Core Viewpoint - Zhongsheng Holdings (00881) has seen a stock price increase of over 3%, currently at 13.49 HKD, with a trading volume of 42.95 million HKD. The rise is attributed to recent government policies aimed at curbing irrational competition in the automotive industry, particularly in the context of electric vehicles [1]. Group 1: Government Policies - The Chinese government has introduced a series of "anti-involution" policies to address overcapacity and worsening price competition in the electric vehicle sector [1]. - These measures, along with structural reforms at the corporate level, are expected to lead to a turning point in the industry by 2026 [1]. Group 2: Analyst Insights - Morgan Stanley has raised the target price for Zhongsheng Holdings to 20 HKD, citing benefits from the optimization of its dealership network [1]. - UBS noted that the recent rise in automotive dealership stock prices is linked to the anti-involution policies, which are anticipated to improve new car sales profit margins [1]. - The market is speculating on industry consolidation due to news of dealership closures, and investors are taking the opportunity to buy undervalued stocks [1].

瑞银此前指出，汽车经销商近期股价走高，相信是来自于反内卷政策，市场憧憬新车销售利润率改善； 一些经销商结业的新闻令市场揣测行业未来迎来整合；以及投资者趁低吸纳较低估值股份。憧憬若政策 有效遏制行业价格战，瑞银相信经销商盈利能力或显著改善。 中升控股(00881)涨超3%，截至发稿，涨3.22%，报13.49港元，成交额4295.5万港元。 小摩发布研报称，中国政府近期针对新能源汽车等面临产能过剩与价格竞争恶化的产业，推出一系 列"反内卷"政策以遏制非理性竞争。该行认为，政府反内卷举措与企业层面的结构性改革将推动产业于 2026年迎来转机。由于受惠于经销网络优化，该行上调公司目标价至20港元。 ...

Group 1 - Zhongsheng Holdings (00881) saw a stock price increase of over 3%, currently trading at 13.49 HKD with a transaction volume of 42.95 million HKD [1] - Morgan Stanley released a report indicating that the Chinese government has introduced a series of "anti-involution" policies to curb irrational competition in industries facing overcapacity and price competition, particularly in the new energy vehicle sector [1] - The report suggests that these government measures, along with structural reforms at the corporate level, will lead to a turning point for the industry by 2026, prompting an increase in the target price for Zhongsheng Holdings to 20 HKD due to benefits from optimized dealership networks [1] Group 2 - UBS noted that the recent rise in automotive dealership stock prices is attributed to the "anti-involution" policies, which have led to market expectations of improved profit margins on new car sales [1] - The news of some dealerships closing has fueled speculation about future industry consolidation, and investors are taking the opportunity to buy undervalued stocks [1] - UBS believes that if the policies effectively curb price wars in the industry, the profitability of dealerships could significantly improve [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7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: 2025年8月1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 | | 100,00 ...

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。 本公告僅作參考用途，並不構成收購、購買或認購證券的邀請或要約。債券並無且 不會根據一九三三年美國證券法（經修訂）（「證券法」）或美國任何州份或其他司法權 區的證券法登記，且債券不得在美國境內或向美國人士提呈要約或出售。 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） 於二零二六年到期之450百萬美元年利率3.00%之債券（「債券」） （股份代號：40529） 提早贖回債券 茲提述本公司日期為二零二一年一月十三日及二零二一年一月十四日的公告，內容 有關本公司發行債券。除另有界定者外，本公告所用詞彙與債券條款及條件所界定 者具有相同涵義。 根據債券的條款及條件、本公司與美國紐約梅隆銀行有限公司（倫敦）（「受託人」）日 期為二零二一年一月十三日的信託契約以及本公司、受託人、美國紐約梅隆銀行有 限公司（倫敦）與紐約 ...

Market Overview - Hong Kong stocks experienced a pullback after an initial rise, with the Hang Seng Index closing down 0.29% at 24,517.76 points and a total trading volume of 258.95 billion HKD [1] - The Hang Seng China Enterprises Index fell 0.18% to 8,861.39 points, while the Hang Seng Tech Index decreased by 0.24% to 5,418.4 points [1] - Shenwan Hongyuan remains optimistic about investment opportunities in Hong Kong and A-share markets, predicting that Hong Kong will play a crucial role in the restructuring of the global financial order [1] Blue Chip Performance - Anta Sports (02020) led blue-chip stocks, rising 2.28% to 91.85 HKD, contributing 4.55 points to the Hang Seng Index [2] - Other notable performers included Kuaishou-W (01024) up 2.13% and Trip.com Group-S (09961) up 1.59%, while Shenzhou International (02313) and Zhongsheng Holdings (00881) saw declines of 2.75% and 2.67%, respectively [2] Sector Highlights - Large tech stocks showed mixed results, with Kuaishou rising over 2% and Baidu nearly 1%, while Tencent fell 0.19% [3] - The humanoid robot sector is gaining traction, with Shengye rising nearly 15% following positive developments [3] - The innovative drug sector remains active, with Lijun Pharmaceutical rising 13% amid ongoing interest in new drug procurement [4][5] Innovative Drug Sector - The 11th batch of national drug procurement has started, focusing on mature "old drugs" while excluding innovative drugs [5] - Analysts believe that the current innovative drug market is driven by value reassessment, with domestic investors increasing their positions through Hong Kong Stock Connect [5] Stablecoin Activity - China San San Media (08087) surged 72.73% after announcing plans to apply for a stablecoin license in Hong Kong, which will officially take effect on August 1 [6] - The global regulatory framework for stablecoins is expected to lead to significant industry growth [6] New Consumption Trends - New consumption stocks showed varied performance, with Guoquan (02517) up 7.29% and Hu Shang Ayi (02589) up 1.99%, while Gu Ming (01364) fell 4.26% [7] - Guoquan expects a net profit of approximately 180 to 210 million RMB for the first half of 2025, representing a year-on-year increase of 111% to 146% [7] Notable Stock Movements - Weiyali (00854) saw a dramatic increase of 288.34% after resuming trading, reaching a peak of 33.2 HKD [8] - Chongqing Machinery (02722) rose 14.06% following news of NVIDIA resuming sales of its H20 chip in China [9] - Jiufang Zhitu Holdings (09636) increased by 10.06% as it plans to issue shares for strategic investments [10] - Quzhi Group (00917) fell 12.06% after announcing a share placement at a discount to its market price [11]

