Core Viewpoint - The meeting between Baowu's General Manager Hou Angui and Mitsui O.S.K. Lines President Hashimoto Takeshi focused on the current state of the shipping industry and international maritime trends, emphasizing the importance of collaboration for sustainable development and mutual benefits [1] Group 1: Company Developments - Baowu and Mitsui O.S.K. Lines shared updates on their respective business developments during the meeting [1] - Both companies are committed to maintaining close communication and strengthening cooperation to address industry challenges [1] Group 2: Industry Trends - The discussion included insights on the overall situation of the shipping industry and the international maritime landscape [1] - There was a focus on the industry's green and low-carbon transformation, highlighting the need for sustainable practices [1]

Core Viewpoint - China COSCO Shipping Development Co., Ltd. has announced the release of its Q3 2025 financial report on October 31, 2025, and will hold a performance briefing on November 19, 2025, to address investor concerns [1] Summary by Categories - **Company Announcement** - The company will release its Q3 2025 report on October 31, 2025 [1] - A performance briefing is scheduled for November 19, 2025, from 13:30 to 14:45 [1] - **Investor Engagement** - The briefing aims to facilitate communication regarding issues of interest to investors [1]

Core Viewpoint - China COSCO Shipping Development Co., Ltd. has announced the release of its Q3 2025 financial report on October 31, 2025, and will hold a performance briefing on November 19, 2025, to address investor concerns [1] Summary by Categories Company Performance - The company plans to provide a comprehensive overview of its Q3 2025 operational results and financial status during the upcoming briefing [1] Investor Engagement - A performance briefing is scheduled for November 19, 2025, from 13:30 to 14:45, aimed at facilitating communication on issues of interest to investors [1]

Core Insights - SFL Corporation Ltd. announced preliminary financial results for Q3 2025, reporting a quarterly cash dividend of $0.20 per share, marking the 87th consecutive quarterly dividend [1][5]. Financial Performance - Total operating revenues reached $178 million, with approximately 86% derived from charter hire in shipping and 14% from energy [9]. - Adjusted EBITDA was reported at $113 million, which includes $8 million from associated companies [9]. - The net income for the quarter was $8.6 million, translating to $0.07 per share [9]. Strategic Focus - The company is committed to maintaining a modern and efficient fleet, having invested nearly $100 million in fuel efficiency and cargo optimization upgrades [4]. - These initiatives have added approximately $1.2 billion to the fixed rate charter backlog, which currently stands at around $4 billion, ensuring strong cash-flow visibility [4][5]. Operational Highlights - All assets, except for the legacy drilling rig Hercules, are employed on profitable charters with high utilization [4]. - The company is optimistic about securing new employment for Hercules in the upcoming year and is exploring strategic opportunities to unlock additional value [4]. Dividend Information - The declared quarterly cash dividend of $0.20 per share will be paid on or around December 29, 2025, with the record date set for December 12, 2025 [5].

Macroeconomic Insights - Global asset performance shows mixed results, with the Hang Seng Index up 1.29% and the Shanghai Composite Index up 1.08%, while developed markets like the S&P 500 fell by 1.63%[6] - In October, the U.S. ISM Manufacturing PMI declined, indicating economic slowdown, while consumer confidence continued to drop according to the University of Michigan index[7] Inflation and Prices - October CPI in China rose by 0.2% year-on-year, while PPI decreased by 2.1%, indicating a stable inflation environment with core service prices reaching their highest level since March 2024[11] - The rise in core CPI is attributed to reduced food drag and increased service contributions, with gold prices significantly impacting jewelry costs[13] Trade and Exports - In October, China's exports fell by 1.1% year-on-year, while imports grew by 1.0%, leading to a slight decrease in trade surplus[16] - The export structure shows weakness in non-U.S. markets, particularly the EU, while exports to the U.S. and ASEAN remained strong[18] Investment Strategies - The asset allocation report suggests an overweight position in Chinese A-shares and industrial commodities, with equity allocation set at 45% and bonds at 45%[22] - The report emphasizes the importance of AI industry trends and the potential for volatility in global equity markets, recommending a focus on quality assets[23] Market Dynamics - The trading activity has decreased, with turnover rates and transaction volumes declining across indices, indicating a cautious market sentiment[28] - The report highlights a decrease in northbound capital flow, with a net outflow of 2.6 billion CNY in the recent week, reflecting investor sentiment shifts[34]

Macro Research - The core inflation and overall CPI have been diverging since the beginning of the year, driven by anti-involution governance, fiscal support, and rising gold prices, which are beneficial for the long-term recovery of core inflation [2][5] - In October, the CPI increased by 0.2% year-on-year and month-on-month, while the PPI decreased by 2.1% year-on-year but rebounded to 0.1% month-on-month, indicating a steady recovery in inflation [3][16] Overseas Strategy Research - The recent strengthening of the US dollar is primarily due to the US government shutdown causing liquidity issues, hawkish statements from the Federal Reserve, and weakness in non-US currencies [6][25] - Historically, a strong dollar has led to capital outflows from Hong Kong stocks, and under the currency peg system, it may temporarily affect local liquidity and sectors in Hong Kong [7][26] - Short-term focus should be on the reopening of the US government and economic data, while mid-term prospects for Hong Kong stocks are optimistic, particularly in the technology sector [8][27] Transportation Industry Research - The Chinese aviation sector is expected to enter a "super cycle" as supply and demand gradually recover, with a significant increase in profitability anticipated [9][10] - The supply side is constrained by airspace bottlenecks, leading to a low growth environment, while demand is expected to remain robust due to the ongoing aviation population dividend [11][10] - The recovery in demand will drive ticket prices higher, contributing to a sustainable increase in profitability for airlines [10][11]

丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] 如何看待高速提价：涓滴之水，前路犹长 报告要点 [Table_Summary] 高速公路的收费标准由各省的交通厅、发改委以及财政厅自主确定，使得各个省份可以根据当 地情况灵活调整收费标准。近年来高速提价主要发生在两种场景：1）新修以及改扩建推升建造 成本，提价保证合理回报；2）部分省份债务压力较大，倒逼路产提价。考虑中西部省份高速整 体债务风险压力较大，未来债务压力或持续倒逼区域性提价落地，有望增厚提价省份高速公路 经营主体的收益。然而国家大力倡导降低物流成本方针不变，多数省份相继推出 ETC 打折等优 惠方式吸引货车流量，"以价换量"的范式下，行业实际收费标准持续承压，收费政策变动主要 以变相降价为主，客观而言针对存量路产大规模提价难度仍然较大。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级 ...

Core Insights - The successful launch of the "Fengjin Yunport" vessel marks the opening of a new foreign trade feeder route from Lianyungang to Manila, enhancing logistics efficiency and reducing costs for exporters [2][4] - The new route allows for a streamlined logistics process, enabling goods to reach Manila in as little as 6 days, a reduction of 4-6 days compared to previous methods [2] Group 1 - The new route establishes a one-stop efficient logistics system, connecting customs clearance in Lianyungang, transshipment in Quanzhou, and direct shipping to Manila [2] - Previously, exports from Lianyungang to Southeast Asia required transshipment through ports like Shanghai and Ningbo, leading to complicated logistics and higher costs [2] - The collaboration among multiple entities, including Interconnected Company, External Management Company, and Kaida Logistics, has been crucial for the successful launch of the route [4] Group 2 - The initiative supports the transformation of Lianyungang Port from a simple cargo distribution hub to an integrated logistics hub offering customs, transportation, and transshipment services [4] - The partnership between Lianyungang Port and Xiamen Port enhances resource sharing and creates a development model that can be replicated across coastal ports in China [4] - This development fosters a coordinated growth pattern, linking land and sea logistics while promoting mutual benefits between eastern and western regions [4]

Core Insights - The Hong Kong stock market has shown significant growth, particularly in dividend themes, with a notable increase of 1.6% in the benchmark index [2][3] - In contrast, the A-share market's dividend benchmark, the CSI Dividend Index, reached a new high but exhibited minimal growth, raising questions about the underlying causes of this disparity [3][4] Group 1: Market Performance - The Hong Kong dividend ETF has performed well, with strong contributions from sectors such as shipping, securities, coal, and energy, leading to an overall increase of 1.6% [4] - The performance of individual stocks within the Hong Kong market shows that major financial stocks have also seen positive growth, contrasting with the A-share market where banks have generally underperformed [5][9] Group 2: Sector Analysis - The A-share market has seen a general trend of smaller gains, particularly in the banking sector, where major banks like China Construction Bank have experienced declines, unlike their Hong Kong counterparts [5][11] - The divergence in performance between the two markets can be attributed to different investor behaviors and market dynamics, with Hong Kong's market being more influenced by foreign capital and having a more concentrated pricing power among leading stocks [8][9] Group 3: Investment Strategies - Quantitative strategies have been highlighted as a significant factor in market movements, with strong performance in growth sectors like semiconductors and AI leading to a reverse impact on bank stocks [7][11] - The A-share market's reliance on traditional safe-haven investments contrasts with the more dynamic and flexible nature of the Hong Kong market, which allows for quicker adjustments to market conditions [9][11]

Core Viewpoint - Guizhou Moutai has announced a mid-term dividend plan of 23.957 yuan per share for 2025 and a share repurchase plan ranging from 1.5 billion to 3 billion yuan, reflecting the company's commitment to enhancing shareholder returns amid cyclical adjustments in the liquor industry [1] Group 1: Company Actions - Guizhou Moutai's actions align with the Shanghai Stock Exchange's initiative for companies to enhance quality and efficiency, with 1,564 companies having disclosed similar plans, achieving a disclosure rate of 68% [1] - The company is part of a broader trend among leading firms in the Shanghai market, with the Shanghai 50 and Shanghai 180 index companies achieving 100% coverage of quality enhancement plans [2] Group 2: Share Repurchase and Dividend Trends - Share repurchases and dividends are key strategies for enhancing shareholder returns, with several Shanghai 50 companies, including Guizhou Moutai, announcing significant repurchase plans [2] - As of October 2025, the total announced repurchase amount by Shanghai 50 companies reached approximately 18.8 billion yuan, while the total planned share buyback across the Shanghai market amounted to 62.025 billion yuan [2] - The total mid-term dividend amount for Shanghai market companies in 2025 exceeded 630 billion yuan, with Shanghai 50 companies contributing over 430 billion yuan [3]