Investment Rating - The report maintains a positive outlook on the shipping industry, particularly in light of recent developments in Venezuela and the increase in new ship prices [1][2]. Core Insights - Venezuela's political changes are expected to benefit compliant tanker markets, with a potential increase in oil exports leading to higher demand for Aframax tankers and VLCCs [3][4]. - New ship prices have shown an upward trend, with a 0.5% increase reported, particularly in gas carriers which rose by 1% [3]. - The report highlights a significant drop in VLCC freight rates, which fell by 36% week-on-week, while the Atlantic market remains relatively stable [3][4]. Summary by Sections Shipping Market - The report notes that the recent escalation in Venezuela's situation could lead to a 1.4% increase in compliant VLCC oil transport demand and a 4.0% increase for Aframax tankers [3][4]. - The average VLCC freight rate was reported at $43,895 per day, with Middle East to Far East rates dropping to $38,690 per day, a decrease of 45% from the previous week [3][4]. New Ship Prices - New ship prices have increased by 0.5% to 185.59 points, although they are down 1.85% compared to the beginning of 2025 [3][4]. Oil and Product Transport - The LR2-TC1 freight rate increased by 5% to $42,671 per day, supported by tight capacity in previous weeks [3]. - The report indicates a decline in MR average freight rates by 5% to $23,103 per day, with the Atlantic market remaining stable despite the holiday season [3][4]. Air Transport - The report anticipates significant improvements in airline profitability due to supply constraints and increasing passenger volumes, recommending several airlines for investment [3][4]. Express Delivery - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future performance [3][4]. Rail and Road Transport - Rail freight volumes and highway truck traffic are expected to maintain steady growth, with recent data showing a slight decrease in volumes [3][4].

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12月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | Cathay Pacific Airways Limited 國泰航空有限公司 | | | | 呈交日期: | 2026年1月2日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | | 自新《公司條例》(香港法例第622章) 於2014年3月3日實施後，Cathay Pacific Airways Limited 國泰航空有限公司 (於香港註册成立的公司) 不再有法定股本及股份面值。 | | | 第 1 頁 共 10 頁 v 1.1.1 FF301 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | --- | --- | --- | --- | --- | --- | --- | ...

Group 1: Major Asset Restructuring and Acquisitions - Mingde Biology plans a significant asset restructuring by signing a share acquisition intention agreement with Bluefan Medical to acquire 100% of Wuhan Bikaier Rescue Supplies Co., Ltd. for cash, which is expected to constitute a major asset restructuring [1][2] - The acquisition aims to enhance the company's focus on critical care business and integrate its diagnostic services with industrial and household emergency protection, thereby improving asset quality and profitability [2] Group 2: Share Buybacks - Zhongju Gaoxin intends to repurchase A-shares using self-owned or raised funds, with a total repurchase amount between RMB 300 million and RMB 600 million, at a price not exceeding RMB 26 per share [3] - Baili Tianheng also plans a share buyback with a total amount between RMB 100 million and RMB 200 million, at a price not exceeding RMB 546 per share [3] - Proya plans to repurchase shares for an amount between RMB 80 million and RMB 150 million, at a price not exceeding RMB 100 per share [3][4] Group 3: Profit Forecasts - Zijin Mining expects a net profit increase of approximately 59%-62% for 2025, projecting a profit of about RMB 510 billion to RMB 520 billion, compared to RMB 320.51 billion in the previous year [5] - The company also anticipates a net profit excluding non-recurring gains and losses to be around RMB 475 billion to RMB 485 billion, reflecting a 50%-53% increase year-on-year [5] Group 4: Equity Issuance and Fundraising - Guotou Zhonglu plans to issue shares to acquire 100% of China Electronic Engineering Design Institute for a transaction price of RMB 6.026 billion [6] - Zongheng Co. intends to raise up to RMB 548 million through a private placement to fund various projects, including unmanned systems and AI technology enhancements [7] Group 5: Government Subsidies and Financial Support - Tianrun Dairy received government subsidies totaling RMB 21.53 million, which will increase the company's net profit for 2025 by approximately RMB 19.87 million [15] - Jiangshan Oupai obtained government subsidies of RMB 10.04 million, with a portion related to revenue, impacting the company's net profit [16]

