Market Overview - The Hang Seng Index increased by 175.17 points, or 0.68%, closing at 25,935.9 points with a total turnover of HKD 179.306 billion [1] - The National Enterprises Index rose by 77.93 points, or 0.86%, closing at 9,106.48 points [1] - The Hang Seng Tech Index gained 80.51 points, or 1.45%, closing at 5,615.43 points [1] Blue-Chip Stocks - Tencent Holdings rose by 0.16%, closing at HKD 612 [1] - Hong Kong Exchanges and Clearing increased by 0.54%, closing at HKD 406.4 [1] - China Mobile saw a rise of 0.17%, closing at HKD 87 [1] - HSBC Holdings increased by 0.27%, closing at HKD 111.5 [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 0.3%, closing at HKD 40.7 [1] - Sun Hung Kai Properties decreased by 0.2%, closing at HKD 98.65 [1] - Henderson Land Development rose by 0.62%, closing at HKD 29.34 [1] Chinese Financial Stocks - Bank of China increased by 0.67%, closing at HKD 4.51 [1] - China Construction Bank rose by 1.02%, closing at HKD 7.92 [1] - Industrial and Commercial Bank of China increased by 0.91%, closing at HKD 6.22 [1] - Ping An Insurance rose by 0.44%, closing at HKD 56.65 [1] - China Life Insurance increased by 1.67%, closing at HKD 26.76 [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation decreased by 0.22%, closing at HKD 4.5 [1] - China National Petroleum Corporation rose by 0.23%, closing at HKD 8.8 [1] - CNOOC Limited increased by 0.92%, closing at HKD 21.9 [1]

Core Insights - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) closed up 0.48% on December 4, with a trading volume of 4.0345 million yuan [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10% [1] - As of December 3, the fund's latest share count was 158 million, with a total size of 166 million yuan [1] - Over the past 20 trading days, the ETF has accumulated a trading amount of 128 million yuan, with an average daily trading amount of 6.3865 million yuan [1] - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have achieved a return of 5.00% since managing the fund from its inception [1] Holdings Summary - The top holdings of the ETF include: - Hang Lung Properties: 1.08% holding, 496,000 shares, market value of 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares, market value of 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares, market value of 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares, market value of 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares, market value of 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares, market value of 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares, market value of 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares, market value of 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares, market value of 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares, market value of 3.0623 million yuan [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年11月30日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 恒基兆業地產有限公司 | | | 呈交日期: | 2025年12月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00012 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | ...

恒基地产(00012)发布公告，自2025年12月1日起，本公司执行董事冯李焕琼女士已获委任为本公司提名 委员会成员，以接替本公司副主席及执行董事林高演博士。 ...

Core Points - The company Hengji Properties (00012) announced that starting from December 1, 2025, Ms. Feng Lihuanqiong, an executive director, will be appointed as a member of the company's nomination committee, replacing Dr. Lin Gaoyan, the vice chairman and executive director [1] Summary by Category - **Company Announcement** - Hengji Properties has made a formal announcement regarding a change in its nomination committee [1] - **Leadership Change** - Ms. Feng Lihuanqiong will take over the role in the nomination committee from Dr. Lin Gaoyan [1]

格隆汇12月1日丨恒基地产(00012.HK)公告，自2025年12月日起，公司执行董事冯李焕琼已获委任为公 司提名委员会成员，以接替公司副主席及执行董事林高演。 ...

董事名單與其角色和職能 恒基兆業地產有限公司董事局現共有十六名董事。每名董事的姓名、角色和職能載列 如下： 1) 董事局 執行董事 李家傑博士 ( 主席兼董事總經理 ) 李家誠博士 ( 主席兼董事總經理 ) 林高演博士 ( 副主席 ) 葉盈枝 馮李煥琼 郭炳濠 孫國林 黃浩明 馮孝忠教授 非執行董事 李王佩玲 獨立非執行董事 鄺志強 高秉強教授 胡經昌 胡家驃 潘宗光教授 歐肇基 - 1 - 2) 董事局委員會 審核委員會 鄺志強 ( 主席 ) 高秉強教授 胡經昌 歐肇基 薪酬委員會 胡經昌 ( 主席 ) 李家傑博士 李家誠博士 林高演博士 鄺志強 高秉強教授 歐肇基 提名委員會 胡經昌 ( 主席 ) 李家傑博士 李家誠博士 馮李煥琼 鄺志強 高秉強教授 歐肇基 企業管治委員會 鄺志強 ( 主席 ) 潘宗光教授 歐肇基 舉報委員會 林高演博士 ( 主席 ) 高秉強教授 胡經昌 香港，二零二五年十二月⼀日 - 2 - ...

