Core Viewpoint - The issuance of the 25 Heng An SK bond marks a significant milestone as the first publicly offered panda bond by a private enterprise in China, aimed at promoting high-quality development in the private sector through the integration of technology and capital [1] Group 1: Bond Details - Heng An International successfully issued a short-term corporate bond with a total scale of 1 billion yuan and a coupon rate of 1.80% [1] - The bond is specifically designed for professional investors and is part of the 2025 issuance [1] Group 2: Industry Impact - The successful issuance of the bond exemplifies the deepening integration of industry and finance, facilitating the fusion of technology and capital to empower the high-quality development of the private economy [1] - This project serves as a practical example and industry benchmark for capital markets to support the national innovation-driven development strategy [1]

Group 1 - The core viewpoint of the news is the performance and details of the Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117), which closed down 0.39% with a trading volume of 11.5764 million yuan on December 10 [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10% [1] - The performance benchmark for the ETF is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1] Group 2 - As of December 9, the latest share count for the ETF is 158 million shares, with a total size of 163 million yuan [2] - Over the last 20 trading days, the ETF has accumulated a trading amount of 119 million yuan, with an average daily trading amount of 5.9549 million yuan [2] - The current fund managers are Yan Dong and Yu Zhanchang, both managing the fund since September 30, 2025, with a return of 5.39% during their tenure [2] Group 3 - The latest report indicates that the ETF's top holdings include Hang Lung Properties, Jiangxi Copper, China Shenhua, Far East Horizon, CNOOC, Sino Land, PetroChina, Hengan International, Henderson Land, and Bank of China Hong Kong, with specific holding percentages detailed [3] - The top holdings and their respective percentages are as follows: Hang Lung Properties (1.08%), Jiangxi Copper (1.08%), China Shenhua (1.05%), Far East Horizon (0.99%), CNOOC (0.96%), Sino Land (0.94%), PetroChina (0.87%), Hengan International (0.87%), Henderson Land (0.81%), and Bank of China Hong Kong (0.81%) [3]

Core Viewpoint - Heng An International (01044) has successfully issued the first phase of corporate bonds amounting to RMB 1 billion with an annual interest rate of 1.8% and a maturity of one year [1] Group 1 - The company has completed the issuance of the first phase of corporate bonds on December 4, 2025 [1] - The remaining approved but unissued corporate bonds amount to RMB 9 billion [1] - Proceeds from the first phase of corporate bonds will be used to supplement the company's and its subsidiaries' working capital and to repay part of the bank loans of domestic subsidiaries [1]

Core Viewpoint - Heng An International (01044.HK) has successfully issued the first phase of corporate bonds amounting to RMB 1 billion with an annual coupon rate of 1.8% and a maturity of one year [1] Group 1: Bond Issuance Details - The company completed the issuance of corporate bonds on December 4, 2025 [1] - The total amount of the first phase of corporate bonds is RMB 1 billion [1] - The coupon rate for the bonds is set at 1.8% per annum [1] - The maturity period for the bonds is one year [1] Group 2: Use of Proceeds - The proceeds from the bond issuance are intended to supplement the company's and its subsidiaries' working capital [1] - A portion of the funds will be used to repay bank loans of certain domestic subsidiaries [1]

