Core Insights - Insurance capital continues to increase its allocation to equity assets, with the proportion of equity assets reaching near historical highs in Q3 2025 [1] - The allocation structure shows a significant increase in technology and a reduction in high-end manufacturing sectors [5][6] - Insurance capital has accelerated its stake acquisitions in listed companies, particularly in Hong Kong stocks, with a notable increase in the number of acquisitions compared to previous years [9] Allocation Trends - In Q3 2025, the allocation of insurance capital to various asset classes is as follows: bank deposits (7.9%), bonds (50.3%), stocks (10.0%), funds (5.5%), long-term equity investments (7.9%), and other assets (18.4%) [1] - The investment proportions in bank deposits and bonds decreased by 0.7 percentage points and 0.8 percentage points, respectively, while the investment in stocks and funds surged to 15.5%, approaching the historical peak of 16.1% in H1 2015 [1] Sector and Stock Preferences - Insurance capital has significantly increased its allocation to banks, steel, and textile sectors, while reducing holdings in high-end manufacturing sectors such as new energy and military [5] - Key stocks that saw increased investment include Agricultural Bank of China, Postal Savings Bank, Industrial and Commercial Bank of China, and Hikvision, while reductions were noted in stocks like Goldwind Technology and Aviation Industry Corporation of China [6][8] Shareholding Activities - In 2025, insurance capital has made 30 stake acquisitions in listed companies, surpassing the total for the entire years of 2020 and 2024, with 25 of these acquisitions in Hong Kong stocks [9] - The trend indicates a shift towards acquiring dividend-yielding assets in Hong Kong due to declining bond yields and rising traditional dividend assets [9]

Core Insights - The "Second AI Image Collection Competition" revealed its winners, with the work "Acid Soul" from Changsha AI Laboratory under China Ruyi winning first place in the "Chinese Intangible Cultural Heritage" category, highlighting the company's effective exploration in AI film creation [1] - The competition attracted over 5,800 AI image submissions, indicating significant industry interest in AI-enabled film content production [1] - China Ruyi established an AI technology laboratory in 2023 to promote deep integration of AI and the film industry, successfully launching several AIGC short films, including "The White Snake Prologue," which has garnered over 60 million views [1] Industry Challenges and Solutions - The film industry faces challenges such as high production costs, long cycles, and low efficiency in process collaboration [2] - China Ruyi developed a proprietary multimodal model system consisting of four AI systems that streamline the entire content creation process from idea generation to final delivery [2] - During script development, AI acts as a creative engine, transforming fragmented ideas into complete narratives while assessing high-cost and high-risk scenes to shorten development cycles and enhance content quality [2] Production Efficiency - In the directing phase, AI serves as an intelligent production assistant, generating comprehensive director's drafts and simulating lighting effects under various conditions to reduce production costs [2] - During filming, AI assists directors with real-time quality checks on focus precision, composition, and scene continuity, enabling immediate assessment of shot transitions and reducing rework rates [2] Digital Asset Management - AI can generate digital actors with a complete rights traceability chain, ensuring legal safety for commercial use of digital assets while minimizing risks and costs associated with high-stakes scenes [3] - China Ruyi's "traditional tools + AI" digital human system can create high-precision 3D digital characters based on photographs, enhancing the realism and adaptability of digital assets [3] Future Outlook - Driven by technological innovation, China Ruyi is strengthening its differentiated competitiveness in the streaming and content production sectors [4] - As AI technology deeply penetrates and reshapes content production and distribution, the company is positioned to seize opportunities in the intelligent transformation wave of the content industry, potentially driving its market valuation upward [4]