提名委員會成員之變動 恒基兆業地產有限公司(「本公司」)之董事局(「董事局」) 謹此宣佈，自二零二五年 十二月⼀日起，本公司執行董事馮李煥琼女士已獲委任為本公司提名委員會成員，以 接替本公司副主席及執行董事林高演博士。 上述變動旨在提升本公司提名委員會之性別多元化。 承董事局命 公司秘書 廖祥源 謹啟 香港，二零二五年十二月⼀日 香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公佈全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 於本公佈日期，董事局成員包括 : (1) 執行董事 : 李家傑 ( 主席兼董事總經理 ) 、李家誠 ( 主席兼董事總經 理 ) 、林高演 ( 副主席 ) 、葉盈枝、馮李煥琼、郭炳濠、孫國林、黃浩明及馮孝忠 ; (2) 非執行董事 : 李王佩玲 ; 以及 (3) 獨立非執行董事 : 鄺志強、高秉強、胡經昌、胡家驃、潘宗光及歐肇基。 ...

Core Viewpoint - Anhui Expressway (AHE) is initiated with an OUTPERFORM rating, targeting Rmb17.32 for A-shares and HK$15.12 for H-shares, indicating attractive dividend yields for 2025 and 2026 [1][7] Investment Positives - AHE's road assets are strategically located on key interprovincial routes, ensuring strong profitability and extended toll collection periods, with an average gross margin of 59.5% from 2014 to 2024 [2] - The company is expected to benefit from the acquisition of the Anhui section of the Fuzhou and Sixu Expressways and the completion of renovations on existing expressways, potentially increasing earnings [3] - AHE's dividend payout ratio is projected to be at least 60% for 2025-2027, with A-shares yielding 4.5% and H-shares yielding 5.4% for 2025, both among the highest in their respective sectors [4][7] Financials and Valuation - Expected EPS for AHE is Rmb1.15 in 2025 and Rmb1.27 in 2026, reflecting a CAGR of 14.0% from 2024 to 2026, justifying a valuation premium due to high-quality assets and growth potential [6] - Target price for A-shares is set at Rmb17.32 based on a 4% dividend yield, implying a P/E of 15.0x for 2025 and 13.6x for 2026, with an upside of 12.0% [6] - Target price for H-shares is set at HK$15.12 based on a 5% dividend yield, implying a P/E of 12.0x for 2025 and 10.8x for 2026, with an upside of 8.0% [7] Market Differentiation - While the market expresses concerns regarding AHE's debt-to-asset ratio and cash flow, the company anticipates increased vehicle traffic on renovated roads and has solid financing options [5]

Group 1: Incident Overview - A major fire occurred in Hong Kong's Tai Po district, resulting in 94 fatalities, including one firefighter, and 76 injuries, with 11 being firefighters [1] - The Hong Kong government established a relief fund with an initial allocation of 300 million HKD to assist affected residents [1] Group 2: Corporate Donations - Alibaba Group announced a donation of 20 million HKD for immediate relief efforts and additional support for affected families [2] - Tencent Charity Foundation pledged a total of 30 million HKD, including an initial 10 million HKD and an additional 20 million HKD to the relief fund [2] - ByteDance (Hong Kong) and Baidu each committed 10 million HKD for emergency relief and community recovery efforts [2] Group 3: Additional Corporate Contributions - Various companies, including NetEase, Xiaomi, and Kuaishou, each donated 10 million HKD to support emergency relief and community recovery [3] - Anta Group and Bosideng Group each contributed 30 million HKD, while Li Ning Group and Xtep Group donated 20 million HKD each for disaster relief [4][5][6] - Other companies like 361°, Chow Tai Fook, and Nongfu Spring also made significant contributions, totaling millions in cash and supplies [7][8] Group 4: Broader Industry Response - Multiple sectors, including automotive, real estate, and finance, participated in the relief efforts, with companies like Chery Automobile and BYD each donating 10 million HKD [9][10] - Financial institutions and logistics companies, such as Didi and SF Express, also pledged substantial amounts for emergency aid and recovery efforts [15]