Group 1 - The core point of the article is that Mingde Biology plans to acquire 100% equity of Wuhan Bikaier for cash, which is expected to be a significant asset restructuring but will not involve a restructuring listing or share issuance [2][3] - The acquisition aligns with Mingde Biology's strategic focus on critical care business development, as Wuhan Bikaier is a leading company in emergency protection, serving high-quality industrial clients and expanding into the household consumer market [3] - The integration is expected to enhance Mingde Biology's critical care diagnosis and treatment ecosystem, improving asset quality and profitability while strengthening its market position in the critical care sector [3] Group 2 - For the first three quarters of 2025, Mingde Biology reported total revenue of 227 million yuan, a year-on-year increase of 0.53%, but net profit decreased by 83.30% to 13.52 million yuan [4] - The accounts receivable balance reached 653 million yuan, significantly exceeding revenue, indicating cash collection pressure post-pandemic [4][5] - The company’s revenue from in vitro diagnostics for the first three quarters of 2025 was 90.60 million yuan, accounting for 65.04% of total revenue, but the industry is facing a transformation period [8][9]

Group 1 - The core point of the article is that Mingde Biological has signed a framework agreement with Bluefan Medical to acquire 100% equity of Wuhan Bikaier Rescue Supplies Co., Ltd. in a cash transaction, which will make the target company a wholly-owned subsidiary after completion [1][3]. - The transaction is expected to constitute a major asset restructuring as defined by the regulations, and it will not involve a restructuring listing or the issuance of shares [3]. - The target company specializes in emergency rescue products and has a strong foundation in both industrial emergency protection and consumer markets, which complements Mingde Biological's existing business in critical care diagnostics [4]. Group 2 - Mingde Biological aims to enhance its strategic focus on critical care business through this acquisition, which will help extend its integrated diagnostic and rescue services from medical institutions to industrial and household scenarios [4]. - The company has a comprehensive product matrix supported by ten technology platforms, covering various diagnostic product lines and providing services to over 7,500 medical institutions across China and more than 50 countries [3]. - The current stock price of Mingde Biological is reported at 17.82 yuan per share, with a total market capitalization of 4.144 billion yuan [6].

Core Viewpoint - Mingde Biological has signed a framework agreement with Bluefan Medical to acquire 100% equity of Wuhan Bikaier Rescue Supplies Co., Ltd., marking a significant asset restructuring initiative aimed at enhancing its emergency medical services business [1][3][4]. Group 1: Transaction Details - The transaction is expected to constitute a major asset restructuring as defined by the regulations, and it will be executed in cash without involving a share issuance or changing the controlling shareholder [3][4]. - The target company specializes in emergency rescue products, particularly first aid kits, and has a strong presence in both industrial and consumer markets [3][4]. Group 2: Strategic Importance - This acquisition aligns with Mingde Biological's strategic focus on the critical care sector, allowing for an integrated approach to emergency diagnosis and treatment, thereby enhancing its market position [4]. - The integration of product lines and customer bases between Mingde Biological and the target company is expected to create a synergistic ecosystem that spans diagnosis, protection, and treatment [4]. Group 3: Current Status and Market Information - The transaction is still in the planning stage, with ongoing negotiations and due diligence, and the final terms will be established in a formal acquisition agreement [4][5]. - As of the latest market data, Mingde Biological's stock price is reported at 17.82 yuan per share, with a total market capitalization of 4.144 billion yuan [6].

