Core Viewpoint - Shandong Holdings (00412) has seen a significant stock price increase of over 9%, currently trading at 5.82 HKD with a transaction volume of 1.015 billion HKD, reflecting strong market interest and confidence in the company's strategic transformation and investments in the "new energy + new infrastructure" sectors [1] Company Strategy and Performance - Since 2021, Shandong Holdings has shifted from quasi-financial investments to industrial investment holdings, acquiring 56.97% of Shandong New Energy and 42.12% of Century Internet, establishing a synergistic and revitalized asset base [1] - The company has actively participated in major decision-making processes at Century Internet through appointed directors and executives, leading to improvements in operational and financial metrics [1] - Century Internet has successfully issued 430 million USD in convertible bonds and received approval for a real estate asset support plan, enhancing its recognition in the capital markets [1] Future Outlook - In response to the new development phase of the 14th Five-Year Plan, the company aims to leverage national strategic technological trends to build a unique digital integration ecosystem, facilitating its digital transformation [1] - The board of directors has noted unusual trading activity in the company's shares but confirmed that there are no significant changes in business operations or financial status, ensuring stability amidst market fluctuations [1]

Core Insights - The report highlights significant changes in the shareholding ratios of various companies under the Hong Kong Stock Connect program, indicating investor sentiment and potential market trends [1][2]. Group 1: Increased Shareholding Ratios - The companies with the largest increases in shareholding ratios include: - Shandong Holdings (00412) with an increase of 8.01%, reaching a holding ratio of 9.56% [2]. - Hang Seng China Enterprises (02828) with an increase of 2.21%, reaching a holding ratio of 3.02% [2]. - Tianyue Advanced (02631) with an increase of 2.02%, reaching a holding ratio of 15.74% [2]. - Over the last five trading days, the largest increases were observed in: - Yihua Tong (02402) with a 14.13% increase, holding 23.47% [3]. - Shandong Holdings (00412) with an 8.12% increase [3]. - Changfei Optical Fiber (06869) with a 6.79% increase, holding 69.57% [3]. Group 2: Decreased Shareholding Ratios - The companies with the largest decreases in shareholding ratios include: - Haotian International Investment (01341) with a decrease of 1.56%, holding 60.48% [2]. - Beijing Machinery (00187) with a decrease of 1.23%, holding 51.92% [2]. - Shandong Molong (00568) with a decrease of 0.99%, holding 52.79% [2]. - Over the last five trading days, the largest decreases were observed in: - Baiguoyuan Group (02411) with a 4.05% decrease, holding 8.48% [3]. - Shandong Molong (00568) with a 3.84% decrease [3]. - Yisou Technology (02550) with a 2.90% decrease, holding 34.78% [3]. Group 3: Long-term Trends - Over the last 20 days, the largest increases in shareholding ratios were: - Yihua Tong (02402) with a 14.25% increase, holding 23.47% [4]. - Changfei Optical Fiber (06869) with a 13.15% increase [4]. - COSCO Shipping Energy (01138) with a 13.07% increase, holding 69.53% [4]. - The largest decreases over the same period were: - Yisou Technology (02550) with a 13.71% decrease, holding 34.78% [4]. - Baiguoyuan Group (02411) with a 6.37% decrease [4].

Group 1 - The core point of the article highlights that on September 23, shareholders of Shango Holdings (00412) transferred stocks from Fuzhong Securities to the Hong Kong Stock Connect (Shanghai), with a market value of HKD 2.686 billion, accounting for 10.23% of the total [1] - Shango Holdings has been transitioning from quasi-financial investments to industrial investment holdings since 2021, acquiring 56.97% equity in Shango New Energy and 42.12% equity in Century Internet [1] - The company has successfully formed a "New Energy + New Infrastructure" sector through synergistic empowerment and asset revitalization [1]

Group 1 - The core point of the article highlights that on September 23, shareholders of Shandong High Holdings (00412) transferred stocks from Fuzhong Securities to the Hong Kong Stock Connect (Shanghai), with a transfer market value of HKD 2.686 billion, accounting for 10.23% [1] - Shandong High Holdings has been transitioning from quasi-financial investments to industrial investment holdings since 2021, having acquired 56.97% equity in Shandong New Energy and 42.12% equity in Century Internet [1] - The company has successfully formed a "new energy + new infrastructure" sector through synergistic empowerment and asset revitalization [1]

