第 2 頁 共 2 頁 v 1.1.1 第 1 頁 共 2 頁 v 1.1.1 | | 香港中央證券登記有限公司 | | --- | --- | | 股份過戶登記處及其地址 | 皇后大道東183號 合和中心 | | | 17樓1712-1716舖 | | 灣仔 | | | 香港 | | | 代扣所得稅信息 | | | 股息所涉及的代扣所得稅 | 不適用 | | 發行人所發行上市權證/可轉換債券的相關信息 | | | 發行人所發行上市權證/可轉換債券 | 不適用 | | 其他信息 | | | 其他信息 | 不適用 | | 發行人董事 | | | 於本公告日期，本公司非執行董事為李家傑博士（主席）及廖己立先生；本公司執行董事為黃維義先生（行政總裁）、紀偉毅先生 | （營運總裁 – 燃氣業務）及邱建杭博士（營運總裁 – 可再生能源業務）；以及本公司獨立非執行董事則為鄭慕智博士、李民斌先 | | 生及陸恭蕙博士。 | | EF003 免責聲明 | 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 | 公告全部或任何部份內容而產生或因倚賴該 ...

Core Viewpoint - 港华智慧能源 reported a slight decrease in revenue but achieved growth in core profits and net income, driven by renewable energy and gas business performance [1][2] Group 1: Financial Performance - The company recorded a revenue of HKD 10.437 billion, a year-on-year decrease of 0.6% [1] - Core business profit increased by 1.7% to HKD 719 million [1] - Shareholders' profit attributable rose by 2% to HKD 758 million [1] - Basic earnings per share were HKD 0.218, with an interim dividend of HKD 0.05 proposed [1] Group 2: Renewable Energy Business - The renewable energy segment saw a net profit growth of 5% to approximately HKD 172 million [1] - As of June 30, 2025, the company had a cumulative photovoltaic grid connection of 2.6 GW and commercial energy storage of 260 MWh [1] - The company is promoting an integrated decarbonization business model of "photovoltaics + energy storage + electricity sales" to enhance profitability [1] Group 3: Gas Business Performance - The urban gas business maintained stable sales volume despite challenges from a warm winter and external environment, with an increase of 380,000 customers [2] - The comprehensive gas price difference improved by RMB 0.01 to RMB 0.57 per cubic meter, ensuring steady profits in the gas business [2] Group 4: Financing and Investment - The company successfully issued the "Zero Carbon Smart Phase 2" REIT product, raising RMB 1 billion, building on the previous year's issuance [1] - The funds raised will be used for further investments in renewable energy projects [1]

Group 1 - The core profit of the company increased by 2% to HKD 719 million for the mid-year results of 2025, driven by growth in renewable energy and stable gas business profits [1] - The net profit from renewable energy business grew by 5% to approximately HKD 172 million, with a total of 2.6 GW of photovoltaic capacity and 260 MWh of commercial and industrial energy storage connected to the grid as of June 30, 2025 [1] - The company successfully issued the "Zero Carbon Smart Phase 2" REIT product, raising RMB 1 billion, which enhances cash flow and reinvestment capabilities for renewable energy projects [1] Group 2 - The city gas business maintained stable sales volume despite challenges from a warm winter and external environment, with an increase of 380,000 customers [2] - The comprehensive gas price difference improved by RMB 0.01 to RMB 0.57 per cubic meter, contributing to steady profits in the gas business [2] - The company declared an interim dividend of HKD 0.05 per share to reward shareholders for their continued support [1][3]

[Performance Summary](index=1&type=section&id=Performance%20Summary) [Overall Performance Overview](index=1&type=section&id=Overall%20Performance%20Overview) The Group achieved steady growth in H1 2025, with core business profit and profit attributable to shareholders both increasing by 2%, driven by renewable energy and stable gas business, and declared its first interim dividend Core Financial Indicators | Indicator | H1 2025 | Change | | :--- | :--- | :--- | | Business Core Profit | HKD 719 million | +2% | | Profit Attributable to Company Shareholders | HKD 758 million | +2% | | Interim Dividend | HKD 0.05 per share | First-time payout | - Growth was primarily driven by the continuous development of the renewable energy business and the stable performance of gas business profits, with contributions also from quality and efficiency improvement measures and successful reduction in financing costs[4](index=4&type=chunk) [Segment Business Highlights](index=1&type=section&id=Segment%20Business%20Highlights) Renewable energy net profit grew 5% with expanding grid-connected solar and storage capacity, while city gas maintained stable sales volume and improved comprehensive price spread despite challenges, and the Group successfully issued its second quasi-REIT product to enhance cash flow and reinvestment capacity - Renewable energy business net profit increased by **5%** to approximately **HKD 172 million**, with cumulative grid-connected solar PV reaching **2.6 GW** and industrial and commercial energy storage