致：香港交易及結算所有限公司 公司名稱: 山高控股集團有限公司 呈交日期: 2025年8月1日 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7月31日 狀態: 新提交 | 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) | 00412 | 說明 | | 普通股 | | | | | | | | 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 | | | | 6,019,431,109 | | 0 | | 6,019,431,109 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 6,019,431,109 | | 0 | | 6,019,431,109 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | ...

Group 1 - The latest scale of the Hong Kong Stock Connect Non-Bank ETF reached 12.707 billion yuan as of July 31, 2025, with a record high of 7.689 billion shares [1] - The ETF has seen continuous net inflows over the past 22 days, with a maximum single-day net inflow of 820 million yuan, totaling 7.468 billion yuan [1] - The ETF's net value increased by 85.25% over the past year, ranking 34th out of 2,943 index equity funds, placing it in the top 1.16% [1] Group 2 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index includes up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of these companies [2] - The top ten weighted stocks in the index account for 78.19%, with China Ping An, AIA, and Hong Kong Exchanges and Clearing each exceeding 14% [2] - China Life Insurance received a net inflow of 1.114 billion HKD from southbound funds, with a cumulative net inflow of 7.828 billion HKD over the past 20 days [2] Group 3 - In the first half of 2025, life insurance companies' original premium income grew by 5.4% year-on-year, with a second-quarter growth rate of 16.3% [3] - Property insurance companies reported a premium income of 964.5 billion yuan, also reflecting a year-on-year growth of 5.1% [3] - The insurance industry faces significant interest spread loss risks, with a need to lower new single liability costs to alleviate pressure [3] Group 4 - The "interest spread loss" pressure is identified as the core reason for the valuation pressure on insurance stocks, with potential for valuation recovery if the risk converges [4] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4]

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].

资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。特殊情况下将 对该指数进行临时调整。当样本退市时，将其从指数样本中剔除。如果香港市场新上市相关行业主题企 业市值在香港上市公司中排名前十并纳入港股通范围，将在其纳入港股通范围后第十一个交易日快速纳 入指数。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当港股通范围发生 变动导致样本不再满足港股通资格时，将进行相应调整。 本文源自：金融界 作者：行情君 据了解，中证港股通非银行金融主题指数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。该指数以2014年 11月14日为基日，以3000.0点为基点。 从指数持仓来看，中证港股通非银行金融主题指数十大权重分别为：中国平安（15.24%）、香港交易 所（13.97%）、友邦保险（13.55%）、中国人寿（8.76%）、中国太保（6.94%）、中国财险 （6.21%）、新华保险（3.96%）、中 ...

Summary of Key Points Core Viewpoint - As of July 14, a total of 138 stocks reached their 52-week highs, indicating a strong performance in the market, with notable leaders including Green Heart Group Holdings, OK Blockchain, and Pearl River Steel Pipe [1]. Group 1: Top Performers - Green Heart Group Holdings (02999) achieved a closing price of 0.013 with a peak of 0.017, marking a 70.00% increase [1]. - OK Blockchain (01499) closed at 0.680, reaching a high of 0.690, reflecting a 48.39% rise [1]. - Pearl River Steel Pipe (01938) had a closing price of 0.335 and a peak of 0.340, resulting in a 33.33% increase [1]. Group 2: Other Notable Stocks - Weishi Jiajie (00856) saw a 32.01% increase, closing at 8.870 with a high of 11.300 [1]. - Cloud Intelligence (09678) reached a high of 520.000, closing at 510.000, which is a 20.99% increase [1]. - China Chengtong Development Group (00217) closed at 0.165 with a peak of 0.166, marking a 14.48% rise [1]. Group 3: Additional Stocks with Significant Increases - Sihuan Pharmaceutical (00460) closed at 1.380, reaching a high of 1.430, which is a 14.40% increase [1]. - Taited Pharmaceutical (03880) had a closing price of 36.950 and a peak of 37.400, reflecting a 13.85% rise [1]. - Beihai Kangcheng-B (01228) closed at 0.850 with a high of 0.960, resulting in a 12.94% increase [1].

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]