Key Points - The top three companies with net inflows of southbound funds are Shandong High Holdings (22.20 billion), Yingfu Fund (21.69 billion), and Alibaba-W (17.13 billion) [1][2] - The top three companies with net outflows of southbound funds are Tencent Holdings (-6.24 billion), Xiaomi Group-W (-4.00 billion), and Xpeng Motors-W (-2.89 billion) [1][2] - In terms of net inflow ratio, Yanzhou Coal Mining (47.47%), Shenwei Pharmaceutical (44.33%), and Xinhua Wencuan (42.23%) lead the market [1][2] - The companies with the highest net outflow ratios are Zhenjiu Lidu (-59.14%), China National Heavy Duty Truck Group (-51.32%), and Yancoal Australia (-46.95%) [1][2] Net Inflow Rankings - Shandong High Holdings (22.20 billion, 37.22% increase) [2][3] - Yingfu Fund (21.69 billion, 9.52% increase) [2][3] - Alibaba-W (17.13 billion, 7.73% increase) [2][3] - Other notable inflows include Pop Mart (9.73 billion, 19.07% increase) and Meituan-W (8.48 billion, 12.33% increase) [2] Net Outflow Rankings - Tencent Holdings (-6.24 billion, -4.66% decrease) [2][3] - Xiaomi Group-W (-4.00 billion, -4.06% decrease) [2][3] - Xpeng Motors-W (-2.89 billion, -17.08% decrease) [2][3] - Other significant outflows include WuXi Biologics (-2.33 billion, -12.08% decrease) and Ping An Insurance (-2.14 billion, -10.00% decrease) [2]

Market Overview - On September 23, the Hang Seng Index fell by 0.70%, closing at 26,159.12 points, with a total net sell of 4.069 billion HKD through the southbound trading channel [1][3] - The total trading volume for the southbound trading was 149.515 billion HKD, with a net sell of 4.069 billion HKD [1] Trading Activity - In the Shanghai Stock Exchange southbound trading, the total trading amount was 95.882 billion HKD, with a net sell of 2.322 billion HKD; in the Shenzhen Stock Exchange, the total trading amount was 53.633 billion HKD, with a net sell of 1.747 billion HKD [1] - The most actively traded stock in the Shanghai Stock Exchange was Alibaba-W, with a trading amount of 7.609 billion HKD and a net buy of 712 million HKD, closing with a price increase of 0.13% [1][2] - The stock with the highest net sell was the Tracker Fund of Hong Kong, with a net sell of 3.271 billion HKD, closing down by 0.59% [1][2] Active Stocks in Shenzhen Stock Connect - In the Shenzhen Stock Connect, Alibaba-W also led in trading volume with 4.611 billion HKD, followed by SMIC and Shankai Holdings with trading amounts of 3.519 billion HKD and 1.951 billion HKD respectively [2] - The highest net buy in Shenzhen was also Alibaba-W, with a net buy of 961 million HKD, while the highest net sell was the Hang Seng China Enterprises Index, with a net sell of 993 million HKD, closing down by 1.00% [2]

Core Insights - On September 23, 2025, Alibaba-W (09988), SMIC (00981), and Shandong Hi-Speed (00412) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 76.09 billion, 58.35 billion, and 55.48 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Shandong Hi-Speed (00412) also led the trading volume in the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, with trading amounts of 46.11 billion, 35.19 billion, and 19.51 billion respectively [1] Southbound Stock Connect Trading Activity - The top three active companies in the Southbound Stock Connect (Shanghai-Hong Kong) were: - Alibaba-W (09988): 76.09 billion with a net buy of 7.12 billion - SMIC (00981): 58.35 billion with a net buy of 5.73 billion - Shandong Hi-Speed (00412): 55.48 billion with a net sell of 47.24 million [2] - The top three active companies in the Southbound Stock Connect (Shenzhen-Hong Kong) were: - Alibaba-W (09988): 46.11 billion with a net buy of 9.61 billion - SMIC (00981): 35.19 billion with a net sell of 70.31 million - Shandong Hi-Speed (00412): 19.51 billion with a net buy of 17.09 million [2]