reaching **260 MWh**[4](index=4&type=chunk) - City gas business comprehensive price spread increased by **RMB 0.01** to **RMB 0.57 per cubic meter**, with customer base growing by **380,000 households**[4](index=4&type=chunk) - Successfully issued 'Zero-Carbon Smart Phase 2' quasi-REIT product, raising a total of **RMB 1 billion** across two phases, with funds allocated for renewable energy project investments[4](index=4&type=chunk) [Key Performance Indicators](index=2&type=section&id=Key%20Performance%20Indicators) The Group's H1 2025 turnover was HKD 10.437 billion, largely flat year-on-year, with profit attributable to shareholders at HKD 758 million, up 2%, and basic earnings per share at HKD 0.218, while grid-connected solar PV capacity and gas customer numbers both achieved steady growth Unaudited Business Highlights for H1 2025 | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Turnover (HKD million) | 10,437 | 10,501 | | Business Core Profit (HKD million) | 719 | 707 | | Profit Attributable to Shareholders (HKD million) | 758 | 743 | | Basic Earnings Per Share (HK cents) | 21.8 | 22.1 | | Gas Sales Volume (million cubic meters) | 8,746 | 8,741 | | Cumulative Grid-connected Solar PV (GW) | 2.6 | 2.1 | | City Gas Customer Accounts (million accounts) | 18.02 | 17.22 | [Financial Statements](index=3&type=section&id=Financial%20Statements) [Condensed Consolidated Income Statement](index=3&type=section&id=Condensed%20Consolidated%20Income%20Statement) For the six months ended June 30, 2025, the Group's turnover was HKD 10.437 billion, a slight year-on-year decrease, while profit before tax remained stable at HKD 1.105 billion due to lower financing costs and increased share of results from associates/joint ventures, resulting in a 2% increase in profit attributable to company shareholders to HKD 758 million Summary of Condensed Consolidated Income Statement (For the six months ended June 30) | Item (HKD thousand) | 2025 (Unaudited) | 2024 (Unaudited) | | :--- | :--- | :--- | | Turnover | 10,436,971 | 10,500,990 | | Total Operating Expenses | (9,626,493) | (9,550,931) | | Share of Results of Associates | 211,784 | 110,949 | | Financing Costs | (331,135) | (359,423) | | Profit Before Tax | 1,105,216 | 1,101,864 | | Profit for the Period Attributable to Company Shareholders | 758,391 | 742,714 | | Basic Earnings Per Share (HK cents) | 21.8 | 22.1 | [Condensed Consolidated Statement of Financial Position](index=5&type=section&id=Condensed%20Consolidated%20Statement%20of%20Financial%20Position) As of June 30, 2025, the Group's total assets increased to HKD 55.238 billion and net assets to HKD 26.649 billion, with non-current assets growing due to increased property, plant, and equipment, while net current liabilities expanded primarily due to higher borrowings due within one year Summary of Financial Position | Item (HKD thousand) | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 55,237,808 | 53,042,747 | | Total Liabilities | 28,589,269 | 27,284,727 | | Net Assets | 26,648,539 | 25,758,020 | | Equity Attributable to Company Shareholders | 24,214,813 | 23,447,738 | - As of June 30, 2025, the Group's current liabilities exceeded current assets by approximately **HKD 6.719 billion**, but the Directors believe the Group has sufficient unutilized credit facilities and financing channels to maintain its going concern[11](index=11&type=chunk) [Segment Information](index=8&type=section&id=Segment%20Information) The Group's businesses are primarily categorized into gas, renewable energy, and extended businesses, with gas remaining the main revenue source contributing HKD 9.674 billion in turnover, while renewable energy turnover was HKD 762 million with a HKD 171 million performance contribution, showing year-on-year growth, following a reorganization of the Group's internal reporting structure for business segments H1 2025 Segment Turnover and Performance (HKD thousand) | Business Segment | Turnover | Performance | | :--- | :--- | :--- | | Gas Business | 9,674,490 | 911,675 | | Renewable Energy Business | 762,481 | 170,877 | | Extended Business | - | 21,562 | - Compared to the same period last year, gas business turnover slightly decreased, primarily due to reduced gas connection revenue, while renewable energy business turnover and performance both achieved growth[17](index=17&type=chunk)[18](index=18&type=chunk) - During the period, the Group reorganized its extended businesses and adjusted its internal reporting structure, reclassifying gas appliance sales and similar items under the gas business[14](index=14&type=chunk) [Management Discussion and