Core Viewpoint - Dongfeng Motor Corporation's stock has experienced a decline of 10.76% this week, closing at 7.3 yuan, with a total market capitalization of 14.6 billion yuan as of June 6, 2025 [1] Company Announcements - On June 4, 2025, Dongfeng Motor Corporation announced that its indirect controlling shareholder, Dongfeng Motor Group Co., Ltd., will not be involved in any asset or business restructuring, and the company's normal production and operations will not be affected [1] - The company received a government subsidy of 10 million yuan on June 4, 2025, which accounts for 34.29% of the audited net profit attributable to shareholders for the fiscal year 2024, positively impacting the company's profits for 2025 [1] - On June 5, 2025, the company held its second extraordinary general meeting of shareholders for 2025, where a resolution to replace some directors was passed with 99.38% approval [1] Production and Sales Data - In May 2025, Dongfeng Motor Corporation produced 11,724 commercial vehicles, a year-on-year decrease of 1.27%, with a cumulative production of 56,454 vehicles, down 18.48% year-on-year [2] - The company sold 10,073 vehicles in May 2025, a year-on-year decline of 13.27%, with cumulative sales of 59,859 vehicles, down 14.45% year-on-year [2] - Light truck production was 11,225 units in May, up 8.09% year-on-year, but cumulative production for the year was down 16.34% [2] - Bus production fell significantly, with a May output of 267 units, down 78.83% year-on-year, and cumulative production down 52.46% [2] - New energy vehicle production increased by 109.82% year-on-year in May, totaling 3,621 units, but cumulative production for the year was down 36.56% [2] - Dongfeng Cummins engine production reached 18,168 units in May, up 20.16% year-on-year, with cumulative production up 5.24% [2]

本报记者冯雨瑶刘钊 6月5日早间，重庆长安汽车股份有限公司（以下简称"长安汽车"，证券代码：000625）与东风汽车股份有限公司（以下简称"东风股份"，证券代 码：600006）分别发布公告，披露了其间接控股股东重组事项的最新进展，标志着中国汽车行业央企重组进程迈入新阶段。 长安汽车在公告中明确，其间接控股股东中国兵器装备集团有限公司（以下简称"兵器装备集团"）已获国务院批准实施分立重组。根据方案，兵器 装备集团的汽车业务将分立为一家独立中央企业，由国务院国资委直接履行出资人职责；剩余业务则注入中国兵器工业集团有限公司。此次分立 后，长安汽车的间接控股股东将变更为汽车业务分立的中央企业，但实际控制人未发生变化，公司生产经营活动不受重大影响。长安汽车表示，将 严格按照信息披露要求，持续关注重组进展并及时履行披露义务。 长安汽车董事长朱华荣此前曾公开表示，此次重组有利于公司国际化、全球化及市场化发展，将充分把握政策机遇，发挥重组带来的协同效应。尽 管重组方案已基本完成，但分立重组仍需履行法定程序，相关事项存在不确定性。 与长安汽车不同，东风股份在最新公告中明确，其间接控股股东东风汽车集团有限公司（以下简称"东风公 ...

Group 1 - The core viewpoint of the news is that the China Hong Kong 300 Infrastructure Index has shown positive performance, with a 4.41% increase over the past month, a 7.48% increase over the past three months, and a 7.41% increase year-to-date [1] - The index is composed of selected securities from the China Hong Kong 300 Index, focusing on various industry themes such as banking, transportation, resources, infrastructure, logistics, and leisure [1] - The index was established on December 31, 2004, with a base point of 1000.0 [1] Group 2 - The top ten weighted holdings in the China Hong Kong 300 Infrastructure Index include China Mobile (34.26%), CLP Holdings (8.4%), Cheung Kong (7.42%), China Telecom (5.2%), Hong Kong and China Gas (4.89%), Power Assets Holdings (4.71%), China Unicom (3.61%), ENN Energy (3.12%), China Resources Power (2.52%), and CK Infrastructure Holdings (2.41%) [1] - The index's holdings are entirely composed of securities listed on the Hong Kong Stock Exchange, with a 100% allocation [1] - In terms of industry composition, telecommunications services account for 52.05%, utilities for 40.92%, construction and decoration for 4.75%, and transportation for 2.28% [1] Group 3 - The index sample is adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Weight factors are adjusted in accordance with the sample adjustments, which are fixed until the next scheduled adjustment unless a special circumstance arises [2] - Companies that are delisted or undergo mergers, acquisitions, or spin-offs are handled according to the calculation and maintenance guidelines [2]

