Group 1 - The 2026 Shanghai International Liquid Cooling Industry Exhibition will take place from December 9-11, 2026, at the Shanghai New International Expo Center [3] - The 2026 China (Shenzhen) International Liquid Cooling Industry Technology Exhibition is scheduled for June 10-12, 2026, at the Shenzhen International Convention and Exhibition Center [3] - The 2026 Suzhou Exhibition will occur from September 16-18, 2026, at the Suzhou International Expo Center [5] Group 2 - The rapid growth of big data has increased the demands on data center servers, necessitating higher power density in server cabinets [14] - Liquid cooling technology is becoming essential for data center efficiency, especially with the rise of 5G, edge computing, and AI applications [14][18] - The exhibitions aim to showcase the latest products and technologies in the liquid cooling industry, attracting professional audiences from data centers, power, electronics, edge computing, AI, and renewable energy sectors [14] Group 3 - The 2026 IDC exhibition is expected to cover an area of 15,000 square meters and will feature participation from major organizations such as the National Supercomputing Center in Shenzhen and Tencent [18] - Various technical exchange activities will be held during the IDC 2026 exhibition, focusing on industry hot topics and promoting diversified marketing strategies [19] - The exhibition will include a wide range of products covering cooling liquids, refrigerants, and various cooling devices, showcasing over a thousand new products across the entire industry chain [56] Group 4 - Shenzhen Angpai Technology Co., Ltd. is currently in the A-share IPO guidance stage, with plans to expand production capacity and R&D investment to capture market growth in liquid cooling [66] - The company has a registered capital of 90 million RMB and aims to leverage its professional R&D team and partnerships with universities to enhance its technological capabilities [66][68] - Angpai Technology's product offerings include liquid cooling module design, thermal management system integration, and innovative compressor technologies, with a focus on high reliability and efficiency [71][72]

( 於百慕達註冊成立之有限公司 ) (股份代號：00152) 須予披露的交易 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號：00548) 自願性公告 聯合公告 深高速認購兩項結構性存款產品 認購兩項結構性存款產品 深 圳 國 際 及 深 高 速 (深圳國際擁有約 47.30%權 益 的 附 屬 公 司 )各自的 董事會宣佈，深高速於 2026 年 1 月 9 日認購了本金為人民幣 5 億元 的結構性存款產品(第一期)，並於 2026 年 1 月 12 日進一步認購了本 金為人民幣 5 億元的結構性存款產品(第二期)。 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聯合公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合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的任何損失承擔任何責任。 - 1 - 認購兩項結構性存款產品 深圳國際及深高速各自的董事會宣佈，深高速於 2026 年 1 月 9 日認購 了本金為人民幣 5 億元的結構性存款產品(第一期)，並於 2026 年 1 月 12 日進一步認購了本金為人民幣 5 億元的結構性存款產品(第二期)。 兩 ...

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聯合公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本聯合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的任何損失承擔任何責任。 ( 於百慕達註冊成立之有限公司 ) (股份代號：00152) 須予披露的交易 ( 於中華人民共和國註冊成立的股份有限公司 ) (股份代號：00548) 自願性公告 聯合公告 深高速認購兩項結構性存款產品 認購兩項結構性存款產品 深 圳 國 際 及 深 高 速 (深圳國際擁有約 47.30%權 益 的 附 屬 公 司 )各自的 董事會宣佈，深高速於 2026 年 1 月 9 日認購了本金為人民幣 5 億元 的結構性存款產品(第一期)，並於 2026 年 1 月 12 日進一步認購了本 金為人民幣 5 億元的結構性存款產品(第二期)。 上市規則涵義 由 於 深 高 速 認 購 的 兩 項 結 構 性 存 款 產 品 均 由 同 一 家 銀 行 發 行 且 於 12 個月內完成，故此，根據上市規則第 14.22 條及 14.23(1)條，認購兩 項結構性存款產品的交易須合併計算。 對於深高速而言，認購 ...

