Group 1 - The Hong Kong technology sector experienced a decline, with the Hang Seng Technology Index falling by 0.37% and the Hong Kong Stock Connect Technology Index down by 0.42% as of the close on December 2 [1] - Notable gainers among constituent stocks included BYD Company, Lenovo Group, which both rose over 2%, while other stocks like BYD Electronics, Midea Group, Alibaba-W, Xiaomi Group-W, NetEase-S, Kuaishou-W, and Baidu Group-SW also saw increases [1] - The Hong Kong Technology ETF Tianhong (159128) recorded a net subscription of 75 million units yesterday, with a total trading volume exceeding 50 million yuan [1] Group 2 - The Tianhong Hang Seng Technology ETF (520920) closely tracks the Hang Seng Technology Index, focusing on leading technology companies in Hong Kong [2] - The ETF utilizes the QDII mechanism to invest in high-quality technology companies not included in the Hong Kong Stock Connect, such as NetEase, JD.com, and Trip.com [2] - Recent reports indicate that the market is nearing a "bad news fully priced" state, with core risk points impacting the profitability of the Hong Kong internet sector having been sufficiently released during the recent corrections [2]

Market Overview - Hong Kong stocks opened higher but closed lower, with the Hang Seng Index rising 0.24% to 26,095.05 points and a total turnover of 178.25 billion HKD [1] - The Hang Seng Tech Index fell 0.37% to 5,624.04 points, while the Hang Seng China Enterprises Index increased by 0.11% to 9,182.65 points [1] Blue Chip Performance - Galaxy Entertainment (00027) led blue-chip stocks, rising 2.81% to 40.98 HKD, contributing 3.88 points to the Hang Seng Index [2] - Other notable blue-chip performers included Hengan International (01044) up 2.69% and Budweiser APAC (01876) up 2.35% [2] - WuXi AppTec (02359) fell 3.13%, negatively impacting the index by 2.2 points [2] Sector Highlights - Macau's November gaming revenue reached 21.09 billion MOP, a 14.4% year-on-year increase, exceeding market expectations [4] - The mobile phone supply chain remained active, with notable gains in companies like AAC Technologies (02018) and BYD Electronics (00285) [4][5] - The automotive sector showed mixed results, with BYD (01211) up 2.19% while Xpeng Motors (09868) fell 5.52% [5][6] Notable Stock Movements - Conant Optical (02276) surged 10.58% to 54.85 HKD following the launch of AI glasses in collaboration with Alibaba [8] - Giga Biotech (02367) rose 8.53% after announcing a share buyback plan [9] - GAC Group (02238) increased by 7.32% due to positive management announcements regarding new battery technology and partnerships [10] - Longpan Technology (02465) saw a 4.1% increase amid industry price adjustments in lithium iron phosphate [11] - 3SBio (01530) faced pressure, dropping 4.61% after announcing a share placement to raise capital [12]

Core Viewpoint - The mobile industry chain continues to experience an upward trend, with several key companies showing significant stock price increases [1] Company Performance - AAC Technologies (瑞声科技) saw a stock price increase of 5.37%, reaching HKD 40 [1] - BYD Electronics (比亚迪电子) increased by 2.78%, with a stock price of HKD 34.74 [1] - GoerTek (高伟电子) rose by 2.67%, now priced at HKD 30.8 [1] - Q Tech (丘钛科技) experienced a 2.93% increase, with shares priced at HKD 9.83 [1]

Group 1: Market Performance - The consumer electronics sector in the Hong Kong stock market showed strong performance, with notable gains from several companies including AAC Technologies (6.74%), Q Technology (4.40%), and GoerTek (3.80%) [1] - Specific stock price movements include AAC Technologies at 40.520 (+6.74%), Q Technology at 9.970 (+4.40%), and GoerTek at 31.140 (+3.80%) [2] Group 2: New Product Launch - Doubao, a subsidiary of ByteDance, has launched the Doubao Phone Assistant, marking a significant breakthrough in collaboration with smartphone manufacturers at the operating system level [3] - The Doubao Phone Assistant is designed for a smoother interaction experience and smarter functionality, differing from typical application-layer AI assistants [3] Group 3: Business Developments - Lens Technology has secured exclusive supply rights for key precision structural components and LIPO screen packaging for the Doubao phone, with the order value exceeding 100 million yuan and accounting for over 10% of the total device cost [4] - This project is expected to contribute significantly to Lens Technology's revenue growth as the Doubao phone is officially launched and iterated [4] Group 4: Industry Trends - Apple is reportedly preparing to launch its first foldable iPhone, the iPhone Fold, which is currently in the engineering verification and pre-production phase, with a potential release by the end of next year [5] - Market research predicts that global shipments of foldable smartphones will exceed 70 million units by 2025, with an annual growth rate surpassing 50%, driven by Apple's entry into the market [5]

Core Viewpoint - The mobile industry chain continues to rise, driven by the collaboration between AI model developers and mobile hardware manufacturers, marking a significant phase in the integration of AI technology into smartphones [1] Group 1: Stock Performance - AAC Technologies (02018) increased by 5.37%, reaching HKD 40 - BYD Electronics (00285) rose by 2.78%, reaching HKD 34.74 - GoerTek (01415) saw a 2.67% increase, reaching HKD 30.8 - Q Technology (01478) grew by 2.93%, reaching HKD 9.83 [1] Group 2: Industry Developments - On December 1, ByteDance's AI assistant "Doubao" and ZTE announced the launch of a small batch sale of Nubia brand engineering prototypes equipped with Doubao technology [1] - The arrival of the AI smartphone era is seen as a key differentiator in the future consumer electronics market, according to a report by Galaxy Securities [1] - Various manufacturers are releasing AI models and focusing on generative AI smartphones, with domestic brands in China prioritizing this trend to capture a broader market and enhance product value [1]

