第一上海投資有限公司 (於香港註冊成立之有限公司) (股份代號: 227) 董事名單與其角色和職能 第一上海投資有限公司（「本公司」）董事（「董事」）會（「董事會」）成員載列如下。 執行董事 勞元一先生 辛樹林先生 楊偉堅先生 勞苑苑女士 非執行董事 獨立非執行董事 劉吉先生 俞啟鎬先生 周小鶴先生 李之耘先生 董事會設立三個委員會。下表提供各董事會成員在這些委員會中所擔任的職位。 | 董事 | 提名委員會 | 薪酬委員會 | 審核委員會 | | --- | --- | --- | --- | | 勞元一先生 | | M | | | 辛樹林先生 | | | | | 楊偉堅先生 | | | | | 勞苑苑女士 | M | | | | 郭琳廣先生 銀紫荊星章，太平紳士 | | | M | | 劉吉先生 | | | M | | 俞啟鎬先生 | C | M | C | | 周小鶴先生 | M | C | M | | 李之耘先生 | | | M | 附註： C : 有關委員會的主席 M : 有關委員會的成員 香港，二零二五年十二月十一日 郭琳廣先生 銀紫荊星章，太平紳士 ...

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。 (i) 本公司執行董事勞元一先生卸任提名委員會成員；及 (ii) 本公司執行董事勞苑苑女士獲委任為提名委員會成員。 於作出上述變動後，提名委員會包括三名成員，即俞啟鎬先生（主席）、勞苑苑女士 及周小鶴先生。 上述變動是根據香港聯合交易所有限公司證券上市規則附錄C1所載企業管治守則第 B.3.5條作出。董事會相信上述變動可實現提名委員會內部的多元化，並進一步提升公 司整體治理水準。 董事會謹藉此機會向勞元一先生於擔任提名委員會成員期間對本公司作出的寶貴貢獻 表示衷心感謝，並熱烈歡迎勞苑苑女士獲擔任提名委員會新職務。 第一上海投資有限公司 (於香港註冊成立之有限公司) (股份代號: 227) 提名委員會組成變更 第一上海投資有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣 佈，本公司提名委員會（「提名委員會」）的組成作出以下變動，自二零二五年十二 月十一日生效： 承董事會命 第一上海投資有限公司 ...

金吾财讯 | 第一上海研报指出，理想汽车(02015)2025年Q3车辆销售收入为人民币259亿元（36亿美 元），较2024年Q3的人民币413亿元减少37.4%，较2025年Q2的人民币289亿元减少10.4%。2025年Q3的 车辆毛利率为15.5%，2024年Q3为20.9%，2025年Q2为19.4%。剔除理想MEGA召回预估成本的影响， 2025年Q3的车辆毛利率为19.8%。 该机构指出，理想汽车纯电车型展现出强劲势头，理想i8和理想i6的订单总数已超过10万。针对目前供 应链吃紧的情况，理想汽车从11月起启动了i6的双电池供应商模式，两家供应商的电池性能与质量标准 将保持一致，而到明年年初，i6的月产能将稳步提升至2万台。 该机构指出，理想汽车纯电车型展现出强劲势头，理想i8和理想i6的订单总数已超过10万。针对目前供 应链吃紧的情况，理想汽车从11月起启动了i6的双电池供应商模式，两家供应商的电池性能与质量标准 将保持一致，而到明年年初，i6的月产能将稳步提升至2万台。 该机构续指，L系列将在2026年带来新改款，将回归精简SKU设置，兼顾市场覆盖和供应效率；将实现 核心体验全系拉满，消除目 ...

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: | 第一上海投資有限公司 | | | 呈交日期: | 2025年12月3日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 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 (A). 股份期權（根據發行人的股份期權計劃） | 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) | 00227 | | 說明 | | | | | | | | | | 股份期權計劃詳情 | 上月底結存的股份期權數 | | 本月內變動 | | 本月底結存的股份期權數 | | 本月內因此發行 ...