Group 1 - The Hong Kong government has published the "10th Technical Memorandum" to further reduce the emission limits for power plants starting from 2030, with specific annual limits set for sulfur dioxide (2,302 tons), nitrogen oxides (8,350 tons), and particulate matter (317 tons), representing a tightening of 19%, 25%, and 14% respectively compared to the previous limits in the "9th Technical Memorandum" [1] - The Environmental and Ecology Bureau of Hong Kong has considered local electricity demand, the progress of gas-fired power generation by two power companies, and the expected supply of nuclear and renewable energy when determining the new emission limits [1] - Hong Kong Electric Company is constructing a new gas-fired power plant expected to be operational by 2029, which will replace an existing coal-fired plant [1] Group 2 - The air quality in Hong Kong has improved significantly, with concentrations of sulfur dioxide, nitrogen dioxide, and particulate matter decreasing by approximately 45% to 88% from 2004 levels, and low visibility hours reduced by about 82% [2] - In 2022, the power sector accounted for 61%, 27%, and 13% of the total emissions of sulfur dioxide, nitrogen oxides, and particulate matter in Hong Kong, respectively, indicating the importance of tightening emission limits to further improve air quality in Hong Kong and the Pearl River Delta region [2]

Core Insights - The Hong Kong 300 Local Stock Index has shown significant growth, with a 13.71% increase over the past month, 13.91% over the past three months, and a year-to-date increase of 15.07% [1][2] Group 1: Index Performance - The Hong Kong 300 Local Stock Index closed at 1419.53 points, reflecting a 0.21% increase in the Shanghai Composite Index [1] - The index is designed to represent the performance of mainland and local Hong Kong companies, with a base date of December 31, 2004, set at 1000.0 points [1] Group 2: Index Composition - The top ten holdings of the Hong Kong 300 Local Stock Index include AIA Group (28.45%), Hong Kong Exchanges and Clearing (18.89%), and Bank of China (Hong Kong) (5.56%) [1] - The index is fully composed of stocks listed on the Hong Kong Stock Exchange [2] Group 3: Sector Allocation - The sector distribution within the index shows that financials account for 56.14%, real estate for 17.36%, and utilities for 13.00% [2] - Other sectors include communication services (6.33%), consumer staples (2.95%), and industrials (1.65%) [2] Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, particularly in cases of delisting or corporate actions such as mergers [2]

