Core Points - Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159281) closed down 0.19% on October 30, with a trading volume of 67.65 million yuan [1] - The fund was established on August 20, 2025, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of October 29, the fund's latest share count was 224 million shares, with a total size of 230 million yuan [1] - Over the past 20 trading days, the fund's cumulative trading amount reached 1.13 billion yuan, with an average daily trading amount of 56.48 million yuan [1] - The current fund manager is He Yuxuan, who has managed the fund since its inception, achieving a return of 2.56% during the tenure [1] Holdings Summary - The top holdings of Tianhong CSI Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF include: - COSCO Shipping Holdings (0.85% holding, 218,000 shares, market value of 2.9175 million yuan) [2] - Orient Overseas International (0.40% holding, 10,500 shares, market value of 1.3717 million yuan) [2] - China Foreign Transport (0.33% holding, 270,000 shares, market value of 1.1396 million yuan) [2] - China Petroleum & Chemical Corporation (0.32% holding, 162,000 shares, market value of 1.0973 million yuan) [2] - CITIC Bank (0.32% holding, 175,000 shares, market value of 1.1136 million yuan) [2] - CNOOC (0.29% holding, 58,000 shares, market value of 1.0041 million yuan) [2] - China Shenhua Energy (0.29% holding, 30,500 shares, market value of 982,600 yuan) [2] - China People's Insurance Group (0.29% holding, 164,000 shares, market value of 1.0107 million yuan) [2] - China Unicom (0.28% holding, 104,000 shares, market value of 952,800 yuan) [2] - Agricultural Bank of China (0.27% holding, 189,000 shares, market value of 933,900 yuan) [2]

Macroeconomic News - The meeting between Chinese President Xi Jinping and U.S. President Trump is scheduled for October 30 in Busan, South Korea, focusing on strategic and long-term issues in China-U.S. relations [1][2] - The People's Bank of China is committed to deepening capital market reforms and expanding high-level financial openness to attract foreign investment [1][2] Industry News - The Federal Reserve has lowered the benchmark interest rate by 25 basis points to 3.75%-4.00%, marking the fifth rate cut since September 2024 [4] - A strategic emerging industry development fund with a scale of 51 billion yuan has been launched, focusing on supporting industries such as artificial intelligence, quantum technology, and future energy [4][5] - The Ministry of Commerce and other departments have issued a notice to enhance the integration of technologies like AI and blockchain in urban commercial systems [5] Company News - Kweichow Moutai reported a net profit of 19.224 billion yuan for the third quarter, a year-on-year increase of 0.48% [7] - Sinopec announced a third-quarter net profit of 8.3 billion yuan, up 3.5% year-on-year, and is continuing share buybacks [7] - NewEase reported a net profit of 6.327 billion yuan for the first three quarters, a significant increase of 284% [7] - Tianfu Communication announced a net profit of 1.465 billion yuan for the first three quarters, up 50.07% year-on-year [7] - Tianqi Lithium reported a net profit of 180 million yuan for the first three quarters, marking a return to profitability [7] - Industrial Fulian reported a net profit of 22.487 billion yuan for the first three quarters, a 49% increase, driven by high-growth products like AI servers [7] - WuXi AppTec's major shareholder plans to reduce its stake by up to 2% [7] - Dongni Electronics disclosed that its annual report contained false records, leading to a name change to ST Dongni starting October 31 [7] - Guokai Military Industry signed a 466 million yuan annual order contract for military trade products, expected to positively impact the company's performance [8] - Dayou Energy reported a net loss of 1.122 billion yuan for the first three quarters due to declining product prices [9] - Midea Group announced a net profit of 37.883 billion yuan for the first three quarters, a year-on-year increase of 19.51% [9] - Peking University Pharmaceutical's chairman has been criminally detained and is temporarily unable to perform duties [9] - China Rare Earth reported a net profit of 192 million yuan for the first three quarters, a year-on-year increase of 195% [10] - Shandong Gold reported a net profit increase of 92% for the first three quarters, benefiting from rising gold prices and sales volume [10] - Huizhou Intelligent announced that its 2019 and 2020 annual reports contained false records, leading to a name change to ST Huizhou [10] - China Unicom's subsidiary participated in the investment of the central enterprise strategic emerging fund [11] - Shikang Co. reported a net loss of 3.105 billion yuan for the first three quarters [11] - Hangyang Co. received a stake increase from CITIC Financial Assets, reaching a 5% holding [11] - Western Gold reported a net profit increase of 168% for the first three quarters, driven by increased sales and prices of gold products [11] Investment Opportunities - The demand for AI server storage is exceeding expectations, with major companies like Samsung and SK Hynix operating at full capacity [15][16] - The market for enterprise-level SSDs is expected to grow significantly due to the increasing requirements for data transmission and computation in AI applications [16] - The price of tungsten has surged, leading to significant price increases for hexafluoride tungsten suppliers targeting semiconductor manufacturers [17]