Core Viewpoint - The company, Qianbadu (01028), has engaged in a significant stock issuance and warrant offering, indicating a strategic move to raise capital despite a discount on the share price compared to the market closing price [1] Group 1: Stock Deposits - On November 26, shareholders of Qianbadu deposited stocks worth HKD 317 million into First Shanghai Securities, representing 19.05% of the total shares [1] Group 2: Capital Raising - Qianbadu announced that on October 29, 2025, it will issue a total of 415.4 million subscription shares at a price of HKD 0.205 per share, which is approximately 16.67% lower than the last trading price of HKD 0.246 [1] - The total subscription price for the shares is HKD 85.157 million [1] - Additionally, the company will issue 474.5 million warrants at a price of HKD 0.036 each, with each warrant allowing the holder to subscribe for one share at an exercise price of HKD 0.28 [1]

Core Viewpoint - First Shanghai maintains a "Buy" rating for Sands China (01928) with a target price of HKD 25.11, citing strong performance in Q3 2025 and confidence in the group's long-term development [1] Group 1: Q3 2025 Performance Overview - The overall performance in Q3 2025 was strong, with net revenue increasing by 7.3% year-on-year and 6.1% quarter-on-quarter to USD 1.9 billion, recovering to 90% of 2019 levels [1] - VIP business saw a decline of 16.3% year-on-year and 5.2% quarter-on-quarter, recovering to 34% of 2019 levels [1] - Mass market business grew by 12.1% year-on-year and 9.0% quarter-on-quarter, with high-end mass market up 6.3% year-on-year and 10.8% quarter-on-quarter, and mass market up 18.6% year-on-year and 7.3% quarter-on-quarter [1] Group 2: Retail Business Performance - Gross revenue and operating profit in the retail segment increased by 4.0% and 4.6% year-on-year, and 4.0% and 3.7% quarter-on-quarter, respectively [2] - Hotel occupancy rate was 96.8% with an average price of USD 230 [2] - Adjusted EBITDA grew by 2.7% year-on-year and 6.2% quarter-on-quarter to USD 600 million, recovering to 80% of 2019 levels [2] Group 3: Performance of Individual Casinos - Revenue from various casinos: Venetian Macao at USD 692 million, Londoner at USD 686 million, Parisian at USD 218 million, Four Seasons at USD 206 million, and Sands Macao at USD 72 million [3] - Adjusted EBITDA for these casinos: USD 242 million for Venetian, USD 219 million for Londoner, USD 53 million for Parisian, USD 102 million for Four Seasons, and USD 8 million for Sands, with recovery rates to 2019 levels at 71%, 130%, 44%, 136%, and 15% respectively [3] Group 4: Other Key Points - The group's market share has rebounded due to the full service of the second phase of the Londoner and new promotional strategies [4] - Short-term EBITDA is expected to reach USD 2.7-2.8 billion, with growth in the VIP segment driven by super VIP clients and increased market liquidity [4] - The group has repurchased USD 340 million in shares, increasing its ownership stake to 74.76% [4]

Market Overview - The A-share market experienced narrow fluctuations on the morning of November 20, with major indices showing mixed results [3] - The banking sector showed significant strength, with the China Bank reaching a historical high in its adjusted price [3][5] Banking Sector - The banking sector led the gains, with an intraday increase approaching 2%, although the gains later narrowed [3] - China Bank saw an intraday rise of over 5%, continuing to set historical highs [3] - Other banks such as China Construction Bank, Postal Savings Bank, Everbright Bank, and Minsheng Bank also recorded notable increases [3] Lithium Mining Sector - The lithium mining concept stocks surged significantly, driven by a substantial rise in lithium carbonate futures, which hit a new annual high with an intraday increase exceeding 4% [5][6] - Specific stocks in this sector, such as Zhangmi Co., Dawi Co., and Weiling Co., reached their daily limit up, while Tianhua New Energy and Sand Membrane saw intraday increases exceeding 10% [5][6] Other Sectors - The construction materials, real estate, comprehensive, and home appliance sectors showed strong performance [4] - Conversely, sectors such as beauty care, electric equipment, and automotive faced declines [4]