Customer Base and Operations - The company serves approximately 20.1 million residential and commercial customers globally, providing clean, reliable, and affordable energy[6]. - The total length of the power supply network is 390,000 kilometers, while the gas and oil pipeline network spans 119,100 kilometers[15]. - UK Power Networks (UKPN) serves 8.5 million residential and commercial customers, covering over 29,000 square kilometers and accounting for about 28% of the UK's total distribution capacity[58]. - The company continues to see stable growth in its UK operations, serving up to 14 million residential and commercial customers[56]. Financial Performance - Shareholders' profit for 2024 reached HKD 6,119 million, representing an increase from HKD 6,003 million in 2023, marking a growth of approximately 1.93%[15]. - Earnings per share for 2024 was HKD 2.87, up from HKD 2.82 in 2023, reflecting a growth of 1.77%[15]. - The total equity amounted to HKD 87,076 million, a slight decrease from HKD 88,752 million in the previous year[15]. - The company reported a net profit of HKD 6.19 billion for the year ending December 31, 2024, representing a 2% increase from HKD 6.03 billion in 2023[27]. - The board proposed a final dividend of HKD 2.04 per share, maintaining the total annual dividend at HKD 2.82 per share, consistent with the previous year[28]. Investments and Acquisitions - The company is actively investing in innovative technologies to accelerate the transition to green energy, aligning with global carbon neutrality goals[7]. - The company is focused on strategic acquisitions and new development projects to ensure sustainable long-term growth[7]. - The company completed multiple acquisitions, including Phoenix Energy and UK Renewables Energy, enhancing its business portfolio and providing immediate cash flow and stable income[29]. - The company is actively expanding non-regulated projects to create additional cash flow and returns[32]. - The company is focusing on acquiring quality assets in mature energy markets, particularly those that meet sustainability objectives[38]. Renewable Energy and Sustainability - The company aims to achieve net-zero carbon emissions by 2050 as part of its climate action plan[50]. - The company is actively investing in clean hydrogen and biomethane projects in the UK and Australia, enhancing operational flexibility to accommodate renewable energy supply[37]. - The company plans to continue exploring new investment opportunities in the green sector, aligning with global decarbonization goals[37]. - The company is expanding its renewable energy portfolio, including the acquisition of a 20% stake in 32 onshore wind farms in the UK[53]. - The renewable energy generated from the wind farms avoided approximately 88,000 tons of carbon emissions[140]. Operational Efficiency and Reliability - The company maintains a power supply reliability rate exceeding 99.9999% in 2024, reflecting world-class standards[36]. - UKPN's electricity supply reliability reached 99.99% in the 2023/24 fiscal year, with London’s network being the most reliable in the UK[66]. - The company is modernizing its power grid and digitalizing operations to meet the increasing demand for electric vehicle charging and distributed renewable energy[42]. Governance and Management - The company has adhered to the corporate governance code as per the Hong Kong Stock Exchange's listing rules throughout the fiscal year ending December 31, 2024[176]. - The board consists of 12 directors, including 4 executive directors, 3 non-executive directors, and 5 independent non-executive directors[181]. - The company emphasizes a commitment to sustainable development and has outlined its policies on its website[177]. - The board's performance evaluation was conducted annually, with results reviewed in March 2025 for the fiscal year 2024[187]. - The company provides ongoing professional development training for directors to keep them updated on regulatory changes and their responsibilities[199]. Diversity and Inclusion - The board currently has one female independent non-executive director, and there are no specific targets or timelines set for further increasing gender diversity in board appointments[191]. - As of December 31, 2024, the gender distribution among employees is 67% male and 33% female, with a commitment to improving the representation of women at all levels[192]. - The company is committed to creating a diverse and inclusive work environment, although it currently does not set specific gender diversity targets for all employees[192].

智通财经APP获悉，摩根大通发布研报称，随着美国十年期国库券收益率达到约4%，并且该行的美国 经济学家预计未来可能有150个基点的降息，该行建议在当前水平吸纳长江基建集团(01038)和电能实业 (00006)。该两股份本年至今表现较指数和同行分别落后28%和17%。该行认为，这种低迷表现可能在第 二季度逆转。 该行看到三个买入理由：(1)对关税和地缘政治紧张局势的担忧可能导致资金流向防守型股票，而长江 基建和电能实业是该行覆盖的香港公用事业股票中最便宜的，收益率约5.5%至5.9%，相较于同行的约 5%;(2)宏观环境利好这两家公司，美国10年期收益率年至今下降50个基点，美元(美汇指数本年至今累 跌5%)，降息以及可能的监管重置利好。2024年下半年疲软的业绩部分由11月和12月的美元强势推动， 这种情况可能在2025年上半年逆转;(3)当前估值较该行的估计显示其监管资产价值(RAV)有约20%的折 让，比历史平均水平低约10个百分点。这与基本面不符，因为该行预测2022年至2026年间RAV将至少增 长25%，且下一次监管重置的回报率可能趋于上升。 该行的美国经济学家预测今年将降息150个基点，美国10 ...

