Market Overview - On September 22, the Hang Seng Index fell by 0.76%, closing at 26,344.14 points, while southbound funds through the Stock Connect recorded a net purchase of 12.736 billion HKD [2][5]. Trading Activity - The total trading volume for the Stock Connect on September 22 was 136.093 billion HKD, with a net purchase of 12.736 billion HKD. Specifically, the Shanghai Stock Connect had a trading volume of 86.020 billion HKD and a net purchase of 8.154 billion HKD, while the Shenzhen Stock Connect had a trading volume of 50.073 billion HKD and a net purchase of 4.583 billion HKD [2][3]. Active Stocks - In the Shanghai Stock Connect, the top active stock was SMIC, with a trading volume of 5.839 billion HKD, followed by Alibaba-W and Shankai Holdings, with trading volumes of 5.349 billion HKD and 4.155 billion HKD, respectively. The largest net purchase was in the Yingfu Fund, amounting to 2.864 billion HKD, despite its closing price dropping by 0.88% [2][3]. - In the Shenzhen Stock Connect, Alibaba-W led with a trading volume of 3.696 billion HKD, followed by SMIC and Tencent Holdings, with trading volumes of 3.128 billion HKD and 1.823 billion HKD, respectively. Alibaba-W also had the highest net purchase of 1.063 billion HKD, while Meituan-W recorded the largest net sell of 180 million HKD, closing down by 2.26% [3][4]. Stock Performance - The performance of key stocks included: - SMIC: Trading volume of 5.839 billion HKD, net sell of 9.108 million HKD, with a daily increase of 5.16% [3]. - Alibaba-W: Trading volume of 5.349 billion HKD, net buy of 1.551 billion HKD, with a daily increase of 0.06% [3]. - Shankai Holdings: Trading volume of 4.154 billion HKD, net buy of 248.74 million HKD, with a daily increase of 29.76% [3]. - Meituan-W: Trading volume of 2.193 billion HKD, net sell of 20.462 million HKD, with a daily decrease of 2.26% [3][4].

Core Viewpoint - Recently, the stock price of Shandong High Holdings (0412.HK) experienced significant volatility, prompting market attention. In response, the company announced a buyback of 3.7 million shares, representing approximately 0.06% of its total issued shares, to convey confidence in its stable development [1] Group 1: Company Overview - Shandong High Holdings is a key overseas investment and industrial holding platform for its controlling shareholder, Shandong High Group, which is a major state-owned enterprise in Shandong Province with a registered capital of 92.2 billion yuan and total assets exceeding 1.7 trillion yuan [2] - The company plays a crucial role in the group's "going global" strategy, linking global capital and integrating overseas industrial resources, while also being a core vehicle for the group's new energy business [2] Group 2: Business Performance - The company has established a highly integrated industrial pattern combining new energy and data centers, with core assets performing well. Shandong High New Energy (1250.HK) is the largest new energy power generation enterprise controlled by Shandong Province, with an installed capacity of nearly 5 GW and an annual power generation exceeding 6.5 billion kWh, resulting in a carbon reduction of over 5 million tons annually [2] - Century Internet (VNET), a strategic investment, is a leading third-party data center service provider in China, operating over 50 data centers and more than 90,000 cabinets, becoming a key player in the digital economy [2] Group 3: Financial Performance - As of June 30, 2025, Shandong High Holdings reported total assets of 67.5 billion yuan and a net profit of 476 million yuan, an increase of 398 million yuan year-on-year. Shandong High New Energy had total assets of 49.5 billion yuan and a net profit of 393 million yuan, up by 24 million yuan year-on-year [3] - Century Internet reported total assets of 39.7 billion yuan, with an adjusted EBITDA of 732 million yuan in the second quarter, reflecting a year-on-year increase of 158 million yuan. The core indicators of revenue and profit for all three main entities remain stable and positive [3] Group 4: Future Outlook - The company maintains a positive long-term value outlook, focusing on new energy and data center industries, which align with national strategic emerging industries and the "dual carbon" goals. The global energy transition and the booming digital economy present significant growth opportunities [3] - Shandong High Holdings aims to leverage the advantages of its controlling shareholder's brand, resource synergy, and policy support to achieve stable operations and healthy development, while adhering to the principles of "responsibility, innovation, and excellence" [3]

沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 中芯国际(00981) | 58.39 亿元 | -9108.74 万元 | | 阿里巴巴-W(09988) | 53.49 亿元 | +15.51 亿元 | | 山高控股(00412) | 41.54 亿元 | +2.49 亿元 | | 盈富基金(02800) | 30.01 亿元 | +28.64 亿元 | | 美团-W(03690) | 21.93 亿元 | -2.05 亿元 | | 腾讯控股(00700) | 16.00 亿元 | -6361.12 万元 | | 晶泰控股(02228) | 15.82 亿元 | +6579.02 万元 | | 泡泡玛特(09992) | 15.23 亿元 | +1922.21 万元 | | 小米集团-W(01810) | 14.92 亿元 | +1.63 亿元 | | FIT HON TENG(06088) | 14.92 亿元 | +1.58 亿元 | 深港通（南向）十大活跃成交公司 智通财经APP获悉，2025年9月22日当天，中芯国际(009 ...

Group 1 - The stock of Shandong High-Speed Holdings experienced significant volatility, opening with a rise of 14.88% and later peaking at over 33% before settling at a 12.5% increase, with a trading volume exceeding 2 billion HKD and a market capitalization of approximately 23 billion HKD [1] - On September 19, the company announced that it had not identified any reasons for the abnormal fluctuations in stock price and trading volume, confirming that its business operations and financial status remained stable [1] - The Hong Kong Securities and Futures Commission highlighted that the shares of Shandong High-Speed Holdings are highly concentrated among a few shareholders, which could lead to significant price volatility even with minimal trading activity [1] Group 2 - As of September 1, 2025, 20 shareholders collectively held approximately 1.445 billion shares of Shandong High-Speed Holdings, accounting for 24% of the issued shares, while two major shareholders held a combined total of 4.121 billion shares, representing 92.46% of the company's issued capital [2] - The two main shareholders are Shandong High-Speed Group Co., Ltd. and JS High Speed Limited, with the actual controller of Shandong High-Speed Group being the State-owned Assets Supervision and Administration Commission of Shandong Province [2] - From April 16 to September 1, 2025, the stock price of Shandong High-Speed Holdings increased from 5.82 HKD to 17.09 HKD, marking a cumulative increase of 193.6% [2]

Group 1 - On September 19, 2023, the stock price of Shango Holdings (00412.HK) experienced significant volatility, attracting market attention, with a net inflow of HKD 2.24 billion through the Stock Connect program and a notable increase in trading volume [1] - In response to the market situation, Shango Holdings repurchased 3.7 million shares on the same day, demonstrating management's confidence in the company's value [1] - The company announced a share buyback plan of up to USD 100 million on September 16, 2023, and issued a voluntary announcement on September 19 to clarify that business operations are normal and there are no significant changes in financial conditions [1] Group 2 - Shango Holdings is performing well fundamentally, with a focus on emerging industries such as clean energy and intelligent computing centers, achieving revenue of CNY 2.503 billion and a net profit of CNY 476 million in the first half of 2025, with both profit scale and growth rate ranking among the industry leaders [1] - Shango New Energy, a subsidiary, reported a net profit of approximately CNY 400 million, a year-on-year increase of 6.5%, with total assets reaching CNY 49.5 billion; strategic investment in Century Internet (VNET) saw total revenue grow by 22.1% year-on-year, with core business revenue surging by 112.5% [1] - The company has formed an integrated industrial chain of "green electricity supply - data center" through its control of Shango New Energy and strategic investment in Century Internet, aligning its core business with national strategies [2] Group 3 - The company plans to explore ways to optimize its shareholder structure by introducing strategic investors to address issues related to shareholding concentration, while also enhancing communication with investors through performance briefings and roadshows [2] - Shango Holdings aims to leverage the ongoing demand for artificial intelligence computing power and the implementation of core projects, expecting to gradually enter a harvest period with further synergy effects [2]

9月19日港股公司回购一览 | 代码 | 简称 | 回购股数 | 回购金额（万 | 回购最高价 | 回购最低价 | 年内累计回购金额 | | --- | --- | --- | --- | --- | --- | --- | | | | （万股） | 港元） | （港元） | （港元） | （万港元） | | 00700 | 腾讯控股 | 85.70 | 55078.61 | 647.000 | 638.500 | 5380822.20 | | 00412 | 山高控股 | 370.00 | 2262.30 | 6.200 | 6.080 | 2262.30 | | 06690 | 海尔智家 | 30.00 | 807.81 | 27.000 | 26.720 | 99521.59 | | 09959 | 联易融科 技-W | 203.00 | 690.61 | 3.420 | 3.270 | 7470.77 | | 09987 | 百胜中国 | 1.84 | 627.12 | 343.200 | 340.800 | 150614.54 | | 02039 | 中集集团 | 69.49 | 548.27 | ...

