Core Viewpoint - Shandong High-tech Holdings (00412) is experiencing a stock price increase, attributed to its upcoming board meeting to discuss mid-term performance and its strategic partnership with Huawei aimed at developing a "green computing + clean energy" model [1][1]. Company Developments - Shandong High-tech Holdings' stock rose over 4% in late trading, currently at 18.04 HKD with a trading volume of 105 million HKD [1]. - The company is set to hold a board meeting on August 29 to consider and approve its mid-term performance [1]. Strategic Partnerships - In May, Shandong High-speed Group signed a strategic cooperation agreement with Huawei, focusing on a dual-driven development model of "green computing + clean energy" [1]. - As the only subsidiary of Shandong High-speed Group with an integrated computing and electricity industry segment, Shandong High-tech Holdings will play a key role in this collaboration [1]. Industry Outlook - According to Zhongtai Securities, Shandong High-tech Holdings is expected to see rapid growth in performance over the next few years due to its deepening layout in the AIDC industry and the synergistic effects from its major shareholder, Shandong High-speed Group [1]. - The company's revenue growth will be primarily driven by Shandong High-tech New Energy, which is poised to benefit from the booming green electricity market in China [1]. - Century Internet is expected to continue benefiting from advancements in artificial intelligence and the "East Data West Computing" project, contributing to profit growth [1]. - The standard investment business is projected to remain stable, while the risk exposure in non-standard investment business is expected to gradually decrease [1].

Group 1 - The core viewpoint of the article highlights that Shandong High-speed Holdings (00412) is experiencing a stock price increase, attributed to its upcoming board meeting to consider mid-term performance and strategic partnerships [1] - The company is set to hold a board meeting on August 29 to approve its mid-term results, indicating a focus on performance evaluation [1] - Shandong High-speed Holdings is the only subsidiary of Shandong High-speed Group with an integrated computing and electricity industry segment, positioning it as a key player in the strategic cooperation with Huawei aimed at developing a "green computing + clean energy" model [1] Group 2 - According to Zhongtai Securities, the company's performance is expected to grow rapidly in the coming years due to its deepening layout in the AIDC industry and the synergistic effects brought by its major shareholder, Shandong High-speed Group [1] - The main revenue growth is anticipated to come from Shandong High-speed New Energy, which will benefit from the booming green electricity market in China [1] - Century Internet is expected to continue benefiting from the development of artificial intelligence and the promotion of the "East Data West Computing" project, contributing to profit growth [1] - The standard investment business is predicted to remain stable, while the risk exposure in non-standard investment business is expected to gradually decrease [1]

Group 1 - The Hong Kong Stock Connect Non-Bank ETF (513750) has seen a significant increase of 1.78% as of August 13, 2025, and a cumulative rise of 56.70% since its low on April 10 [1] - The ETF's trading volume was active, with a turnover rate of 17.57% and total transactions amounting to 2.628 billion yuan [1] - The latest inflation data from the US showed a mild increase, with a month-on-month rise of 0.2% and a year-on-year increase of 2.7%, which is below market expectations [1] Group 2 - As of August 13, 2025, the Hong Kong Stock Connect Non-Bank ETF reached a record high in size at 14.879 billion yuan, with a year-to-date growth of over 1785.80% [2] - The ETF has seen continuous net inflows over the past six days, with a peak single-day net inflow of 906 million yuan, totaling 1.720 billion yuan in net inflows year-to-date [2] - The ETF's net asset value has increased by 94.24% over the past year, ranking 37 out of 2956 index equity funds, placing it in the top 1.25% [2] Group 3 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index (931024) has its top ten weighted stocks accounting for 78.19%, with major holdings including China Ping An, AIA, and Hong Kong Exchanges [3] - Insurance stocks are viewed as having dual dividend advantages, benefiting from both high dividends and the performance of high-dividend assets in which leading insurers have invested [3] - The non-bank sector is expected to benefit from macroeconomic stability and potential interest rate cuts by the Federal Reserve, which could enhance market activity in both A-shares and Hong Kong stocks [3] Group 4 - The Hong Kong Stock Connect Non-Bank ETF (513750) is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4] - The ETF selects up to 50 listed companies that meet the non-bank financial theme from the Hong Kong Stock Connect securities range to reflect the overall performance of this sector [4]

Wind数据显示，截至2025年8月8日，港股通非银ETF最新规模突破130亿元，达130.44亿元！续创成立 以来新高，年内规模增幅达1553.23%！份额方面，港股通非银ETF最新份额达79.15亿份，续创成立以 来新高！ 从资金净流入方面来看，港股通非银ETF近3天获得连续资金净流入，最高单日获得2.15亿元净流入， 合计"吸金"3.48亿元。 场内ETF方面，截至2025年8月8日收盘，中证港股通非银行金融主题指数(931024)下跌0.81%。成分股 方面涨跌互现，德林控股(01709)领涨2.95%，中国光大控股(00165)上涨1.95%，弘业期货(03678)上涨 1.83%；远东宏信(03360)领跌，中州证券(01375)、广发证券(01776)跟跌。拉长时间看，截至8月8日收 盘，港股通非银ETF(513750)自4月10日年内低点累计反弹上涨51.32%。 流动性方面，港股通非银ETF换手7.55%，全天成交9.79亿元。拉长时间看，截至8月8日，港股通非银 ETF近1月日均成交15.36亿元。 截至8月8日，港股通非银ETF近1年净值上涨90.54%，指数股票型基金排名38/2954 ...

（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 ...

Core Insights - The 2025 World Artificial Intelligence Conference (WAIC) highlighted the dual challenges of extreme demand for computing power and high energy consumption in AI development, emphasizing the need for efficient collaboration between energy and computing power [1][2] - Shanhigh Holdings (山高控股) is positioned as a "industry architect" with its forward-looking "integrated energy and computing" strategy, addressing the energy challenges of AI development [1][2] Industry Trends - The WAIC showcased various AI computing solutions, indicating a trend towards maximizing computing power through cluster and system engineering [2] - The "AI energy paradox" was noted, with predictions that by 2030, China's computing centers could consume over 700 billion kilowatt-hours, accounting for 5.3% of total electricity consumption [2] - Global leaders like Equinix and Blackstone are actively pursuing strategies to reduce operational costs through renewable energy agreements and acquisitions [2] Company Strategy - Shanhigh Holdings has established a systematic top-level design for "integrated energy and computing," securing clean energy resources through its subsidiary Shanhigh New Energy and investing in established IDC player Century Internet [3][6] - The collaboration with the Ulanqab government aims to create a closed-loop ecosystem for energy and computing, with projected annual electricity generation of approximately 860 million kWh from the Ulanqab project [3][4] Competitive Advantages - Shanhigh Holdings has built three core barriers: 1. Green energy resource barrier through extensive investments in wind and solar projects, making it a leading renewable energy provider in Shandong Province [6] 2. Synergistic effects of energy and computing integration, optimizing resource allocation and reducing carbon emissions [7] 3. Proven operational capabilities from the Ulanqab project, enhancing efficiency and customer loyalty [7] Market Recognition - The market has responded positively to Shanhigh Holdings, with stock prices increasing over 200% since April, and the company’s market capitalization surpassing HKD 100 billion [8] - Strategic partnerships, such as the one with Huawei, further enhance Shanhigh's technological breadth and solidify its leadership in the integrated energy and computing sector [8]

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].