190亿还没到账，李嘉诚吃下苦果：官方喊话5次后，损失快近千亿 商人在商言商看起来似乎没有错，但是一个人在拥有商人的身份之前，他首先应该是一个中国人，其所谓的"商业行为"如果损害了国家的利益，那虽然他可 能会短期内收获一点蝇头小利，但是最终一定是会"捡了芝麻丢了西瓜"。李嘉诚及其近期的一系列"抽象"操作，就是一个很好的例子，在官方连续五次对李 嘉诚及其麾下企业进行喊话之后，市场的反应已经让李嘉诚吃了大亏。 总的来看，就在大家十分关注的抛售巴拿马港口事件发酵后，仅仅长和、长江基建集团、电能实业、长实集团这四家公司市值蒸发超过781亿港元。 中方作为巴拿马运河的重要用户，若是巴拿马运河区港口设施全部落入美国手中，那么这对中方的海外贸易乃至整个中方的经济都会带来极大的不确定性。 再进一步考虑，若是美国将掌控巴拿马运河区的"成功经验"复制粘贴，那么美国很有可能能够借此一步步控制全球商贸要道，这对中方这个世界第一贸易大 国而言，并不是什么好消息。因此，李嘉诚此举可谓是"牵一发而动全身"，确实需要三思而后"不行"。 因此在这种情况下，在交易还未完成，190亿美元的巨额资金还未到账的情况下。中方官方层面，包括国务院港澳办、 ...