Analysis](index=18&type=section&id=Management%20Discussion%20and%20Analysis) [Business Review](index=18&type=section&id=Business%20Review) In H1 2025, the Group navigated a complex market, with city gas enhancing profitability through refined management and price adjustments while maintaining stable sales, and renewable energy achieving rapid growth as a key profit driver via its 'PV+Storage+Power Sales' integrated model and innovative asset management strategies [City Gas Business](index=18&type=section&id=City%20Gas%20Business) Despite challenges from a warm winter and sluggish real estate market, the Group maintained stable gas sales, growing customers to 18.02 million, while improving city gas comprehensive price spread to RMB 0.57 per cubic meter through active price adjustments and cost control, and expanding 'Gas+' integrated energy services with AI for enhanced operational efficiency and safety - Despite a **0.9%** decline in national natural gas consumption, the Group maintained stable gas sales volume[31](index=31&type=chunk) - City gas comprehensive price spread increased by **RMB 0.01** to **RMB 0.57 per cubic meter**[31](index=31&type=chunk) - Actively promoted 'Gas+' business, expanding integrated energy services such as industrial and commercial energy-saving renovations and energy trusteeship[31](index=31&type=chunk) [Renewable Energy Business](index=19&type=section&id=Renewable%20Energy%20Business) Renewable energy business achieved HKD 172 million net profit, up 5%, with the Group focusing on 'Zero-Carbon Smart Industrial Parks' as its core model, reaching 2.6 GW of industrial and commercial distributed PV and 260 MWh of grid-connected storage, building an integrated 'PV+Storage+Power Sales' service system through 'Energy-as-a-Service' (EaaS) and 'Assets Under Management' (AuM) strategies, and expanding financing channels via quasi-REITs - The renewable energy segment achieved a net profit of approximately **HKD 172 million** in the first half, a **5%** year-on-year increase[33](index=33&type=chunk) - Vigorously developed 'Energy-as-a-Service' (EaaS), building an integrated 'PV+Storage+Power Sales' service system[34](index=34&type=chunk) - Deepened the 'Assets Under Management' (AuM) strategy, successfully issuing two tranches of quasi-REIT products, raising **RMB 1 billion**[34](index=34&type=chunk) [Environmental, Social and Governance (ESG)](index=20&type=section&id=Environmental%2C%20Social%20and%20Governance%20%28ESG%29) The Group deeply integrates ESG strategy into operational decisions, establishing an ESG Committee led by the CEO, maintaining leading ESG ratings in H1, including three consecutive years in S&P Global's 'Sustainability Yearbook (China Edition)', and continuously enhancing its sustainable development performance through green financial products like quasi-REITs and community initiatives - An ESG Committee, led by the CEO, has been established at the Board level, specifically responsible for coordinating sustainable development goals[35](index=35&type=chunk) - Selected for S&P Global's 'Sustainability Yearbook (China Edition)' for **three consecutive years**, with improved performance in the FTSE4Good Index[35](index=35&type=chunk) [Business Outlook](index=21&type=section&id=Business%20Outlook) Looking ahead to H2, the Group anticipates a challenging business environment and will adopt a prudent financial strategy, with gas business deepening 'Gas+' integrated energy services and advancing AI-enabled initiatives for efficiency and cost reduction, while renewable energy is expected to remain a primary profit driver, focusing on technological innovation and energy storage R&D, aiming for stable gas growth with renewable energy as the development engine - Gas Business: Focus on breaking into the public institution energy cost trusteeship and industrial and commercial energy-saving renovation markets, fully advancing AI empowerment initiatives[37](index=37&type=chunk) - Renewable Energy Business: Expected to continue as one of the main drivers of the Group's profit growth, accelerating technological innovation and energy storage technology R&D[37](index=37&type=chunk) - Overall Strategy: Maintain steady growth in the city gas business, use renewable energy business as the development engine, and optimize cash flow management[38](index=38&type=chunk) [Financial Review](index=22&type=section&id=Financial%20Review) [Operating Performance Analysis](index=22&type=section&id=Operating%20Performance%20Analysis) In H1 2025, the Group's total turnover was HKD 10.437 billion, a slight 1% year-on-year decrease primarily due to reduced gas connection sales from a sluggish