Market Performance - The Hong Kong stock market indices collectively declined, with the Hang Seng Technology Index dropping by 2.6% at one point and ultimately closing down 1.45% [2] - The Hang Seng Index fell by 0.7%, narrowly holding above the 26,000-point mark, while the National Enterprises Index decreased by 0.86% [2] Stock Movements - Major technology stocks experienced widespread declines, with Baidu falling over 5%, JD.com down 4.4%, Meituan dropping nearly 3%, and Xiaomi down over 1% [4] - Tencent saw a decline of nearly 1%, while Alibaba managed to remain slightly positive [4] - Apple-related stocks faced significant pullbacks, with Lens Technology (300433) dropping over 7% and other related stocks like Weishi Technology and QiuTai Technology falling over 3% [4] Sector Performance - Various sectors including real estate, automotive, Chinese brokerage firms, steel, lithium battery, gaming, shipping, aviation, and semiconductor stocks showed generally poor performance [4] - Conversely, vocational education stocks rose, with the Ministry of Education announcing the establishment of the world's largest vocational education system, leading to stocks like Think Tank Education rising over 6% and New Oriental gaining nearly 2% [4] - Gold stocks were active as spot gold reached a historical high, reflecting strong performance in that sector [4] New Listings - Newly listed stocks saw significant gains, with a new group rising nearly 44% on their first trading day and Yunzhihui Technology soaring over 103% [4] - Other notable movements included Mixue Group rising by 4.7% and Kangfang Biologics increasing by 4.28%, while Guotai Junan International fell by 11.57% and Canggang Railway dropped by 12.5% [4] - Shangaog Holdings surged by 22.25% and Hong Kong Broadband increased by 15.85% [4]

Core Viewpoint - The stock price of Shango Holdings (00412) has surged over 29% during intraday trading, with a cumulative rebound of over 60% in the past two trading days, indicating strong market interest and potential investor confidence [1] Company Developments - Shango Holdings confirmed that there are no additional reasons for the unusual stock price and trading volume fluctuations, aside from the previously announced concentrated shareholding situation on September 18 [1] - The board stated that the group's business operations remain normal, and there are no significant changes in business operations or financial status [1] - On September 16, Shango Holdings announced that the board has been authorized by shareholders to repurchase up to 10% of the issued shares by June 6, 2025, with a maximum repurchase price of 17 HKD per share and a total amount not exceeding 100 million USD [1] Strategic Transition - Since 2021, Shango Holdings has been transitioning from quasi-financial investments to industrial investment holdings, acquiring 56.97% of Shango New Energy and 42.12% of Century Internet, establishing a "New Energy + New Infrastructure" sector through synergistic empowerment and asset revitalization [1] Project Progress - The Ulanqab integrated source-network-storage project under Shango Holdings has made significant progress in the first half of the year, with the first phase of the data center already in commercial operation and the second phase steadily advancing [1] - The renewable energy generation component has completed approval and public announcement, aiming to commence construction by the end of the year [1]

Core Viewpoint - The stock of Shango Holdings (00412) has experienced a significant rebound, rising over 29% in intraday trading and accumulating a total increase of over 60% in the past two trading days, with a current price of 5.43 HKD and a trading volume of 5.596 billion HKD [1] Group 1: Stock Performance - Shango Holdings' stock price increased by 24.54% as of the latest report [1] - The company has seen a trading volume of 55.96 billion HKD, indicating high investor interest [1] Group 2: Company Announcements - The board of directors confirmed that there are no other reasons for the stock price and trading volume fluctuations, aside from the previously announced concentrated shareholding [1] - The board stated that the company's business operations remain normal, with no significant changes in operational or financial status [1] Group 3: Share Buyback Plan - On September 16, Shango Holdings announced that the board received shareholder authorization to repurchase up to 10% of the issued shares by June 6, 2025 [1] - The buyback price is set at a maximum of 17 HKD per share, with a total amount not exceeding 100 million USD [1] Group 4: Business Transformation - Since 2021, Shango Holdings has been transitioning from quasi-financial investments to industrial investment holdings [1] - The company has acquired 56.97% of Shango New Energy and 42.12% of Century Internet, establishing a "New Energy + New Infrastructure" sector through synergistic empowerment and asset revitalization [1] Group 5: Project Developments - The Ulanqab integrated source-network-storage project under Shango Holdings has made significant progress in the first half of the year [1] - The first phase of the data center has commenced commercial operations, while the second phase is progressing steadily, with the renewable energy generation part having completed approval and public notice, aiming to start construction by the end of the year [1]