2025年12月29日，深圳国际船舶登记服务中心在深圳前海挂牌成立。目前，"中国前海"船籍港已登 记船舶20艘，总吨位58万吨，价值58亿元，船型覆盖滚装船、散货船、油船、冷藏船、起重船等多种类 型，船队规模首次跻身全国前三。 深圳国际船舶登记服务中心主要提供国际船舶登记办理、海上设施登记办理、服务与产业促进等服 务，如国际船舶与海运相关政策宣传和咨询、国际船舶综合品质跟踪评估和服务保障等。 据悉，该中心将实现国际与国内船舶"一体化登记"，推出"不停运办证""1小时办证"等高效服务。 此外，还拓展了新职能，包括提供咨询、专员跟进、量身定制、资料预审等船舶租赁全流程服务，进一 步帮助客户降低交易成本，提升融资效率。 深圳市政府有关负责人表示，深圳国际船舶登记中心建成运营，填补了深圳国际船舶品质保障与海 上设施登记的空白，搭建了一个能够承载城市发展战略、集聚全球要素、服务湾区发展的高能级平台。 据悉，前海是深圳海洋经济的重要承载区，拥有68公里海岸线、600平方公里海域、12个海岛、5个 对外开放口岸，拥有涉海经营主体9000余家和13个海洋科技创新载体，海洋经济发展动能强劲。前海作 为国家级战略平台，将在深化国 ...

Group 1 - Shanghai's first land auction of 2026 raised 4.57 billion yuan, with Yuexiu Property acquiring a plot in Pudong New District for 2.561 billion yuan [2] - The first residential land from the Shanghai Zhaojialou urban village renovation project was sold for 664 million yuan [3] - Beijing's Fengtai District plans to supply 10 plots in 2026, focusing on urban village and shantytown redevelopment projects [4] Group 2 - Guangzhou's Panyu District has approved a land reserve plan for 157 hectares aimed at creating a central innovation zone in the Bay Area [5] - China State Construction International won a residential land plot in Guangzhou's Baiyun District for 315 million yuan, with a floor price of 4,642 yuan per square meter [6] - Shenzhen's Shen International and Qianhai Construction Investment won a logistics land plot of nearly 60,000 square meters [7] Group 3 - A consortium of Sino Land and Eagle Group won a residential plot in Hong Kong's Jordan Valley for 1.61 billion HKD, with a floor price of 4,339 HKD per square foot [9] - Fuzhou's first land auction of 2026 is scheduled for January 21, with two commercial and residential plots starting at 204.5 million yuan [10] - Jiangsu Yixing's first land auction of 2026 raised 1.305 billion yuan from three residential plots, with the highest floor price at 6,648 yuan per square meter [11] Group 4 - Qingdao is offering a mixed-use land plot with a starting price of 441 million yuan and a floor price of 10,230 yuan per square meter [12] - Nantong Qidong is auctioning three residential plots with a total starting price of 1.86 billion yuan [13] - Wenzhou's Rui'an is set to auction a residential plot with a starting price of 276 million yuan [14] Group 5 - Taizhou Yuanhe Real Estate acquired a commercial and residential plot in Jinhua for 480 million yuan, with a premium rate of 32.25% [15] - Oriental Asset Management won three plots in Kunming's Songming vocational education new city, totaling 2.9 million yuan [16] - Benchmark Global Group acquired the original Aeon Mall site in Foshan Nanhai District to develop an international racing circuit [17] - Zhongnan Industry won a residential plot in Wenzhou's Longwan District for 403 million yuan, with a floor price of 12,582 yuan per square meter [18]