Core Viewpoint - Heng An International (01044) has successfully issued the first phase of corporate bonds amounting to RMB 1 billion with an annual interest rate of 1.8% and a maturity of one year [1] Group 1: Bond Issuance Details - The company completed the issuance of the first phase of corporate bonds on December 4, 2025 [1] - The remaining approved but unissued corporate bonds amount to RMB 9 billion [1] Group 2: Use of Proceeds - The proceeds from the first phase of corporate bonds are intended to supplement the company's and its subsidiaries' working capital and to repay part of the bank loans of domestic subsidiaries [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，概不對因本公告全部或任何 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。 本公司董事會（「董事會」）欣然宣佈，於二零二五年十二月四日，本公司已完 成發行本金額為人民幣10億元的第一期公司債券（「第一期公司債券」），其票面 利率定為每年1.8%及為期一年。發行第一期公司債券的結果會於上海證交所網 站(www.sse.com.cn)刊登。緊隨完成後，其餘已核准但未發行之公司債券金額為人 民幣90億元。 發行第一期公司債券所得款項擬用作補充本公司及其附屬公司的營運資金及償還部 分境內子公司的銀行貸款。 承董事會命 恒安國際集團有限公司 主席 （於開曼群島註冊成立的有限公司） （股份代號：1044） http://www.hengan.com http://www.irasia.com/listco/hk/hengan 網址： 自願性公告 發行第一期公司債券 茲提述恒安國際集團有限公司（「本公司」）日期為二零二四年一月二日關於本公司向 中國證券監督管理委員會申請註冊及建議向專業投資者 ...

Core Insights - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) closed up 0.48% on December 4, with a trading volume of 4.0345 million yuan [1] - The fund was established on September 30, 2025, with an annual management fee of 0.30% and a custody fee of 0.10% [1] - As of December 3, the fund's latest share count was 158 million, with a total size of 166 million yuan [1] - Over the past 20 trading days, the ETF has accumulated a trading amount of 128 million yuan, with an average daily trading amount of 6.3865 million yuan [1] - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have achieved a return of 5.00% since managing the fund from its inception [1] Holdings Summary - The top holdings of the ETF include: - Hang Lung Properties: 1.08% holding, 496,000 shares, market value of 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares, market value of 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares, market value of 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares, market value of 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares, market value of 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares, market value of 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares, market value of 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares, market value of 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares, market value of 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares, market value of 3.0623 million yuan [2]

Core Viewpoint - Citigroup has raised the net profit forecasts for Hengan International (01044) for 2025 to 2027 by 12.1%, 18.8%, and 19.7% respectively, primarily due to a downward adjustment in the ratio of selling, general, and administrative expenses to sales [1] Group 1 - The upward revision in profit forecasts reflects expectations of a recovery in the second half of this year from a low base, with a stable outlook for 2026 [1] - Citigroup has increased the target price for Hengan International from HKD 23.1 to HKD 27, maintaining a forward P/E ratio of 11 times [1] - The company is viewed as a yield stock with a yield of 5.4%, and Citigroup maintains a "Neutral" rating due to the absence of significant structural improvements [1]

Core Viewpoint - Citigroup has raised its net profit forecasts for Hengan International (01044) for the years 2025 to 2027 by 12.1%, 18.8%, and 19.7% respectively, primarily due to a downward adjustment in the ratio of selling, general, and administrative expenses to sales [1] Summary by Categories Financial Forecasts - The upward revisions in net profit forecasts are attributed to expectations of recovery in the second half of this year from a low base, with a stable outlook for 2026 [1] - Citigroup has adjusted the target price for Hengan International from HKD 23.1 to HKD 27, maintaining a forward P/E ratio of 11 times for the next year [1] Company Valuation - The valuation adjustment reflects a shift from a 2025 rolling basis to a 2026 basis, using a sum-of-the-parts valuation method [1] - Hengan International is viewed as a yield-generating company with a yield of 5.4%, despite the absence of significant structural improvements [1] Analyst Rating - Citigroup maintains a "Neutral" rating on Hengan International [1]

因估值基准从2025年滚动至2026年，花旗基于分类加总估值法，将公司目标价从23.1港元上调至27港 元，意味着其未来一年前瞻市盈率维持11倍不变；又认为恒安未现重大结构性提升情况下，仍是一家收 益型公司(收益率5.4%)，维持"中性"评级。 花旗发表研报指，将恒安国际2025至2027年各年净利润预测分别上调12.1%、18.8%及19.7%，主要因为 销售、管理及行政费用对销售额占比的预测获下调，并反映了花旗从近期的会议中得出的关键要点，包 括预计公司今年下半年将从低基数复苏，2026年展望稳定。 ...