Core Viewpoint - The establishment of the Central Enterprise Strategic Emerging Industry Development Fund (referred to as "Central Enterprise New Fund") aims to accelerate the development of strategic emerging industries in China, with an initial fundraising of 51 billion yuan [2][6]. Fund Overview - The Central Enterprise New Fund has raised an initial capital of 51 billion yuan, with contributions from major state-owned enterprises including China Mobile, Sinopec, CNOOC, and China National Petroleum [2][8]. - The fund is managed by China Reform Holdings Corporation and was officially registered on October 27 [9]. Strategic Focus - The fund will focus on supporting strategic emerging industries such as artificial intelligence, high-end equipment, quantum technology, and future industries like future energy, future information, and future manufacturing [6]. - The fund aims to create a strategic innovation ecosystem that integrates technology innovation, capital operation, and industrial empowerment, promoting a multiplier effect in investment [5]. Management and Structure - The fund operates under a company structure, with a newly established private equity fund management company responsible for its management, implementing both sub-fund investments and direct investment strategies [10]. - The fund's management emphasizes new positioning, mechanisms, models, and teams to ensure efficient and standardized operations [6].

Core Points - The Central Enterprise Strategic Emerging Industry Development Fund (referred to as "Central Enterprise Fund") was launched with an initial fundraising of 51 billion yuan, supported by over ten central enterprises including China Mobile, Sinopec, and China National Petroleum Corporation [1][4] - The fund aims to accelerate the development of strategic emerging industries, focusing on areas such as artificial intelligence, high-end equipment, quantum technology, future energy, future information, and future manufacturing [3][4] - The fund's management will adopt a company-based structure, with a newly established private equity fund management company overseeing operations [4] Group 1 - The Central Enterprise Fund is a key initiative to support the development of strategic emerging industries as mandated by the central government [2][3] - The fund emphasizes a new positioning, new mechanisms, and new models to enhance productivity and service the development of central enterprises [2][3] - The fund's establishment is seen as a significant step towards optimizing the layout and structural adjustment of state-owned enterprises [2] Group 2 - The fund's initial contributors include major state-owned enterprises, with China Guoxin contributing approximately 15 billion yuan, representing 2.94% of the fund [4] - The fund aims to create a strategic innovation ecosystem that integrates technology innovation, capital operation, and industrial empowerment [2][3] - The fund's investment strategy will focus on nine key emerging industries, aligning with the main business operations of participating enterprises [4]

Core Viewpoint - The establishment of the Central Enterprise Strategic Emerging Industry Development Fund (referred to as "Central Enterprise New Fund") is a significant initiative aimed at accelerating the development of strategic emerging industries in China, with a first-phase fundraising target of 51 billion yuan [2][5]. Group 1: Fund Overview - The Central Enterprise New Fund has successfully raised an initial capital of 51 billion yuan, with contributions from over ten central enterprises including China Mobile, Sinopec, and China National Petroleum [2][6]. - The fund is managed by China Guoxin, which is responsible for its fundraising and operational management [2][5]. - The fund's management structure is established as a company, with a newly formed private equity fund management company overseeing its operations [7]. Group 2: Strategic Focus - The fund will primarily support industries such as artificial intelligence, high-end equipment, quantum technology, and future energy, information, and manufacturing sectors [5][6]. - The initiative aims to create a strategic innovation ecosystem that integrates technology innovation, capital operation, and industrial empowerment, fostering a multiplier effect in the industry [4][5]. Group 3: Government and Corporate Support - The initiative is backed by the State-owned Assets Supervision and Administration Commission (SASAC), emphasizing the importance of the fund in optimizing the layout and structure of state-owned enterprises [4][5]. - Beijing's government is committed to providing support and services for the development of the Central Enterprise New Fund, aligning with the spirit of the 20th National Congress of the Communist Party [4].