Core Insights - The automotive dealership industry is facing significant challenges, with scale becoming a potential liability rather than an asset, and transformation being essential for survival [3][4] - The domestic leading automotive dealer, Zhongsheng Group, is successfully navigating this transformation by investing heavily in high-quality replacement vehicle services [3][5] Group 1: Industry Challenges - The automotive dealership sector is experiencing a downturn due to chaotic pricing competition, leading to store closures and financial strain on various dealership groups [3][4] - Many dealerships are resorting to inventory liquidation strategies, which are seen as desperate measures rather than proactive business strategies [8] Group 2: Zhongsheng Group's Strategy - Zhongsheng Group has made substantial investments in acquiring luxury vehicles for replacement services, purchasing 1,500 Mercedes-Benz vehicles to enhance customer service during maintenance periods [4][5] - The company has also established strategic partnerships, such as with FAW Audi, to expand its service offerings and improve customer experience [4][5] Group 3: Service Innovation - The replacement vehicle service is becoming a significant extension of Zhongsheng Group's after-sales service, with over 170,000 instances of service provided in 2024, averaging more than 450 services per day [5][8] - By offering high-quality replacement vehicles, Zhongsheng Group aims to enhance customer loyalty and satisfaction, with reported increases in repurchase rates by 15% to 20% and referral rates by over 30% [8][9] Group 4: Cost Considerations - The high costs associated with purchasing luxury vehicles for replacement services pose a challenge for many dealerships, with significant financial investments required [11][12] - Industry experts suggest that dealerships may need to explore alternative models, such as leasing vehicles, to mitigate the financial burden while still providing quality service [11][12]

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） 二零二五年六月二十日舉行之股東周年大會表決結果、 派發末期股息日期 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。 – 2 – 由於超過50%票數贊成第一項至第十二項普通決議案，第一項至第十二項決議案作 為本公司普通決議案獲正式通過。 本公司於股東周年大會當日已發行股份為2,385,668,363股（包括持有或存放於中央 結算系統之18,674,500股庫存股份）。為免生疑問，庫存股份持有人應於股東周年大 會上放棄投票，因此並無於股東周年大會上行使任何庫存股份投票權。使本公司股 東（「股東」）有權出席股東周年大會並於會上投票贊成或反對所有決議案的股份總數 為2,366,993,863股。 除上文所披露者外，本公司並無(i)任何股份使股東有權出席股東周年大會但須根據 《香港聯合交易所有限公司證券上市規則》（「 ...

Group 1 - The Hang Seng Index in Hong Kong has dropped over 2% [1] - CSPC Pharmaceutical Group has seen a decline of nearly 6% [1] - Zhongsheng Holdings, China Hongqiao Group, and Alibaba Health have all decreased by nearly 5% [1]

Group 1 - The Hong Kong stock market experienced a strong upward trend, particularly in sectors such as short videos, e-commerce, automotive, and domestic fashion, with significant gains in stocks like Kuaishou-W, Meituan-W, and Li Auto-W [1] - The Hong Kong Consumption ETF (159735) showed a high turnover rate exceeding 7%, indicating strong market interest and activity [1] - New consumption and value growth are expected to progress in parallel, with structural benefits driven by new channels and product innovations, particularly in snacks, health products, and food additives [1] Group 2 - Traditional food and beverage leaders are achieving robust growth through strong product innovation and channel expansion, particularly in the beer and beverage sectors [1] - The Hong Kong Consumption ETF tracks the Hong Kong Consumption Index, which reflects a higher proportion of new consumption categories compared to the A-share market, focusing on e-commerce, consumer electronics, new energy vehicles, and more [1] - Recent policy directions emphasize increasing income for low- to middle-income groups and developing service consumption, indicating that consumption, especially service consumption, will be a key focus for future economic policies [2]