Core Viewpoint - The report from First Shanghai remains optimistic about Beike-W (02423, BEKE.US) due to its robust development in the "one body" business model and the improvement in industry penetration, as well as the resilience of its "three wings" business in navigating the post-real estate cycle [1] Financial Projections - The company is expected to achieve adjusted net profits of 5.76 billion, 7.68 billion, and 9.67 billion yuan over the next three years, respectively [1] - A target price of 60.0 HKD / 22.8 USD is set for 2026, based on a 16x PE ratio and the company's broad cash holdings [1] Share Buyback and Cash Reserves - The company has increased its share buyback efforts, spending approximately 280 million USD in Q3 2025, which is a 38.3% year-on-year increase [1] - Since September 2022, the total amount spent on share buybacks has reached about 2.3 billion USD, with the repurchased shares accounting for approximately 11.5% of the total [1] - The company's broad cash balance remains solid at around 70 billion yuan, indicating strong cash reserves [1]

Core Viewpoint - The report from First Shanghai expresses a positive outlook on Beike-W (02423, BEKE.US) due to its robust development in the "one body" business model and the increase in industry penetration, as well as the resilience of its "three wings" business in navigating the post-real estate cycle [1] Financial Projections - The company is expected to achieve adjusted net profits of 5.76 billion, 7.68 billion, and 9.67 billion yuan over the next three years, respectively [1] - A target price of 60.0 HKD / 22.8 USD is set for 2026, based on a 16x PE ratio and the company's broad cash holdings [1] Share Buyback and Cash Reserves - In Q3 2025, the company increased its share buyback efforts, spending approximately 280 million USD, which is a 38.3% year-on-year increase [1] - Since September 2022, the total amount spent on share buybacks has reached about 2.3 billion USD, with the repurchased shares accounting for approximately 11.5% of the total [1] - The company's broad cash balance remains solid at around 70 billion yuan, indicating strong cash reserves [1]

Core Viewpoint - The report from First Shanghai recommends a "buy" rating for China Pacific Insurance (02328) with a target price of HKD 23.3, indicating a potential upside of 21.7% from the current price, driven by the growth in non-auto insurance as a key engine for premium growth in the context of China's economic transformation [1] Group 1: Financial Performance - In the first three quarters of 2025, the company achieved insurance service revenue of CNY 385.9 billion, a year-on-year increase of 5.9%, with auto insurance revenue at CNY 227.6 billion (up 3.7%) and non-auto insurance revenue at CNY 158.3 billion (up 9.3%) [1] - The net profit for the same period reached CNY 40.3 billion, reflecting a significant year-on-year growth of 50.5% [1] - Total investment income for the first three quarters was CNY 35.9 billion, a 33% increase year-on-year, with an annualized total investment return rate of 5.4%, up 0.8 percentage points from the previous year [1] Group 2: Non-Auto Insurance Growth - Non-auto insurance original premium income reached CNY 223.06 billion, accounting for 50.3% of total premiums, surpassing auto insurance [2] - A new regulatory policy effective November 1, 2025, aims to manage rates in the non-auto insurance sector, which is expected to enhance underwriting profit margins and improve the comprehensive cost ratio for non-auto insurance [2] - The company targets a comprehensive cost ratio of under 96% for auto insurance and under 99% for non-auto insurance in 2025 [2] Group 3: Internationalization Strategy - The company has initiated an internationalization strategy aimed at significantly increasing overseas business within five years, aligning with the trend of Chinese enterprises expanding abroad and the internationalization of the RMB [3] - The strategy focuses on servicing Chinese products and enterprises, particularly in the areas of new energy vehicles and overseas infrastructure projects [3] - The company has successfully launched related businesses in Hong Kong and Thailand, with plans to expand into Europe and Southeast Asia, leveraging its experience in new energy vehicle insurance to create a competitive advantage [3]