Core Viewpoint - The mobile industry chain continues to rise, driven by the collaboration between AI model developers and mobile hardware manufacturers, marking a significant phase in the integration of AI technology into smartphones [1] Group 1: Market Performance - Companies such as AAC Technologies (02018) saw a stock increase of 5.37%, reaching HKD 40; BYD Electronics (00285) rose by 2.78% to HKD 34.74; GoerTek (01415) increased by 2.67% to HKD 30.8; and Q Technology (01478) gained 2.93%, reaching HKD 9.83 [1] Group 2: Industry Developments - On December 1, ByteDance's AI assistant "Doubao" and ZTE announced the launch of a small batch sale of Nubia brand engineering prototypes equipped with Doubao's mobile assistant technology preview version, indicating a deep cross-industry collaboration [1] - According to a report from Galaxy Securities, the advent of the AI smartphone era signifies that AI will become a key differentiating factor in the future consumer electronics market [1] - Multiple manufacturers have released AI large models, focusing on generative AI smartphones, with domestic brands in China placing significant emphasis on seizing broader market opportunities during this new innovation cycle to enhance product value and solidify brand market position [1]

Core Viewpoint - The Hong Kong stock market saw a continued rise in Apple-related stocks, driven by positive supply chain news regarding the upcoming iPhone Fold, which is expected to be released by the end of next year [1] Group 1: Stock Performance - AAC Technologies (瑞声科技) rose over 4.21% to a price of 39.560 [2] - BYD Electronics (比亚迪电子) increased by 2.96% to 34.800 [2] - Hon Teng Precision (鸿腾精密) saw a rise of 2.81% to 5.120 [2] - Q Technology (丘钛科技) gained 2.41% to 9.780 [2] - Lens Technology (蓝思科技) increased by 2.06% to 25.760 [2] - Sunny Optical Technology (舜宇光学科技) rose by 1.41% to 68.400 [2] - GoerTek (高伟电子) saw a slight increase of 1.13% to 30.340 [2] Group 2: Product Development - Apple's first foldable phone, the iPhone Fold, has entered the Engineering Validation Test (EVT) and pre-production stages, with only minor design adjustments remaining [1] - Recent supply chain reports indicate that component manufacturers are already in a state of readiness, suggesting that the final design of the iPhone Fold is largely confirmed and a release is highly probable next year [1]

Core Viewpoint - The Apple concept stocks in the Hong Kong market continue to rise, driven by news regarding the upcoming release of Apple's first foldable phone, the iPhone Fold, which is expected to be launched by the end of next year [1] Group 1: Stock Performance - AAC Technologies (瑞声科技) rose over 4.21% to a price of 39.560 [2] - BYD Electronic (比亚迪电子) increased by 2.96% to 34.800 [2] - Hon Teng Precision (鸿腾精密) saw a rise of 2.81% [2] - Q Technology (丘钛科技) grew by 2.41% to 9.780 [2] - Lens Technology (蓝思科技) increased by 2.06% to 25.760 [2] - Sunny Optical Technology (舜宇光学科技) rose by 1.41% to 68.400 [2] - GoerTek (高伟电子) increased by 1.13% to 30.340 [2] Group 2: Product Development - The iPhone Fold has entered the Engineering Validation Test (EVT) and pre-production phases, with only minor design adjustments remaining [1] - Supply chain sources indicate that component manufacturers are already in a state of readiness to supply parts to assembly factories, suggesting that the final design of the iPhone Fold is largely confirmed [1]

| 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: | 比亞迪電子(國際)有限公司 | | | 呈交日期: | 2025年12月1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 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 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00285 | 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 | | | 上月底結存 | | | 2,253,204,500 | | 0 | | 2,253,204,500 | | 增加 / 減少 (-) | | | ...

Group 1 - The core viewpoint of the news highlights a significant rise in Hong Kong's stock market, particularly in technology stocks, following the announcement of the "Genesis Plan" by the U.S. government to leverage artificial intelligence for scientific research [1] - The Hang Seng Index and Hang Seng Tech Index opened strongly, with notable gains in companies like Bilibili, Xiaomi, and ZTE, indicating a positive market sentiment towards tech stocks [1] - The Nasdaq Golden Dragon Index, which tracks Chinese tech stocks, rose by 2.82%, with major players like Baidu and Alibaba experiencing substantial increases in their stock prices [1] Group 2 - There is a strong expectation for interest rate cuts by the Federal Reserve, with a probability of 82.9% for a 25 basis point cut in December, which could influence market dynamics positively [2] - Historical data shows that the Hang Seng Index and Hang Seng Tech Index have experienced significant declines recently, with average maximum drawdowns of approximately 17% and 21% respectively during past market corrections [2][3] - The current valuation of the Hong Kong Stock Connect Technology ETF is at a price-to-earnings ratio of 23.55, which is at a historically low level, suggesting potential for recovery [3] Group 3 - The Hong Kong Stock Connect Technology Index has shown greater elasticity compared to similar indices, with a remarkable increase of 170% from February to September 2024, outperforming other indices [4]