Core Insights - The "Second AI Image Collection Competition" revealed its winners, with the work "Acid Soul" from Changsha AI Laboratory under China Ruyi winning first place in the "Chinese Intangible Cultural Heritage" category, showcasing the company's effective exploration in AI film creation [1] - The competition collected over 5,800 AI image works, reflecting significant industry interest in AI-enabled film content production [1] - China Ruyi established an AI technology laboratory in 2023 to promote deep integration of AI and the film industry, successfully launching several AIGC short films, with "The Legend of the White Snake" achieving over 60 million views [1] AI Systems and Content Creation - China Ruyi developed a proprietary multi-modal model hub consisting of four AI systems: LingGou AI, JingCe AI, ChangYu AI, and ShuYun AI, which streamline the entire content creation process from idea generation to final delivery [2] - During script development, AI acts as a creative engine, transforming fragmented ideas into complete narratives while assessing high-cost and high-risk scenes to shorten development cycles and enhance content quality [2] - In the directing phase, AI generates comprehensive director's drafts, including character maps and scene designs, while simulating lighting effects to reduce production costs [2] On-Site Filming and Digital Actors - AI assists directors with real-time quality checks on various aspects of filming, enabling immediate assessment of shot coherence and significantly improving shooting efficiency [2] - The company has developed a digital actor system that generates digital characters with a complete rights traceability chain, ensuring legal safety for digital asset usage while reducing risks and costs associated with complex scenes [3] - The digital human AI technology allows for the rapid creation of high-precision 3D digital characters, enhancing the realism and adaptability of digital assets [3] Future Outlook - Driven by technological innovation, China Ruyi is strengthening its differentiated competitiveness in the streaming and content production sectors, positioning itself to capitalize on the intelligent transformation wave in the content industry [4]

Major Events - Bluestar Jiahe Services (02606.HK) plans to repurchase up to 10% of its issued H-shares [1] - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - Hengteng Network (00136.HK) signed a strategic cooperation agreement with Evergrande Tourism Group [1] Financial Data - New Star Printing (01975.HK) achieved a net profit of 27.5 million HKD in the interim period, with an interim dividend of 1.5 HKD cents [1] Earnings Forecast - Qihua Environmental Protection (00976.HK) expects an increase in annual net loss [1] - Zhuyou Intelligent Manufacturing Technology (00726.HK) anticipates a net profit increase of approximately 40.8% for the year [1] - Birmingham Sports (02309.HK) raised its earnings forecast, expecting a mid-term profit of 70 million HKD [1] - Huazhang Technology (01673.HK) expects a mid-term profit of 15 to 20 million yuan, turning from loss to profit year-on-year [1] - Raffles Interior (01376.HK) anticipates a net loss of 4.5 million Singapore dollars for the 2020 fiscal year [1] - Fengcheng Holdings (08216.HK) expects a net profit increase of over 50% for the year [1] - New Fengtai Group (01771.HK) forecasts a net profit growth of approximately 20% for the year [1] - Yefeng Group (01695.HK) expects an annual loss not exceeding 4 million Malaysian ringgit [1] Operational Data - China People's Insurance Group (01339.HK) reported original premium income of 97.985 billion yuan in January, a year-on-year increase of 6.67% [1] - New China Life Insurance (01336.HK) reported original premium income of 34.63 billion yuan in January, a year-on-year increase of 12.78% [1] - China Property & Casualty Insurance (02328.HK) reported original insurance premium income of 53.112 billion yuan in January, a year-on-year increase of 1.2% [1] - China Metallurgical Group (01618.HK) signed new contracts worth 103.59 billion yuan in January, a year-on-year increase of 129.7% [1] - China Eastern Airlines (00670.HK) reported a 60.59% year-on-year decline in passenger turnover in January [1] - Sinopec Oilfield Services (01033.HK) recently signed overseas contracts worth 2.323 billion yuan [1] - China Southern Airlines (01055.HK) reported a 59.16% year-on-year decline in passenger turnover in January [1] - Huili Group (00806.HK) reported total managed assets of approximately 14.8 billion USD at the end of January [1]

Market Capitalization of Hong Kong Listed Film and Entertainment Companies - The market capitalization rankings of 17 Hong Kong listed film and entertainment companies as of October 31, 2025, show that China Literature (00136.HK) leads with a market cap of HKD 454.30 billion, followed by Tencent Music Entertainment (00772.HK) at HKD 426.77 billion [1] - Other notable companies include Alibaba Pictures (01060.HK) with a market cap of HKD 274.86 billion and Giant Interactive (06683.HK) at HKD 78.42 billion [1] Price Performance of Hong Kong Listed Film and Entertainment Companies - The price performance rankings indicate that "Coming Signal" (02306.HK) experienced the highest year-to-date increase of 260.32%, reaching a price of HKD 2.27 [2] - Other significant gainers include Liti Pictures (09958.HK) with a 94.92% increase and Alibaba Pictures (01060.HK) with a 93.68% increase [2] - Conversely, companies like Starry Media (06698.HK) and Happy Media (01003.HK) faced declines of 66.94% and 31.18%, respectively [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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 公司名稱: 中國儒意控股有限公司 呈交日期: 2025年11月6日 I. 法定/註冊股本變動 | 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) | 00136 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 100,000,000,000 | HKD | | 0.02 | HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 100,000,000,000 | HKD ...

