Core Viewpoint - The company, Shuangxin Environmental Protection (001369.SZ), has announced the issuance price of 6.85 yuan per share for its upcoming offering, with specific details regarding the subscription process [1] Group 1 - The determined issuance price is set at 6.85 yuan per share [1] - Offline subscription will no longer involve cumulative bidding inquiries [1] - Investors are required to subscribe at this price on December 19, 2025, without the need to pay subscription funds at the time of application [1] Group 2 - The offline subscription period is from 9:30 to 15:00, while the online subscription period is from 9:15 to 11:30 and 13:00 to 15:00 [1]

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） 就根據一般授權發行 新股份訂立第四份補充協議 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；(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；及(v)日期為二零二五年十 一 月 六 日 的 公 告 ， 內 容 有 關 訂 立 認 購 協 議 及 配 售 協 議 之 第 三 份 補 充 協 議（ 統 稱「 該 等 公 告」）。除另有界定者外，本公告所用詞彙 ...

Group 1 - The company, Shuangxin Environmental Protection, is planning an initial public offering (IPO) of 287 million shares, representing 25.02% of the total share capital post-issuance, with the subscription date set for December 19, 2025 [1] - The initial strategic placement will involve 86.1 million shares, accounting for 30.00% of the total issuance, with senior management and core employees expected to subscribe for up to 28.7 million shares, not exceeding 126.894 million yuan [1] - The company specializes in the research, production, and sales of polyvinyl alcohol (PVA) and related products, with a full industry chain layout, and is recognized as a high-tech enterprise [2] Group 2 - The net profit attributable to the parent company for the years 2022, 2023, 2024, and the first half of 2025 is projected to be 803 million yuan, 526 million yuan, 485 million yuan, and 269 million yuan respectively, after deducting non-recurring gains and losses [2] - The total amount of funds raised from the stock issuance, after deducting issuance costs, will be allocated to various projects, including the production of PVB resin and functional films, water-based adhesives, energy-saving technology upgrades, and working capital [3] - The total planned investment using the raised funds amounts to 1.865 billion yuan [3]

Group 1 - The top three stocks with the highest short-selling ratios are New World Development Co. Ltd. (100.00%), China Resources Beer (100.00%), and AIA Group Ltd. (100.00%) [1][2] - The stocks with the highest short-selling amounts are Xiaomi Corporation (2.196 billion), Ping An Insurance (1.956 billion), and Alibaba Group (1.160 billion) [1][3] - The stocks with the highest deviation values are Bank of China (52.21%), China Mobile (41.86%), and Café de Coral Holdings (40.03%) [1][2] Group 2 - The top ten short-selling ratio rankings include New World Development Co. Ltd. (100.00%), China Resources Beer (100.00%), and AIA Group Ltd. (100.00%) [2] - The top ten short-selling amounts include Xiaomi Corporation (2.196 billion), Ping An Insurance (1.956 billion), and Alibaba Group (1.160 billion) [3] - The top ten deviation values include Bank of China (52.21%), China Mobile (41.86%), and Café de Coral Holdings (40.03%) [3]

呈交日期: 2025年12月4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 | | 0.02 | HKD | | 2,000,000,000 | 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: 中國儒意控股有限公 ...

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]