chinese shipping companies being the most affected [1][20][21] - Different shipping segments will experience varying degrees of impact, with oil and dry bulk sectors facing greater challenges compared to container shipping [1][20] - Short-term price fluctuations may occur due to initial chaos from the new policies, but overall, the impact on freight rates is expected to be limited [1][20] Group 2: Aviation Industry - Domestic passenger flight volumes have decreased slightly post-National Day, but overall traffic remains above 2019 levels, indicating a recovery trend [2][33] - The average domestic ticket price is stable, with a slight year-on-year increase, suggesting a balanced supply-demand dynamic in the aviation market [2][34] - The aviation sector is expected to see continued recovery in profitability as the supply-demand gap narrows, with recommendations to invest in major airlines like China Eastern Airlines and Spring Airlines [2][34] Group 3: Express Delivery Industry - The "anti-involution" policy has led to price increases across approximately 90% of express delivery volumes in China, indicating a shift towards more sustainable competition [2][43][44] - The profitability of express delivery companies is anticipated to improve in the fourth quarter, driven by seasonal demand and the effects of the "anti-involution" measures [2][43][44] - Major express companies like SF Express and ZTO Express are expected to see significant growth in profitability in 2025, with projected earnings growth of 15-20% for SF Express [2][54] Group 4: Logistics Sector - The logistics company DeBang's revenue has shown double-digit growth, but profitability has been under pressure due to increased transportation costs [2][66][67] - The company is focusing on enhancing its service quality and optimizing its product structure to improve margins in the future [2][66][67]

无人机表演描绘出大阪世博会吉祥物"脉脉"（10月13日） 本届共有158个国家和地区参展，创下日本国内举办的世博会的最高纪录，入场人数累计超过2500万 人，低于预期的2820万人。但预计实现230～280亿日元的盈利。整个会期的入场者消费额有可能达到1 万亿日元规模…… 大阪关西世博会于10月13日闭幕。本届共有158个国家和地区参展，创下日本国内举办的世博会的最高 纪录，入场人数累计超过2500万人。最后还发表了希望各方分别继承"设计未来社会，让生命绽放光 彩"这一本届世博会理念的《大阪关西世博会宣言》，并将接力棒交给了2030年的下届世博会主办城市 ——沙特阿拉伯利雅得。 截至10月12日，本届世博会的累计普通入场者人数为2529万人（快报值）。低于预期的2820万人。截至 10月3日，门票总销量为2206.7万张，未达到2300万张的销售目标。但运营收支方面，除了世博会开幕 后门票销售持续坚挺外，周边商品的热销也起到支撑作用，预计实现230～280亿日元的盈利。 本届世博会还产生了带动日本全国人员、物资、资金流动的效应。据民间智库亚洲太平洋研究所 （APIR，大阪市）估算，截至7月底的会期前半段，入场 ...

国信证券近日发布交通运输行业10月投资策略：由于国庆假期结束，上周整体和国内客 运航班量环比有所下降，整体/国内客运航班量环比分别为-0.6%/-0.6%，整体/国内客运航班 量分别相当于2019年同期的111.2%/116.3%，国际客运航班量环比下降0.4%，相当于2019年 同期的88.3%，近期国际油价略低于去年同期水平。 顺丰控股虽然短期业绩表现承压，但是公司强调"先有后优"的战略，我们预计公司四季 度的业绩有望实现改善且回归正规，明年公司的盈利能力将继续实现提升，明年公司业绩有 望实现15-20%的较快增长，2025年PE估值约18倍，维持推荐；2）在"反内卷"政策指导下， 通达系价格开始企稳回升，公司下半年盈利将确定性改善，建议紧密跟踪行业"反内卷"政策 的持续性及竞争格局变化，推荐中通快递、圆通速递、申通快递、韵达股份。 投资建议：建议配置具有长期价值的稳健标的，看好经营稳健、风险可控且有望带来稳 定收益的价值龙头。推荐顺丰控股、中通快递、圆通速递、申通快递、韵达股份、春秋航 空、南方航空、中远海能、招商轮船、德邦股份。 风险提示：宏观经济复苏不及预期，油价汇率剧烈波动。（国信证券 罗丹） 【 ...

中银证券近日发布交通运输行业周报：航运方面，假期出货放缓原油运价下跌，集运远 洋航线运价反弹。航空方面，深圳出台低空支持经济发展政策细则，2025年国庆中秋假期国 际航线恢复。物流与交通新业态方面，2025年我国快递业务量提前37天实现1500亿件，圆通 与惠州市签署战略合作协议。 以下为研究报告摘要： 航运方面，假期出货放缓原油运价下跌，集运远洋航线运价反弹。航空方面，深圳出台 低空支持经济发展政策细则，2025年国庆中秋假期国际航线恢复。物流与交通新业态方面， 2025年我国快递业务量提前37天实现1500亿件，圆通与惠州市签署战略合作协议。 建议关注设备与制造业工业品出口链条。推荐中远海特、招商轮船、华贸物流，建议关 注东航物流、中国外运。 行业高频动态数据跟踪： ①航空物流：波罗的海空运价格指数环比上升，同比下降。②航运港口：内贸集运运价 指数上升，干散货运价上升。③快递物流：2025年8月快递业务量同比上升12.29%，快递业 务收入同比增加4.24%。④航空出行： 2025年10月第一周国际日均执飞航班1940次，环比-0.16%，同比 13.44%。⑤公路铁路：9月29日—10月5日，全国高速公 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]