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]

Group 1 - Zhongsheng Holdings (00881) saw a midday increase of over 4%, currently up 4.47% at HKD 12.4, with a trading volume of HKD 54.38 million [1] - BMW China will adjust the suggested retail prices of 31 key models starting January 1, 2026, with 24 models seeing a reduction of over 10% and 5 models over 20%, with some models having price cuts exceeding RMB 300,000 [1] - Morgan Stanley believes that Zhongsheng Holdings and other dealers will benefit slightly from the price adjustments, as lower retail prices will lead to reduced procurement costs for dealers, thereby improving new car sales margins [1] Group 2 - Future dealer rebates may decrease as the rebate amounts are determined by manufacturers, which could impact overall profitability [1] - The subsidy for trade-in vehicles is linked to car prices, with subsidies for cars priced below RMB 150,000 decreasing year-on-year, while vehicles priced between RMB 150,000 and RMB 200,000 will benefit the most from the discounts [1] - Morgan Stanley prefers high-end car manufacturers in the automotive sector, which will also benefit Zhongsheng Holdings' representation of high-end brands [1]

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 ...

Core Viewpoint - Morgan Stanley reports that the National Development and Reform Commission announced the continuation of new car subsidy policies for next year, with subsidies of 20,000 RMB for new energy vehicles and 15,000 RMB for internal combustion engine vehicles, aligning with the bank's expectations [1] Group 1: Subsidy Policy Details - 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 - The bank prefers companies that provide 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 Outlook - 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] - Suppliers such as Xingyu Automotive (601799.SH), Desay SV (002920.SZ), and Huayang Group (002906.SZ) are believed to benefit from exposure in the local market [1]

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 ...

Core Viewpoint - Zhongsheng Holdings (00881) announced the resignation of Mr. Wei as an independent non-executive director and chairman of the audit committee, effective December 19, 2025. Mr. Bai Fengjiu has been appointed as the new independent non-executive director and chairman of the audit committee, also effective from December 19, 2025 [1]. Group 1 - Mr. Wei has resigned from his position as an independent non-executive director and chairman of the audit committee [1]. - Mr. Bai Fengjiu has been appointed to replace Mr. Wei, effective December 19, 2025 [1].

於二零二五年十二月十九日修訂 中升集團控股有限公司 提名委員會職權範圍 – 1 – 定義 1. 就本職權範圍（「職權範圍」）而言： 提名委員會 指董事會根據本職權範圍第2條通過之決議而設立之提名委員會。 高級管理層 指主席、行政總裁、常務總裁、財務總監、副總裁、聯席公司秘書 及董事會不時決定出任本公司高級管理層之本集團任何其他行政人員。 股東 指本公司之股東。 聯交所 指香港聯合交易所有限公司。 董事會 指本公司之董事會。 本公司 指中升集團控股有限公司 公司秘書 指本公司任一聯席公司秘書。 董事 指董事會成員。 本集團 指於有關期間，本公司及其附屬公司和聯營公司；或若文義另有所指， 於本公司成為其現時附屬公司和聯營公司之控股公司前之期間，本公司之現時 附屬公司和聯營公司；或其現時附屬公司和聯營公司或其前身（視乎具體情況） 所營運之業務。 上市規則 指《香港聯合交易所有限公司證券上市規則》（經不時修訂）。 成立 2. 提名委員會於二零零八年五月八日根據董事會所通過的決議案成立。 成員 3. 董事會將在本公司之董事中委任提名委員會之成員，而其成員數目將不少於三 名，當中獨立非執行董事將佔大多數。提名委員會須由董 ...