（文章来源：每日经济新闻） 每经AI快讯，山高控股(00412.HK)今日高开近15%，截至发稿，涨14.88%，报3.86港元，成交额1533.96 万港元。 ...

Core Viewpoint - The stock of Shango Holdings (00412) experienced a significant drop of 76% last Friday, followed by a rebound of nearly 15% today, indicating high volatility in trading activity [1] Group 1: Stock Performance - On September 19, Shango Holdings announced that the board noted unusual fluctuations in the trading price and volume of the company's shares [1] - As of the latest update, the stock price rose by 14.88%, reaching HKD 3.86, with a trading volume of HKD 15.3396 million [1] Group 2: Company Operations - The board confirmed that, apart from the previously announced issue regarding concentrated shareholding on September 18, there were no other reasons identified for the abnormal trading activity [1] - The company stated that its business operations remain normal, and there have been no significant changes in its operational and financial status [1] Group 3: Shareholding Structure - The Hong Kong Securities and Futures Commission previously indicated that Shango Holdings has a highly concentrated shareholding structure, with only 7.54% of shares held by other shareholders [1] - In response, the company asserted that as of September 1, 2025, and the date of the announcement, at least 25% of its issued shares are held by the public, complying with the public holding requirements of the Stock Exchange [1] Group 4: Share Buyback Plan - The company announced a share buyback plan, intending to repurchase up to USD 100 million worth of shares [1]

Core Viewpoint - The stock of Shandong Holdings (00412) experienced a significant drop of 76% last Friday, followed by a rebound of nearly 15% today, indicating high volatility in trading activity [1] Group 1: Stock Performance - On September 19, Shandong Holdings announced that the board noted unusual fluctuations in the trading price and volume of the company's shares [1] - As of the latest update, the stock price rose by 14.88% to HKD 3.86, with a trading volume of HKD 15.3396 million [1] Group 2: Company Operations - The board confirmed that, apart from the previously announced issue regarding concentrated shareholding on September 18, there were no other reasons identified for the abnormal trading activity [1] - The company stated that its business operations remain normal, and there are no significant changes in its operational and financial status [1] Group 3: Shareholding Structure - The Hong Kong Securities and Futures Commission previously indicated that Shandong Holdings has a highly concentrated shareholding structure, with only 7.54% of shares held by other shareholders [1] - In response, the company asserted that as of September 1, 2025, and the date of the announcement, at least 25% of its shares are held by the public, complying with the public shareholding requirements of the Stock Exchange [1] Group 4: Share Buyback Plan - The company announced a share buyback plan, intending to repurchase up to USD 100 million worth of shares [1]

Group 1 - The article reports on share buybacks conducted by various companies on September 19, 2025, with Tencent Holdings (00700) having the largest buyback amount of 551 million yuan for 857,000 shares [1][2] - Other notable companies involved in buybacks include Shankou Holdings (00412) with 3.7 million shares repurchased for 22.62 million yuan, and Tianli International Holdings (01773) with 3.41 million shares for 10.62 million yuan [2] - The total number of shares repurchased by Tencent Holdings in the year reached 59.863 million, accounting for 0.651% of its total share capital [2] Group 2 - Haier Smart Home (06690) repurchased 300,000 shares for 8.08 million yuan, representing 0.011% of its total share capital [2] - Other companies like Coolpad Group (02369) and Weigao Group (01066) also participated, with Coolpad repurchasing 1.092 million shares for 1.42 million yuan, and Weigao repurchasing 440,000 shares for 2.56 million yuan, accounting for 3.365% of its total share capital [2] - The buyback activities reflect a trend among companies to utilize excess cash for share repurchases, potentially signaling confidence in their future performance [1][2]