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告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴該等內容而引致之任何損失 承擔任何責任。 China Ruyi Holdings Limited 中 國 儒 意 控 股 有 限 公 司 （ 於百慕達註冊成立之有限公司） （股份代號：136） 訂立有關根據一般授權發行新股份之第三份補充協議 茲提述(i)中國儒意控股有限公司（「本公司」）日期為二零二五年八月一日的公告，內容有關 根據一般授權發行新股份；(ii)日期為二零二五年八月十八日的公告，內容有關根據一般授 權發行第一批認購股份；(iii)日期為二零二五年九月十二日的公告，內容有關訂立認購協議 及配售協議之第一份補充協議；及(iv)日期為二零二五年九月二十四日及二零二五年十月十 日的公告，內容有關訂立認購協議及配售協議之第二份補充協議（ 統稱「該等公告」）。除另 行界定者外，本公告所用詞彙與該等公告所界定者具有相同涵義。 第三份認購補充協議及第三份配售補充協議 於二零二五年十一月六日（ 交易時段前 ），本公司與認購方訂立認購協議之第三份補充協 ...

Group 1 - The core viewpoint of the report is that China Ruyi (00136) is given a "recommended" rating, with projected adjusted net profits of 2.157 billion, 2.447 billion, and 2.850 billion yuan for 2025-2027, corresponding to PE ratios of 19, 16, and 14 times respectively [1] - The company is expected to benefit from the AI wave reshaping content production and distribution, positioning itself as a new leader in the film and television industry [1] - The company has strong capabilities in high-quality content development and production, with a focus on premium IP development and collaboration with major domestic video platforms while also expanding into overseas markets [1] Group 2 - The gaming business maintains high-level growth through strategies such as premium operation, deepening synergy between film and games, and AI-enabled efficiency improvements [2] - Investment and mergers and acquisitions are crucial for the company in becoming an industry leader, focusing on core sectors such as the acquisition of Wanda Film for strategic synergy and investment in 52TOYS for IP derivative business [2] - The company has initiated a 30% stake acquisition in Kuaiqian to deepen its "culture + technology + finance" strategic layout [2]

Group 1 - The core viewpoint of the report is that China Ruyi (00136) is given a "recommended" rating, with projected adjusted net profits of 2.157 billion, 2.447 billion, and 2.850 billion yuan for 2025-2027, corresponding to PE ratios of 19, 16, and 14 times respectively [1] - The company is expected to benefit from the AI wave reshaping content production and distribution, positioning itself as a new leader in the film and television industry [1] - The company has strong capabilities in high-quality content development and production, with a focus on premium IP development and collaboration with major domestic video platforms while also expanding into overseas markets [1] Group 2 - The gaming business maintains high-level growth through strategies such as premium operation, deepening film-game synergy, and IP commercialization [2] - The company has made strategic investments and acquisitions, including Wanda Film (002739) to achieve full-process integration from content creation to terminal screening [2] - The acquisition of a 30% stake in Kuaiqian is part of the company's strategy to deepen its "culture + technology + finance" layout [2]

Group 1 - The report by Haitong International initiates coverage on China Ruyi (00136) with an "Outperform" rating and a target price of HKD 4.50, highlighting its potential to become "China's Netflix 2.0" [1] - China Ruyi operates across a wide range of sectors including content production and distribution, online streaming (Pumpkin Movies), cinema exhibition (Wanda Films), online gaming (Jingxiu Games), and IP derivatives, showcasing its comprehensive business layout [1] - The company has created and invested in over 100 film copyrights, achieving a cumulative box office of approximately RMB 40 billion, with projected total revenues of RMB 3.7 billion and RMB 2.2 billion for FY2024 and the first half of FY2025, respectively [1] Group 2 - Pumpkin Movies, as China's largest pure subscription-based streaming platform, focuses on content quality and personalized recommendations for paid users, boasting around 99.3 million registered users and 38.1 million paying users by June 2025 [2] - The gaming segment has become the largest revenue source for the company, contributing 55% of total revenue in the first half of 2025, with a nearly 500% compound annual growth rate from 2022 to 2024, supported by Tencent and various acquisitions [2] - Haitong International predicts adjusted net profits for China Ruyi to reach RMB 2.42 billion, RMB 2.63 billion, and RMB 2.73 billion from 2025 to 2027, based on a PEG valuation method referencing an industry average PEG of 0.8 and a 30% compound annual growth rate in net profit [2]