Core Insights - The article emphasizes the importance of international settlement in trade, particularly focusing on the practical operations and risk management of letter of credit (L/C) settlements in Shenzhen's foreign trade sector [3][10]. Group 1: Importance of International Settlement - International settlement is a critical component of international trade, directly affecting the security of trade funds, contract fulfillment, and the establishment of corporate international credibility [3]. - Shenzhen, as a major hub for foreign trade and an opening window for international commerce, requires a robust understanding of international settlement mechanisms, especially the complex letter of credit [3][4]. Group 2: Risks in Letter of Credit Operations - The primary risks associated with letter of credit operations include discrepancies in document submission, fraud and false documentation, bank operational risks, and human errors [4][5]. - Companies must establish a systematic document management system and enhance team expertise to effectively manage these risks and maintain control in letter of credit transactions [4]. Group 3: Benefits of Using Letters of Credit - Utilizing letters of credit can enhance transaction security by mitigating trust issues between buyers and sellers, thus reducing the risk of non-delivery [5]. - Proper settlement tools and financing arrangements can optimize cash flow and support business expansion [5]. - Letters of credit can help mitigate exchange rate and policy risks, providing clarity on responsibilities and reducing disputes arising from differing trade policies [5]. Group 4: Training and Capacity Building - Companies are encouraged to engage in systematic training to improve their understanding and operational capabilities regarding letter of credit processes and risk management [7][10]. - Key training areas include understanding the credit system, mastering operational points, strengthening risk control, and effectively utilizing financing tools [7][10]. - Familiarity with international rules such as UCP600 and ISBP745 is essential for companies to avoid errors in document formats, content, and submission deadlines [8]. Group 5: Conclusion - The article concludes that despite the complexity and specialization of letter of credit operations, they remain a vital tool for ensuring the safety of international trade [10]. - Shenzhen's foreign trade enterprises should proactively adapt to international regulations and enhance their letter of credit operational capabilities as a core skill for foreign trade [10].

Group 1: North Exchange Market Insights - In 2025, a total of 26 companies completed their IPOs on the North Exchange, raising 7.5 billion yuan, significantly surpassing 2024's fundraising [2][7] - The average first-day increase for IPOs in 2025 reached 368%, a notable rise from 2024, with December's new listings averaging a 463% increase [2][7] - The average online subscription funds in 2025 reached 662.4 billion yuan, with December hitting a record high of 781.2 billion yuan, indicating heightened interest in new listings [2][8] Group 2: Consumer Services Sector Analysis - The consumer services sector on the North Exchange saw a median market cap increase of 30.92% in 2025, with several companies experiencing over 50% and 100% increases [11] - The sector includes various industries such as food and beverage, cultural IP, pet food, cosmetics, and agriculture, indicating a diverse investment landscape [11] - The average price-to-earnings ratio (PETTM) for consumer services companies was 46.3x, suggesting relatively low valuations and potential investment opportunities in 2026 [11] Group 3: Real Estate Market Overview - The real estate sector experienced a decline of 0.7% in the week ending January 6, 2026, with significant fluctuations in individual stock performances [15][17] - New housing transactions in 42 key cities totaled 256 million square meters, reflecting a 2.0% decrease week-on-week, while year-to-date transactions showed an 18.1% decline [16][17] - The government emphasized the importance of the real estate market for economic stability, with new policies aimed at improving market expectations and housing quality [17][18] Group 4: Shenzhen International Company Insights - Shenzhen International's logistics park transformation project is progressing, with expected incremental revenue from land use rights and a stable dividend policy [19][20] - The company has maintained a dividend payout ratio of around 50% from 2017 to 2024, with projected dividend yields of approximately 8.7% for 2025-2027 [21][22] - The anticipated net profits for Shenzhen International from 2025 to 2027 are estimated at 3.64 billion, 3.65 billion, and 2.8 billion HKD, respectively, indicating a strong financial outlook [22]

