Group 1 - Automotive dealers collectively saw stock price increases, with Yongda Automobile rising by 2.96% to HKD 1.74, Harmony Auto up by 1.96% to HKD 1.04, Zhongsheng Holdings increasing by 3.88% to HKD 12.33, and Meidong Auto gaining 3.25% to HKD 1.27 [1] - Morgan Stanley's report indicates that BMW China will reduce suggested retail prices by 10% to 20% starting January 1, primarily affecting imported models such as the 7 Series, 6 Series, M Series, and i-series electric vehicles [1] - The price reduction is not aimed at initiating price competition, as BMW dealers have been offering discounts significantly below the suggested retail prices for some time [1] Group 2 - The expected outcome of the price reduction is that actual transaction prices will likely remain stable despite the suggested retail price decrease [1] - Dealers such as Yongda Automobile, Zhongsheng Holdings, and Meidong Auto are anticipated to benefit slightly from the lower wholesale costs, which could enhance their new car sales margins [1] - However, future rebates received by dealers may decrease, as the rebate amounts are determined by the manufacturer [1]

Group 1 - The stock of Zhongsheng Holdings (00881.HK) rose over 4% in the morning session, with a current increase of 4.47%, trading at HKD 12.4 [1] - The trading volume reached HKD 54.38 million [1]

此外，2026年以旧换新补贴挂钩车价。大摩表示，15万元人民币以下汽车所获补贴同比减少，售价15万 至20万元人民币车辆最能用尽优惠，高端车款不受补贴政策调整影响。该行在车股中偏好提供高端车款 车企，亦利好中升控股高端品牌代理。 消息面上，宝马中国自2026年1月1日起，对旗下31款主力车型进行建议零售价调整，其中24款车型的降 幅超10%，5款超20%，部分车型最高官降30余万元。摩根士丹利认为，中升控股等经销商将轻微受 惠。随着建议零售价下调，经销商亦可享有更低的入货成本，即时提升经销商的新车销售毛利。不过， 未来经销商获得的额外返利亦可能减少，因为返利金额是由制造商决定。 中升控股(00881)午前涨超4%，截至发稿，涨4.47%，报12.4港元，成交额5438.05万港元。 ...

Core Viewpoint - 中升控股 (00881) is experiencing a stock price increase of over 4% following BMW China's announcement of price adjustments for its main models starting January 1, 2026, which could benefit dealers like 中升控股 [1] Group 1: Price Adjustments - BMW China will adjust the suggested retail prices of 31 key models, with 24 models seeing reductions of over 10% and 5 models over 20%, with some models having price cuts exceeding 300,000 RMB [1] - The price adjustments are expected to lower the cost of goods for dealers, potentially increasing their gross margins on new car sales [1] Group 2: Impact on Dealers - Morgan Stanley believes that 中升控股 and other dealers will benefit slightly from the price reductions, although future rebates from manufacturers may decrease as they are determined by the manufacturers [1] - The new vehicle trade-in subsidies will be linked to vehicle prices, with subsidies for cars priced below 150,000 RMB decreasing year-on-year, while vehicles priced between 150,000 and 200,000 RMB will benefit the most from the discounts [1] Group 3: Market Preferences - Morgan Stanley prefers companies that offer high-end vehicle brands, which is favorable for 中升控股 as it acts as an agent for high-end brands [1]

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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中升集團控股有限公司 呈交日期: 2026年1月2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) | 00881 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 1,000,000,000,000 | HKD | | 0.0001 | HKD | | 100,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | 1,000,000,000,000 | HKD | | 0.0001 | HKD | | 100,000,000 | 本月底法定/註冊股 ...

该行表示，新政策考虑车价，意味15万元人民币以下汽车所获补贴同比减少，售价15万至20万元人民币 车辆最能用尽优惠，高端车款不受补贴政策调整影响。 该行在车股中偏好提供高端车款车企，如理想 汽车-W(02015)、蔚来-SW(09866)及与华为合作的车企，亦利好中升控股(00881)等高端品牌代理。大众 市场品牌料面临更大逆风，因补贴减少及新能源车购置税增加5%。供应商方面，该行相信星宇控股 (601799.SH)、德赛西威(002920.SZ)及华阳集团(002906.SZ)受惠于在本地市场的敞口。 智通财经APP获悉，摩根士丹利发布研报称，国家发改委昨(30日)宣布明年延续新车补贴政策，新能源 车及内燃动力车辆每辆补贴2万及1.5万元人民币，地方政府对该两类车辆弃旧换新补贴为每辆1.5万及 1.3万元人民币，有关政策符合该行预期。 ...

