Wind数据显示，截至2025年8月13日，港股通非银ETF(513750)最新规模达148.79亿元，创成立以来新 高，年内规模增幅超1785.80%！份额方面，港股通非银ETF最新份额达87.22亿份，创成立以来新高。 从资金净流入方面来看，港股通非银ETF近6天获得连续资金净流入，最高单日获得9.06亿元净流入， 合计"吸金"17.20亿元。拉长时间看，截至8月13日，港股通非银ETF年内累计"吸金"超125.68亿元。 从收益能力看，截至8月13日，港股通非银ETF近1年净值上涨94.24%，指数股票型基金排名37/2956， 居于前1.25%。截至2025年8月13日，港股通非银ETF近6个月超越基准年化收益为8.09%。 截至2025年8月13日收盘，港股通非银ETF(513750)收涨1.78%。拉长时间看，截至收盘，港股通非银 ETF自4月10日低点至今累计上涨56.70%。流动性方面，港股通非银ETF换手17.57%，全天成交26.28亿 元，市场交投活跃。 消息面上，美国最新公布的7月通胀数据温和上涨，环比上升0.2%，同比涨幅维持在2.7%，低于市场预 期。数据公布后，芝商所"美联储观察 ...

（股份代號：412） 董事會會議通知 山高控股集團有限公司（「本公司」）董事（「董事」）會（「董事會」）僅此宣佈，本公司將 於二零二五年八月二十九日（星期五）舉行董事會會議，以（其中包括）考慮及批准本 公司及其附屬公司截至二零二五年六月三十日止六個月之未經審計中期業績及其 刊發，以及考慮派發中期股息（如有）。 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，概不就因本公告之全部或任 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） 承董事會命 香港，二零二五年八月八日 於 本 公 告 日 期，董 事 會 由 執 行 董 事 李 天 章 先 生、朱 劍 彪 先 生、劉 志 杰 先 生、 廖劍蓉女士及劉堯先生；非執行董事梁占海先生、陳滌先生及王文波先生；及獨立 非執行董事關浣非先生、陳維曦先生、Jonathan Jun Yan先生及方穎先生組成。 山高控股集團有限公司 主席 李天章 ...

Wind数据显示，截至2025年7月31日，港股通非银ETF最新规模127.07亿元！份额方面，港股通非银ETF 最新份额达76.89亿份，续创成立以来新高！ 港股通非银ETF(513750)：市场首只且唯一一只跟踪港股非银指数的ETF，不受QDII额度限制；其中牛 市"第二旗手"保险占比超6成。从港股通证券范围中选取符合非银行金融主题的不超过50家上市公司证 券作为指数样本，以反映港股通范围内非银行金融主题上市公司的整体表现。场外联接(A类： 020500；C类：020501)。 行业数据方面，国家金融监管总局7月25日披露的保险行业6月数据显示，2025年上半年，人身险公司原 保费收入同比增长5.4%，第二季度单季同比增幅达到16.3%。上半年产险公司保费达9645亿元，亦同比 增长5.1%。 华泰证券表示，当前保险业面临较大利差损风险，年初以来的寿险新单面临较大的成本收益倒挂压力， 资金成本2.5%（现行传统险预定利率），即便30年国债的利率也仅为1.8%~1.9%，持续降低新单负债成 本有望缓解利差损压力。同时，预定利率下调有望提升新单盈利性和销售积极性。 华创证券认为，"利差损"压力是保险股估值承压 ...

Core Insights - Shandong Hi-Speed Holdings Group Ltd. (SDHG) has seen its market capitalization exceed HK$100 billion, reflecting strong market endorsement as a leader in Electricity-Computing Integration and AI-ready infrastructure [1][9][21] - The company has strategically transitioned from financial investments to becoming a holding platform focused on emerging industries, particularly in renewable energy and computing power [4][9][20] Company Performance - SDHG's stock price surged over 200% in 2025, with total assets increasing from RMB 21.43 billion in 2021 to RMB 66.17 billion in 2024 [9][20] - Annual revenues are projected to grow from RMB 6.59 billion in 2025 to RMB 7.37 billion in 2027, with net profit attributable to parent company shareholders expected to rise from RMB 216 million in 2025 to RMB 555 million in 2027 [20][21] Strategic Investments - In 2022, SDHG acquired a 56.97% stake in Shandong Hi-Speed New Energy Group Ltd. and invested US$299 million in VNET Group Inc. in 2023, enhancing its position in clean energy and data center services [5][9] - The Ulanqab project in Inner Mongolia exemplifies SDHG's innovative Electricity-Computing Integration model, expected to generate approximately 860 million kWh of electricity annually [11][12] Alignment with National Policies - SDHG aligns its business strategies with national priorities in renewable energy and computing power, benefiting from government support for initiatives like "East Data, West Computing" [7][9] - The company has established partnerships with local governments and firms to innovate business models, enhancing its competitive edge in both domestic and international markets [10][15] Financing and Market Response - SDHG successfully issued US$900 million in perpetual bonds in May 2024, marking the largest issuance by a Chinese issuer since 2021, and VNET Group's $430 million convertible preferred notes offering in March 2025 [14][20] - The capital market has responded positively to SDHG's performance, with multiple brokerages issuing "Outperform" ratings in June 2025 [17][21]