Group 1 - The core viewpoint of Huayuan Securities is to maintain a "buy" rating for Shenzhen International (00152), highlighting the company's progress in the transformation and upgrading of its South China logistics park, which is entering a realization phase, providing profit increments through land preparation and enhanced dividends that underscore the company's value [1] Group 2 - Shenzhen International announced the progress of its South China logistics park phase one transformation project, with the second phase land (02-20-02) approved by the Longhua District government, and related land supply work to commence [1] - The transformation of the South China logistics park's second phase is expected to continue generating incremental revenue, with anticipated releases in 2026-2027 [1] - In 2023, the company signed a land preparation agreement for the South China logistics park, receiving HKD 1.058 billion in demolition compensation and 108,700 square meters of retained land use rights, including residential and commercial areas [1] - The estimated after-tax revenue from the land exchange for the 02-20-02 plot (approximately 140,000 square meters of residential area) is about HKD 2.6 billion, with an additional expected release of approximately HKD 5.6 billion from about 337,500 square meters of land in two phases [1] Group 3 - Shenzhen International maintains a stable dividend policy, with a payout ratio of around 40% from 2013 to 2016, increasing to about 50% from 2017 to 2024, totaling HKD 11.8 billion in dividends from 2018 to 2024 [2] - Based on a 50% dividend payout ratio, the expected dividend yield for 2025-2027 is approximately 8.7%, 8.7%, and 6.7%, indicating that the company is likely to return to a value range under high dividend conditions [2]

Group 1 - The core viewpoint of Huayuan Securities is that Shenzhen International (00152) maintains a "buy" rating, as the transformation and upgrading project of the South China Logistics Park is entering a realization phase, with land preparation providing profit increments and dividends enhancing company value [1] Group 2 - The second phase of the South China Logistics Park's reserved land continues to be realized, with expected incremental revenue release in 2026-2027. The company signed a land preparation agreement in 2023, receiving HKD 1.058 billion in demolition compensation and 108,700 square meters of reserved land usage rights, including residential and commercial areas [2] - The estimated post-tax revenue from the land exchange for the 02-20-02 plot (approximately 140,000 square meters of residential area) is about HKD 2.6 billion, with an additional expected 337,500 square meters of land to be confirmed in two phases, potentially releasing about HKD 5.6 billion in post-tax land exchange revenue [2] Group 3 - Shenzhen International maintains a stable dividend policy, with a payout ratio of around 40% from 2013 to 2016, increasing to about 50% from 2017 to 2024. The total dividends paid from 2018 to 2024 amount to HKD 11.8 billion. Based on a 50% dividend ratio, the expected dividend yield for 2025-2027 is approximately 8.7%, 8.7%, and 6.7%, indicating a potential return to value under high dividends [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The transformation and upgrade projects are continuously being realized, highlighting the value of high dividends [5] - The company has a stable dividend policy, with a payout ratio increasing from around 40% (2013-2016) to approximately 50% (2017-2024), with total dividends of 11.8 billion HKD during 2018-2024 [7] - The company is expected to see profit growth from its logistics park transformation projects, with projected net profits of 36.4 billion, 36.5 billion, and 28.0 billion HKD for 2025-2027, corresponding to P/E ratios of 5.8, 5.8, and 7.5 respectively [7] Financial Performance - Revenue projections for the company are as follows: 20,523.8 million HKD in 2023, decreasing to 15,570.6 million HKD in 2024, and then gradually increasing to 17,250.2 million HKD by 2027, with a CAGR of 5.2% from 2026 to 2027 [6] - The net profit attributable to shareholders is forecasted to be 1,901.6 million HKD in 2023, increasing to 3,637.9 million HKD in 2025, before declining to 2,795.9 million HKD in 2027 [6] - The company's earnings per share (EPS) is expected to be 0.80 HKD in 2023, reaching 1.49 HKD in 2025, and then slightly decreasing to 1.14 HKD in 2027 [6] Market Data - The closing price of the company's stock is 8.60 HKD, with a market capitalization of 21,016.13 million HKD [3] - The company's asset-liability ratio stands at 58.62% [3]