Core Viewpoint - The National Development and Reform Commission announced the continuation of new car subsidy policies for the next year, with subsidies of 20,000 RMB for new energy vehicles and 15,000 RMB for internal combustion engine vehicles, aligning with Morgan Stanley's expectations [1] Group 1: Policy Impact - The new policy considers vehicle prices, indicating that subsidies for cars priced below 150,000 RMB will decrease year-on-year, while vehicles priced between 150,000 and 200,000 RMB will benefit the most from the incentives [1] - High-end vehicles will not be affected by the adjustments in the subsidy policy [1] Group 2: Company Preferences - Morgan Stanley prefers companies that offer high-end vehicles, such as Li Auto (02015), NIO (09866), and companies collaborating with Huawei, which will also benefit high-end brand agents like Zhongsheng Holdings (00881) [1] Group 3: Market Challenges - Mass market brands are expected to face greater headwinds due to reduced subsidies and a 5% increase in the purchase tax for new energy vehicles [1] Group 4: Supplier Benefits - Suppliers such as Xingyu Automotive (601799.SH), Desay SV (002920.SZ), and Huayang Group (002906.SZ) are believed to benefit from their exposure in the local market [1]

Investment Rating - The report maintains an "Overweight" rating for the automotive industry, indicating a positive outlook compared to the overall market performance [12]. Core Insights - The automotive dealership sector, particularly represented by Zhongsheng Holdings, is undergoing a significant transformation, moving away from being perceived as a "negative amplifier" for automakers. The company is expected to benefit from new business initiatives, particularly with the introduction of the AITO brand, which is anticipated to drive performance and valuation recovery [2][3]. - The competitive landscape in the mid-to-high-end automotive market is expected to intensify, with traditional luxury brands facing ongoing operational pressures. However, automakers are likely to adopt strategies to stabilize dealership operations, which may lead to improved profitability for dealerships [3][4]. - Fuda Co., Ltd. is highlighted for its industrialization capabilities in robotics, with recent strategic partnerships aimed at enhancing production capacity and expanding into new markets, such as exoskeleton robots [5]. - Hengbo Co., Ltd. is noted for its vertical integration in the PEEK materials sector, which positions the company favorably to meet increasing demand from overseas clients, particularly in the humanoid robotics field [6]. Summary by Company Zhongsheng Holdings - The company is expected to see a 20% or higher profit growth in the coming year, with a valuation around 7 times earnings, indicating potential for further earnings per share (EPS) and dividend benefits as it returns to a normal operating cycle [4]. Fuda Co., Ltd. - The company has established a low-cost control mechanism through domestic equipment production and partnerships, which is expected to enhance its capacity and market reach in the robotics sector [5]. Hengbo Co., Ltd. - The company has a comprehensive R&D capability and a fully integrated supply chain in the PEEK materials sector, which is expected to drive growth as demand from international clients increases [6].

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，概不對因本公告全部或任何 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。 – 1 – 該公告所載的所有資料維持不變。本公告為該公告的補充，並應與該公告一併閱 讀。 承董事會命 Zhongsheng Group Holdings Limited 中升集團控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：881） 補充公告 獨立非執行董事變更 茲提述本公司日期為二零二五年十二月十九日的公告（「該公告」），內容有關獨立非 執行董事變更及董事會委員會組成之變動。除非另有界定，本公告所用詞彙與該公 告所界定者具有相同涵義。 誠如該公告所披露，應先生已辭任本公司獨立非執行董事及審核委員會主席，自二 零二五年十二月十九日起生效。本公司謹此澄清，應先生辭任之理由為彼已於董事 會任職超過九年。根據香港聯合交易所有限公司證券上市規則第3.13A條，發行人 的董事會不得包括在董事九年任期結束後的發行人年度股東大會結束時，已擔任該 職位九年或以上的獨立非執行董事。此外，應先生表示彼希望投放 ...

中升控股(00881)发布公告，应伟先生已辞任公司独立非执行董事及审核委员会主席;白凤九先生已获委 任为公司独立非执行董事及审核委员会主席，均自2025年12月19日起生效。 ...