Core Viewpoint - Shandong Hi-Speed Holdings Group Ltd. (SDHG) has established itself as a leader in Electricity-Computing Integration and AI-ready infrastructure, with its market capitalization exceeding HK$100 billion for the first time, reflecting strong market endorsement [1][8]. Group 1: Company Growth and Financial Performance - SDHG's stock price surged over 200% in 2025, contributing to a market cap of HK$103.9 billion as of July 28, 2025 [1][8]. - From 2021 to 2024, SDHG's total assets more than tripled from RMB 21.43 billion to RMB 66.17 billion [8][21]. - Annual revenues are projected to grow to RMB 6.59 billion, RMB 6.77 billion, and RMB 7.37 billion for 2025, 2026, and 2027 respectively, with net profit attributable to parent company shareholders expected to increase from RMB 216 million in 2025 to RMB 555 million in 2027 [21]. Group 2: Strategic Investments and Partnerships - In 2022, SDHG acquired a 56.97% stake in Shandong Hi-Speed New Energy Group Ltd. and invested US$299 million in VNET Group Inc. in 2023 [5][8]. - SDHG has formed strategic partnerships, including a cooperation agreement with Huawei Technologies to develop projects focused on green computing power and clean energy [16]. Group 3: Industry Position and Policy Alignment - SDHG is recognized as a pioneer in Electricity-Computing Integration, positioning itself to lead in the rapidly growing demand for computing power and renewable energy [2][4]. - The company aligns its operations with national policy priorities, benefiting from initiatives like "East Data, West Computing," which enhances its government support [9][22]. Group 4: Innovative Business Models and Projects - The Ulanqab Source-Grid-Load-Storage Integration Project exemplifies SDHG's innovative approach, creating a self-contained ecosystem for power generation and consumption [10][11]. - Upon completion, the Ulanqab project is expected to generate approximately 860 million kWh of electricity annually, significantly powering VNET's computing centers [11]. Group 5: Financing and Market Response - SDHG has successfully leveraged its financial background, issuing US$900 million in perpetual bonds in May 2024, marking the largest issuance by a Chinese issuer since 2021 [14]. - The capital market has responded positively to SDHG's performance, with multiple brokerages issuing "Outperform" ratings in June 2025 [17][22].

Group 1 - The core viewpoint of the news is the performance of the CSI Hong Kong Stock Connect Non-Bank Financial Theme Index, which has shown significant growth in recent months, indicating a positive trend in the non-bank financial sector within the Hong Kong market [1][2] - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index increased by 2.9% to 3900.59 points, with a trading volume of 61.334 billion yuan on July 11 [1] - Over the past month, the index has risen by 7.55%, by 38.24% over the last three months, and by 30.42% year-to-date [1] Group 2 - The index comprises up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of this sector within the Hong Kong Stock Connect [1] - The top ten weighted companies in the index include China Ping An (15.49%), Hong Kong Exchanges (14.08%), AIA Group (13.98%), China Life (8.51%), and others, indicating a concentration in major financial institutions [1] - The index is fully composed of financial sector companies, with a 100% allocation to this industry [2] Group 3 - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - In special circumstances, the index may undergo temporary adjustments, such as removing companies that are delisted or adding new companies that meet the criteria [2] - The handling of mergers, acquisitions, and other corporate actions is governed by specific calculation and maintenance guidelines [2]