Core Viewpoint - China Unicom (00762.HK) announced the resignation of Mr. Chen Zhongyue as Executive Director, Chairman, and CEO effective from October 29, 2025 [1] Group 1: Analyst Ratings - The majority of investment banks maintain a "Buy" rating for China Unicom, with two banks issuing buy ratings in the last 90 days and a target average price of HKD 13 [1] - First Shanghai's latest report gives China Unicom a "Buy" rating with a target price of HKD 13 [1] - The following table summarizes the ratings from investment banks: | Stock Code | Stock Name | Investment Bank | Release Date | Rating | Target Price (HKD) | | --- | --- | --- | --- | --- | --- | | 00762.HK | China Unicom | First Shanghai | 2025-08-14 | Buy | 13.00 | | 00762.HK | China Unicom | Everbright Securities | 2025-08-13 | Buy | | Group 2: Company Metrics - China Unicom's market capitalization in the Hong Kong stock market is HKD 280.279 billion, ranking second in the telecommunications industry [1] - Key performance indicators for China Unicom compared to industry averages: | Indicator | China Unicom | Telecommunications Industry Average | Industry Ranking | | --- | --- | --- | --- | | ROE | 5.85% | -32.15% | 5 of 10 | | Market Capitalization | HKD 280.279 billion | HKD 220.653 billion | 2 of 10 | | Revenue | HKD 392.45 billion | HKD 217.657 billion | 3 of 10 | | Net Profit Margin | 7.25% | 3.02% | 4 of 10 | | Gross Margin | 71.06% | 43.18% | 2 of 10 | | Debt Ratio | 43.69% | 49.22% | 5 of 10 |

Core Points - China Unicom announced the resignation of Chen Zhongyue from his positions as Executive Director, Chairman, and CEO, effective from October 29, 2025 [1] Summary by Category Company Leadership - Chen Zhongyue has resigned from his roles within China Unicom, including Executive Director, Chairman, and CEO [1] - The resignation is attributed to work relocation [1] - The effective date of the resignation is set for October 29, 2025 [1]

Core Viewpoint - China Unicom announced the resignation of Mr. Chen Zhongyue from his positions as Executive Director, Chairman, and CEO, effective from October 29, 2025 [1] Company Summary - Mr. Chen Zhongyue's resignation is due to work relocation [1] - The resignation will take effect in the future, indicating a planned transition in leadership [1]

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，概不對因公告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。 CHINA UNICOM (HONG KONG) LIMITED 中國聯合網絡通信(香港)股份有限公司 （在香港註冊成立之有限公司） （股份代號：762） 董事長兼首席執行官辭任 中國聯合網絡通信（香港）股份有限公司（「本公司」）董事會（「董事會」）宣佈， 陳忠岳先生因工作調動，已辭任本公司執行董事﹑董事長兼首席執行官及提名委員會委 員職務，自2025年10月29日起生效。陳忠岳先生已確認與董事會並無任何意見分歧，而 就其辭任一事，亦無任何其他事宜需提呈本公司股東注意。 陳忠岳先生擔任本公司董事長期間，勤勉敬業，恪盡職守，求真務實，銳意進取，為本 公司改革發展開創了新的局面、作出了卓越貢獻。陳忠岳先生在任期間，帶領本公司積 極服務國家戰略，不斷深化融合創新，有力推動企業高質量發展邁出更大步伐。 在陳忠岳先生的帶領下，本公司聚焦網絡強國、數字中國主責，深耕聯網通信、算網數 智主業，將聯網通信作為服務網絡強國的 ...

執行董事 簡勤 （總裁） 唐永博 李玉焯 （首席財務官） CHINA UNICOM (HONG KONG) LIMITED 獨立非執行董事 中國聯合網絡通信(香港)股份有限公司 （在香港註冊成立之有限公司） （股份代號：762） 董事名單及其角色和職能 中國聯合網絡通信(香港)股份有限公司董事會（「董事會」）成員載列如下：- 審計委員會 鍾瑞明 （主席） 張永霖 羅范椒芬 范駿華 薪酬委員會 張永霖 （主席） 鍾瑞明 范駿華 鍾瑞明 （主席） 羅范椒芬 香港，2025年10月29日 董事會設有三個董事委員會。董事委員會的組成如下：- 張永霖 鍾瑞明 羅范椒芬 范駿華 提名委員會 ...