Financial Performance - The net profit for the year ended December 31, 2024, was HKD 6.19 billion, a 2% increase from HKD 6.03 billion in 2023[3]. - The company's profit attributable to shareholders for the year ended December 31, 2024, was HKD 6,119 million, an increase from HKD 6,003 million in 2023, representing a growth of 1.93%[32]. - Total comprehensive income attributable to shareholders for the year was HKD 4,334 million, down from HKD 7,904 million in 2023, indicating a decrease of 45.56%[32]. - The group reported a basic and diluted earnings per share of HKD 2.87 for 2024, compared to HKD 2.82 in 2023, showing a modest increase[30]. - The company reported a pre-tax profit of 6,119 million for 2024, down from 6,003 million in 2023, reflecting a decrease of approximately 1.9%[49]. - Operating profit for the year was 666 million, compared to 1,131 million in 2023, reflecting a decrease of about 41%[45]. - Interest income decreased to 863 million in 2024 from 1,223 million in 2023, a decline of approximately 29%[45]. - The share of profits from joint ventures and associates increased to 6,352 million in 2024 from 6,252 million in 2023, an increase of about 1.6%[45]. Dividends - The board proposed a final dividend of HKD 2.04 per share, maintaining the total annual dividend at HKD 2.82 per share, consistent with the previous year[4]. - The proposed final dividend per ordinary share is HKD 2.04, consistent with the previous year's dividend of HKD 2.04, totaling HKD 6,010 million for the year[57]. - The annual general meeting is scheduled for May 21, 2025, with a record date for the proposed final dividend on May 27, 2025[63]. Business Contributions - The UK business contributed a total profit of HKD 3.99 billion in 2024, up from HKD 2.79 billion in 2023, driven by new acquisitions[8]. - The Australian business contributed HKD 1.43 billion in profit, slightly down from HKD 1.43 billion in 2023[9]. - HK Electric Investments recorded a profit contribution of HKD 1.038 billion in 2024, compared to HKD 1.053 billion in 2023[16]. Financial Position - The company's net debt to total capital ratio stands at a strong 44%, reflecting a solid financial foundation[7]. - The net debt to total capital ratio was 44% as of December 31, 2024, slightly up from 43% at the end of 2023[23]. - The group maintains a strong financial position with a total unutilized credit facility of HKD 1 billion as of December 31, 2024[22]. - The group's net cash level as of December 31, 2024, was HKD 228 million, down from HKD 1,140 million in 2023, indicating a significant decrease in liquidity[23]. Asset and Liability Changes - The company's non-current assets totaled HKD 90,589 million as of December 31, 2024, compared to HKD 91,343 million in 2023, reflecting a decline of 0.82%[34]. - Current assets decreased to HKD 3,488 million in 2024 from HKD 4,359 million in 2023, a reduction of 19.97%[34]. - Current liabilities increased to HKD 4,077 million in 2024 from HKD 3,249 million in 2023, marking an increase of 25.49%[34]. - The company's net assets stood at HKD 87,076 million as of December 31, 2024, slightly down from HKD 88,752 million in 2023, a decrease of 1.89%[34]. - Total assets as of December 31, 2024, amounted to 94,077 million, compared to 95,702 million in 2023, indicating a decrease of approximately 1.7%[42]. - Total liabilities for the year were reported at 7,001 million, a slight increase from 6,950 million in 2023, representing an increase of about 0.7%[42]. - The company's total liabilities decreased to HKD 2,924 million in 2024 from HKD 3,701 million in 2023, a reduction of 20.92%[34]. Operational Highlights - The operational reliability of HK Electric exceeded 99.9999% in 2024, maintaining world-class standards[16]. - The company is actively transitioning to gas-fired power generation, with gas generation now accounting for approximately 70% of total generation capacity[16]. - The company aims to retire coal-fired generation units by 2035, aligning with government carbon reduction targets[16]. - The group continues to focus on clean hydrogen and biomethane projects in its gas networks in the UK and Australia[17]. Employee Compensation - The total employee compensation, excluding directors' remuneration, reached HKD 28 million in 2024, up from HKD 27 million in 2023[28]. - Employee compensation increased slightly to 33 million in 2024 from 32 million in 2023, reflecting a growth of about 3.1%[47]. Other Financial Metrics - The company's other income decreased to 207 million in 2024 from 296 million in 2023, a decline of approximately 30%[46]. - Accounts payable measured at amortized cost increased to HKD 3,967 million in 2024 from HKD 2,896 million in 2023, representing a growth of approximately 37%[56]. - The company has no unsecured and indemnity guarantees as of December 31, 2024, compared to HKD 14.2 million in 2023[27]. - The company reported a significant foreign exchange loss of HKD 2,724 million related to operations outside Hong Kong, compared to a gain of HKD 2,446 million in 2023[32]. - The company’s cash and cash equivalents were HKD 2,733 million in 2024, down from HKD 4,201 million in 2023, a decrease of 35.00%[34]. Corporate Governance - The company has maintained compliance with the corporate governance code as per the Hong Kong Stock Exchange rules throughout the fiscal year ending December 31, 2024[61]. - No repurchase, sale, or redemption of the company's listed securities occurred during the year[60].

Group 1 - ZTE Corporation's stock reached a new high, hitting the daily limit on December 19, with a market capitalization exceeding 150 billion yuan [1] - The stock saw a significant increase starting from December 17, with a maximum gain of nearly 20% over three trading days [1] - ZTE is a major contributor to global 5G technology research and has diversified into several cutting-edge technology fields, including chips, operating systems, and digital energy [1] Group 2 - The company achieved a milestone by launching the world's first large-scale commercial 400G all-optical inter-provincial backbone network, connecting eight national computing hubs [2] - ZTE continues to innovate with several industry-first products, including the 5G+AI 3D tablet and various flagship smartphones [2] - There were rumors of a potential collaboration with ByteDance regarding the integration of AI models into ZTE's mobile devices, but the claims were denied by ByteDance [2][3] Group 3 - The telecommunications sector is experiencing strong interest from institutions, with a focus on the growth of gigabit services supported by clear policy expectations [5] - The telecommunications index showed a robust performance, rising over 3.2%, with several companies in the sector hitting their daily limits [6] - The AI industry is expected to accelerate in the domestic market, with significant growth anticipated in edge models and computing power [7]