Core Insights - Century Internet announced plans to build a 10GW Hyperscale 2.0 data center cluster over the next decade, aiming to create a 100 billion kWh green electricity AI power system open ecosystem [1][2] - The 10GW capacity will position the cluster as one of the largest green computing clusters globally, surpassing existing projects [2] - The initiative aligns with China's "East Data West Computing" strategy and is expected to significantly enhance the growth potential of its major shareholder, Shanhigh Holdings [2][4] Group 1: Strategic Vision and Market Position - The data center industry is projected to consume 1,500 billion kWh by 2035, necessitating a shift from traditional energy models to sustainable solutions [2] - Century Internet emphasizes that green energy is becoming a core competitive advantage in the industry [3] - Shanhigh Holdings has a significant presence in renewable energy, with over 4,698 MW of installed capacity and an annual generation of over 6.52 billion kWh [4] Group 2: Investment and Economic Impact - The integrated project in Ulanqab has a total investment of 21 billion yuan, with a PUE value of 1.15, optimizing energy efficiency by 23% compared to industry averages [4] - The Ulanqab data center project is expected to generate an incremental economic benefit of approximately 1.3 billion yuan annually upon full capacity [4] - Recent national policy support for green electricity direct connection projects is anticipated to enhance growth opportunities for integrated projects like Ulanqab [4] Group 3: Competitive Advantages and Future Growth - Shanhigh Holdings is positioned to become a leader in the integrated power and computing infrastructure sector, with a mature collaborative development model [5] - The construction of the 10GW data center cluster is crucial for consolidating Shanhigh's leadership in the "power-computing integration" sector and enhancing China's global competitiveness in AI infrastructure [5][6] - The efficient conversion of green electricity to green computing is expected to create a trillion-level market opportunity over the next decade [6][7]

Core Viewpoint - The article discusses the strategic initiatives of Century Internet and its major shareholder, Shankao Holdings, to enhance their integrated computing and energy layout, particularly focusing on the development of a large-scale data center cluster powered by green energy [1][2][3] Group 1: Century Internet's Initiatives - Century Internet plans to build a 10GW Hyperscale 2.0 data center cluster over the next decade, aiming to create a new power system integrated with computing and a blockchain-driven energy trading system [1][2] - The 10GW capacity will position this data center cluster as one of the largest green computing hubs globally, surpassing existing projects [1] - By 2035, the data center industry is projected to consume 15 trillion kilowatt-hours, necessitating a shift from traditional energy sources to sustainable models [2] Group 2: Shankao Holdings' Role - Shankao Holdings supports Century Internet's strategic vision, with its subsidiary, Shankao New Energy, having a generation capacity exceeding 4,698 MW and an annual output of over 6.52 billion kilowatt-hours [2] - The company has invested 21 billion yuan in an integrated energy project in Ulanqab, which is expected to generate an incremental economic benefit of 1.3 billion yuan annually once fully operational [2] - Since 2021, Shankao Holdings has been transforming its strategy to focus on the "green energy + computing" sector, completing its industrial layout in this area [3] Group 3: Future Outlook - The company aims to continue focusing on the synergy between green energy and computing, positioning itself as a leading enterprise in China's integrated computing and energy sector [3]

Investment Rating - The report initiates coverage with an "Add-B" rating for the company [6] Core Insights - The company is positioned in the "new energy + new infrastructure" dual-track strategy, aiming to create an integrated ecosystem for digital computing and energy [1][4] - The synergy between computing power and green energy is seen as a critical trend for the development of the digital economy [3][56] - The company has successfully transitioned from financial investments to industrial investments, significantly increasing its asset scale in emerging industries [4][23] Summary by Sections Company Overview - The company has transformed its business model since 2021, focusing on industrial investments and holding significant stakes in key subsidiaries [16][18] - As of December 31, 2024, the total asset scale is approximately 661.7 billion, with emerging industry investments accounting for 78.6% [23] Financial Performance - In 2024, the company achieved a revenue of 55.8 billion, a year-on-year increase of 11.38%, and a net profit of 539 million [24][25] - The gross profit reached approximately 26.36 billion, with a gross margin of about 47% [25][29] Market Trends - The renewable energy sector is experiencing rapid growth, with a 23% year-on-year increase in new installed capacity in 2024 [31] - The integration of green electricity and computing power is reshaping the energy landscape of the digital economy [31][41] Strategic Initiatives - The company is actively expanding its presence in the renewable energy market, having significantly increased its project indicators in 2024 [69] - It aims to leverage its dual-track strategy to optimize asset allocation and enhance investment returns [5][6]