Group 1 - Cathay Pacific Airways (00293) announced the resignation of its non-executive director, Ma Chongxian, and the appointment of Liu Tiexiang as a non-executive director effective December 24, 2025 [1] - The independent director committee now consists of Liu Tiexiang, Bai Deli, Mai Guangneng, Sun Yuquan, Shi Minglun, Deng Jianrong, Wang Mingyuan, Xiao Feng, Chen Zhisi, Zheng Jiali, Ma Kuntu, and Wang Xiaobin [1] - All members of the independent director committee have no direct or indirect interests in the share buyback [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的内容概不負責，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部份内容而產生或因依 賴該等内容而引致的任何損失承擔任何責任。 CATHAY PACIFIC AIRWAYS LIMITED 國泰航空有限公司 (在香港註冊成立之有限公司) (股份代號：293) 擬進行場外股份回購 (1) 月度更新 (2) 獨立董事委員會變動 獨立董事委員會及獨立股東的獨立財務顧問 - 1 - 謹此提述 (i) 國泰航空有限公司（「本公司」）於二零二五年十一月五日就股份回購等 事宜刊發之公告（「該公告」）；及 (ii) 本公司於二零二五年十一月二十六日就延遲 寄發通函（「該通函」）事宜刊發之公告（「該延遲寄發通函公告」）。除文義另有 所指外，本公告所用之詞彙與該公告所界定者具有相同涵義。 (1) 該通函狀況之更新 誠如該延遲寄發通函公告所述，執行人員已授予同意將該通函之最遲寄發日期延長至 二零二六年一月十四日。於本公告日期，本公司正在編製及最終確定將載入該通函之 資料。 誠如該公告所述，股份回購的完成將受限於及須待若干條件事先及持續獲達成（或獲 豁免（ ...

CATHAY PACIFIC AIRWAYS LIMITED 國泰航空有限公司 (於香港註冊成立的有限公司) (股份代號: 293) 董事名單及其角色與職能 國泰航空有限公司董事局成員載列如下： 常務董事 賀以禮 （主席） 林紹波 （行政總裁） 劉凱詩 （顧客及商務總裁） 麥皓雲 （營運及航空服務總裁） 沈碧嘉 （財務總裁） 非常務董事 C 委員會主席 M 委員會委員 獨立非常務董事 陳智思，JP 鄭嘉麗 馬焜圖 王小彬 審核委員會、董事局風險委員會、董事局安全審核委員會、提名委員會及薪酬委員會的成員 載列如下： | 董事 | 審核委員會 | 董事局 | 董事局 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | --- | --- | | | | 風險委員會 | 安全審核委員會 | | | | 陳智思，JP | | | | C | M | | 鄭嘉麗 | M | | M | M | C | | 林紹波 | | | M | | | | 劉鐵祥 | | | M | | | | 麥廣能 | | | M | M | M | | 馬焜圖 | M | C | M | | | | 王小 ...

Market Performance - The Hong Kong stock market showed a mixed performance with the Hang Seng Index rising by 0.13% to 25,808.79 points, while the Hang Seng Tech Index increased by 0.14% to 5,496.52 points. The National Enterprises Index fell by 0.03% to 8,911.15 points, and the Red Chip Index decreased by 0.14% to 4,061.97 points [1] Company News - Vanke Enterprises extended the grace period for the repayment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific reported a passenger count of 2.5304 million in November, marking a 26% year-on-year increase [3] - China General Nuclear Power's units 1 and 2 in Huizhou are in the debugging phase, with expected operational dates adjusted to the first half and second half of 2026, respectively [3] - Nanshan Aluminum International has increased its annual production capacity of alumina to 4 million tons [7] - He Yu Pharmaceutical's CSF-1R inhibitor received approval from China's NMPA [5] - Shengnuo Pharmaceutical completed Phase I trials for its drug STP707 and submitted a clinical research report to the FDA [6] Industry Insights - Huatai Securities noted that the market is still in a left-side layout phase, with a strong consensus on an early spring rally, but year-end supply and demand pressures may create uncertainty for a "Santa rally" [10] - CITIC Construction pointed out that after a period of single-sided growth in September, the Hong Kong market has experienced adjustments, with some quality assets returning to a high cost-performance ratio [10] - Guotai Junan Securities highlighted that historical data shows strong performance in U.S. stocks during year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [11] - GF Fund mentioned that while short-term liquidity disturbances may impact the market, the upward trend in the AI industry cycle remains intact, suggesting that the market structure for Hong Kong stocks will not change [11]