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 布 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 會 就 因 本 公 布 全 部 或 任 何 部 分 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。 VALUE PARTNERS GROUP LIMITED 惠理集團有限公 司 殷 女 士 為 香 港 公 司 治 理 公 會 會 員。殷 女 士 曾 於 數 家 金 融 機 構 及 一 家 在 聯 交 所 上 市 的 公 司 工 作，擁 有 超 過 十 五 年 的 公 司 秘 書 及 企 業 管 治 經 驗，並 持 有 香 港 城 市 大 學 理 學 碩 士 學 位。 董事會謹藉此機會對張先生在任期間對本公司所作出之寶貴貢獻致以讚賞及謝 意，並 歡 迎 殷 女 士 履 新。 承董事會命 惠理集團有限公司 公司秘書 殷淑玲 香 港，二 零 二 五 年 十 二 月 十 五 日 （於開曼群島註冊之有限責任公司） （股份代號： ...

Group 1 - Citi has lowered the target price for China Resources Power (00806) by 11.6%, from HKD 21.5 to HKD 19, and downgraded the rating from "Buy" to "Neutral" [1] - The reduction in coal-fired electricity price expectations is primarily due to contracts signed in Guangdong, with a forecast decrease of 3.5% for 2026 [1] - The unit fuel cost for coal-fired power plants has increased, leading to an 8.3% reduction in the 2026 net profit forecast and a 7.9% reduction in the 2027 net profit forecast [1] Group 2 - The downgrade to "Neutral" instead of "Sell" is attributed to a projected dividend yield of 6.4% for 2025, which, while acceptable, is still lower than the 8.5% yield of Huaneng International (600011) [1] - The payout ratio for China Resources Power is 40%, which is also lower than Huaneng's 50% [1] - For the 2026 forecast, there is a preference for Chinese power equipment suppliers over operators, as the latter may face declining profit margins due to a lack of electricity shortages in China [1]

Group 1: AI Bubble Debate - The debate over the "AI bubble" is intensifying globally, with differing opinions from major investors like Michael Burry and Ray Dalio, who express skepticism about the sustainability of the AI hype [2][3] - A significant portion of investors, nearly 40%, believe the AI bubble may burst by the end of 2026, according to a prediction platform [2] Group 2: Investment Strategies - Major asset management firms view AI as a core investment theme for 2026, with AI-related companies currently accounting for approximately 28% to 29% of the S&P 500 index [3] - The current rise in AI-related stocks is considered less extreme compared to the late 1990s internet bubble, with valuations based more on profits than revenues [3] Group 3: Focus on Chinese Tech Stocks - International funds are increasingly looking beyond the U.S. for AI investment opportunities, with Chinese tech stocks gaining attention due to their valuation advantages and robust industrial ecosystem [5][6] - Factors such as China's autonomous AI ecosystem, large domestic market, and supportive policies are expected to bolster the performance of Chinese tech stocks [5] Group 4: Investment Opportunities in AI Value Chain - Investment strategies include focusing on core segments of the AI value chain, such as large-scale cloud service providers and chip manufacturers, while also identifying undervalued companies [4] - The Chinese AI industry is seen as having significant potential for growth, particularly in vertical applications and commercial scenarios [7][8] Group 5: Key Sectors for Investment - Five key sectors in the Chinese tech space are highlighted for investment: AI, commercial aerospace, low-altitude economy, healthcare technology, and technology hardware related to global expansion [8]

FF301 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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 惠理集團有限公司 (於開曼群島註冊成立之有限責任公司) 呈交日期: 2025年12月3日 I. 法定/註冊股本變動 | 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) | 00806 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 HKD | | 500,000,000 | ...