Group 1: Hong Kong Stocks - Lehua Entertainment (02306) surged over 24% due to strong market performance of its toy IP "WUKUKU," with multiple new products setting sales records and the theme song exceeding 1 billion views [1] - United Energy Group (00467) rose over 7% after signing a 15-year production increase contract with Uzbekistan's UNG, involving 57.8 billion cubic meters of oil and gas production, with an initial investment of $100 million to expand into Central Asia [1] - Smoore International (06969) fell over 3% as shareholder Yiwei Lithium Energy plans to reduce its stake by 3.5% (216 million shares), resulting in a decrease of its holding to 27.23%, no longer being the controlling shareholder [1] - New World Development (00200) dropped over 5% after completing a "2 for 1" rights issue, issuing 758 million shares and raising HKD 771 million, with oversubscription of 13 times [1] - Fourth Paradigm (06682) increased over 7% after launching AI solutions for the manufacturing industry, covering production optimization to supply chain intelligence upgrades [1] - Shandong High-Tech Holdings (00412) rose over 4% as Zhongtai Securities highlighted significant synergy between its new energy and digital infrastructure, with a data center PUE value of 1.15, enhancing financial integration [1] - KANAT Optical (02276) increased over 4% due to an explosion in the smart glasses market (e-commerce transactions up 8 times), with Meta collaborating with Oakley to launch AI glasses, positioning the company with leading 3C enterprises [1] Group 2: Other Notable Stocks - Sipai Health (00314) rose over 7% after partnering with Anruijiaer to develop customized insurance, planning to sell 6 pharmacies for 5.89 million to focus on core medical insurance business [2] - SF Express (09699) increased over 5% after raising its delivery service revenue cap for 2025/26 to HKD 12.8 billion / HKD 20.5 billion, with demand growth exceeding expectations [2] - Liufu Group (00590) fell over 3% as it projected a 40% decline in profits for the 2025 fiscal year, primarily due to gold hedging losses and high base effects from acquisition gains [2] - Zhenjiu Lidu (06979) rose over 4% after announcing Yao Annan as the "Cultural Heritage Ambassador" for liquor, leveraging Huawei-related topics to boost brand visibility [2] - Ideal Auto-W (02015) dropped over 4% as Meituan's Wang Xing sold 5.73 million shares for HKD 600 million, reducing his stake to 20.61% [2] - Health Road (02587) surged over 7% as its liver disease AI management platform was selected for Beijing's digital medical verification program, supporting WHO's "2030 Hepatitis Elimination" goal [2] - Gilead Sciences-B (01672) rose over 5% after its psoriasis oral drug ASC50 completed the first dosing in Phase I clinical trials in the U.S., targeting the IL-17 pathway [2] - China Silver Group (00815) increased over 10% after partnering with Zefeng Gold to acquire a 55% stake in a lead-zinc exploration company, gaining exploration rights over 50.8 square kilometers in Tibet [2] Group 3: U.S. Stocks - Verve Therapeutics (VERV.US) skyrocketed over 80% as Eli Lilly prepares to acquire the gene-editing company for up to $1.3 billion, with $1 billion as an upfront payment and $300 million contingent on specific clinical milestones [4] - Solar energy stocks plummeted, with Sunrun (RUN.US) down over 40%, Solaredge Technologies (SEDG.US) down over 41%, and First Solar (FSLR.US) down over 22%, following a Republican proposal in the U.S. Senate to terminate wind and solar tax credits by 2028, raising concerns about the industry's outlook [4] - Reddit (RDDT.US) rose over 6% after launching the AI advertising tool Reddit Insights, enhancing ad targeting through real-time user trend analysis [4] - Bitcoin-related stocks fell, with CleanSpark (CLSK.US) down over 7% and Riot Platforms (RIOT.US) down over 5%, as Bitcoin prices dropped nearly 2% to $105,580 amid escalating tensions in the Middle East and high leverage positions in the derivatives market [4] - AMD (AMD.US) continued to rise 0.56% after officially launching the Zen5 architecture Ryzen Threadripper processors, covering the workstation and desktop markets, with a market share close to 50% in China for Q1, although there are concerns about its cost-performance ratio [5] - Brain Regen Technologies (RGC.US) surged over 30% after announcing a 38-for-1 stock split, coupled with FDA clinical trial approval news, although its actual business has no revenue and a very small float, indicating significant retail speculation [6] - Jabil (JBL.US) rose over 8%, reaching a new all-time high of $202.5, with Q3 revenue increasing 15% year-on-year to $7.83 billion, raising its full-year revenue forecast to $29 billion and planning a $500 million investment to support AI data center infrastructure [6] - Niu Technologies (NIU.US) increased over 11% after launching its new NX Play electric motorcycle on Douyin, integrating a smart riding system to enhance user experience [6] - T-Mobile US (TMUS.US) fell nearly 4% as SoftBank sold 21.5 million shares at $224 each, a 3% discount, triggering market sell-off [6] - The pharmaceutical sector saw widespread declines, with Eli Lilly (LLY.US) down over 2% and Novo Nordisk (NVO.US) down over 3%, as concerns grew over the potential impact of the U.S. Senate tax bill on the industry, coupled with profit-taking ahead of some companies' earnings reports [6] - The gold sector declined, with Gold Fields (GFI.US) down over 2.1%, and spot gold fell 0.27% to $3,375.53, as easing tensions in the Middle East reduced safe-haven demand, alongside Citigroup's bearish long-term gold price forecast [7]