3. 除 非 經 職 權 範 圍 更 改，否 則 委 員 會 的 會 議 及 程 序 受 到 監 管 本 公 司 董 事 的 會 議 和 程 序 的 本 公 司 章 程 細 則 規 管。 法定會議人數 4. 委 員 會 決 議 的 法 定 人 數 須 為 任 何 三 位 成 員（其 中 一 名 必 需 是 委 員 會 主 席）。委 員 會 正 式 召 開 而 法 定 會 議 人 數 足 夠 的 會 議，須 有 資 格 行 使 所 有 或 任 何 歸 屬 予 委 員 會 與 委 員 會 可 行 使 的 權 限、權 力 和 酌 情 權。 會議次數 5. 委 員 會 會 議 須 在 適 當 時 舉 行，但 至 少 每 年 舉 行 一 次。委 員 會 主 席 或 任 何 其 他 成 員 認 為 必 要 或 適 宜 時 則 可 召 開 委 員 會 會 議。 VALUE PARTNERS GROUP LIMITED惠理集團有限公司 提名委員會職權範圍 成 員 秘 書 2. 本 公 司 的 公 司 秘 書 或 其 代 理 人 須 擔 任 委 員 會 的 秘 書（「秘 書」）。 程 序 – 1 – 1. (a) 委 員 會 ...

Group 1 - The Hong Kong Investment Management Company announced the selection of ten asset management firms under the "New Capital Investor Entry Scheme" for the "2025 Fund" category [2] - Selected firms include a diverse range of strategies such as venture capital, private equity, private credit, and hedge funds, with firms like Pan Shih Capital, Skywide Ventures, CMC Capital, and others [2] - The selected asset management companies presented specific plans to expand their business in Hong Kong, contributing to the long-term development of the local economy and competitiveness [2] Group 2 - The Hong Kong SAR government will announce details of the "New Scheme" in 2024, with applications starting on March 1, 2024, requiring a minimum investment of HKD 30 million in approved assets [3] - The "2025 Fund" is estimated to have a scale of at least HKD 3 billion by the end of this year, which will be evenly distributed among the selected asset management firms, with investment activities starting in the first quarter of 2026 [3]

Core Viewpoint - Major global asset management firms are optimistic about the performance of global risk assets in 2026, driven by a supportive monetary environment and ongoing technological innovation, particularly in artificial intelligence [2][3] Group 1: Global Market Outlook - Fidelity International's Matthew Quigley indicates a generally positive macroeconomic environment for 2026, with resilient economic growth and continued loose monetary and fiscal policies [2] - Schroders' 2026 market outlook predicts strong performance in U.S. equities, particularly the S&P 500 and Russell 2000 indices, and highlights opportunities in Asian technology and European banking and industrial sectors [2] - Wellington Management maintains an overweight stance on global equities, citing robust earnings fundamentals and a favorable policy environment [3] Group 2: Investment Themes - Fidelity International expects the AI investment boom to dominate the market in 2026, with AI-driven profit growth trends continuing, although investors should be aware of the risks associated with unverified commercialization paths [3] - Four main investment themes identified for the A-share market include: 1. Artificial Intelligence, with opportunities across the entire value chain from chips to industry applications [4] 2. Commercial Aerospace, reflecting China's advancement in manufacturing capabilities and the potential for satellite internet [4] 3. Low-altitude Economy, leveraging China's leadership in battery technology and drones for urban air mobility and logistics [4] 4. Innovative Consumption, driven by a shift in consumer demand towards quality, fostering new consumption patterns like smart homes and emerging brands [4]

Group 1 - The core point of the article is the appointment of Mr. Ouyang Xi as an executive director of Hui Li Group, effective immediately [1] Group 2 - Mr. Ouyang Xi is 57 years old and has a diverse background in finance and investment banking [3] - He will also serve as the deputy general manager of the major shareholder of Hui Li Group, Guangfa Securities, starting from May 2024 [4] - His previous roles include positions at Guangdong Mechanical College, Guangfa Securities, and Guangfa Fund Management, showcasing extensive experience in the financial sector [4]

Core Points - The company, 惠理集团 (00806), announced the appointment of Mr. 欧阳西 as an executive director effective from November 24, 2025 [1] Group 1 - The appointment of Mr. 欧阳西 is a strategic move for the company as it prepares for future leadership [1]

Core Points - 惠理集团 announced the appointment of 欧阳西 as an executive director effective from November 24, 2025 [1] Company Summary - 惠理集团 is making a strategic leadership change with the appointment of 欧阳西, which may influence the company's future direction and governance [1]