real estate market, while total operating expenses increased by 1%, yet profit attributable to company shareholders grew by 2% to HKD 758 million, benefiting from significant profit growth from associates and joint ventures and lower financing costs Segment Turnover (HKD billion) | Business Segment | H1 2025 | H1 2024 (Restated) | | :--- | :--- | :--- | | Gas Business | 9.674 | 9.746 | | Renewable Energy Business | 0.763 | 0.755 | | **Total** | **10.437** | **10.501** | - Share of profit from associates increased by **91%** year-on-year to **HKD 212 million**, primarily due to price adjustment efforts and the disposal of interests in certain subsidiaries[44](index=44&type=chunk) - Financing costs decreased by **8%** year-on-year to **HKD 331 million**, attributed to strict control over capital expenditures and securing lower-interest loans[46](index=46&type=chunk) [Liquidity and Capital Resources](index=24&type=section&id=Liquidity%20and%20Capital%20Resources) The Group maintains prudent financial management, with total borrowings at HKD 16.23 billion and a gearing ratio of 36% as of June 30, 2025, possessing ample liquidity including HKD 3.343 billion in cash and deposits, approximately HKD 13.582 billion in medium-term note facilities, and HKD 10.442 billion in unutilized credit facilities, further expanding financing channels with the successful issuance of RMB 470 million in quasi-REIT products in H1 Summary of Financial Position | Indicator | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Borrowings | HKD 16.23 billion | HKD 15.427 billion | | Cash and Deposits | HKD 3.343 billion | HKD 2.73 billion | | Gearing Ratio | 36% | 36% | - The Group possesses approximately **HKD 13.582 billion** in medium-term note facilities and **HKD 10.442 billion** in unutilized credit facilities, indicating ample financial resources[50](index=50&type=chunk) - Most non-RMB borrowings have been hedged using cross-currency swap contracts to mitigate foreign exchange risk[49](index=49&type=chunk) [Other Significant Matters](index=25&type=section&id=Other%20Significant%20Matters) [Credit Ratings](index=25&type=section&id=Credit%20Ratings) The Group maintained strong investment-grade credit ratings from Moody's (Baa1), S&P (BBB+), and China Chengxin International (AAA), all with a 'stable' outlook, reflecting rating agencies' recognition of the Group's robust business and credit history Key Credit Ratings | Rating Agency | Rating | Outlook | | :--- | :--- | :--- | | Moody's | Baa1 | Stable | | S&P | BBB+ | Stable | | China Chengxin International | AAA | Stable | [Dividend Policy](index=25&type=section&id=Dividend%20Policy) The Board declared an interim dividend of HKD 0.05 per share with a scrip dividend option, aiming to reward shareholder support, with share transfer registration suspended from September 2 to 4, 2025 - Declared an interim dividend of **HKD 0.05 per share**, with shareholders having the option of a scrip dividend[55](index=55&type=chunk) - The record date for shareholders entitled to the interim dividend is set for **September 4, 2025**[5](index=5&type=chunk) [Human Resources](index=25&type=section&id=Human%20Resources) As of June 30, 2025, the Group employed 23,556 staff, a slight decrease from the prior year, implementing a performance-based remuneration policy and providing comprehensive benefits and training to attract and retain talent - As of **June 30, 2025**, the Group's total number of employees was **23,556**, compared to **24,171** in the same period last year[54](index=54&type=chunk) [Corporate Governance and Compliance](index=26&type=section&id=Corporate%20Governance%20and%20Compliance) During the reporting period, the Company consistently complied with the Corporate Governance Code in the Hong Kong Listing Rules, with all Directors confirming adherence to the Model Code for Securities Transactions by Directors, and no purchases, sales, or redemptions of the Company's listed securities by the Company or its subsidiaries occurred, except for the share award scheme - The Company consistently complied with the Corporate Governance Code during the reporting period[57](index=57&type=chunk) - During the period, the trustee purchased **11,607,000** Company shares under the share award scheme[59](index=59&type=chunk)

Financial Performance - Revenue decreased slightly by 1% from HK$10,501 million to HK$10,437 million[9] - Renewable Energy Business Net Profit increased by 5% from HK$164 million to HK$172 million[9] - Capital Expenditure decreased from HK$2 billion to HK$1.4 billion[12] Gas Business - Gas sales volume remained steady at 8.75 billion m³[5] - City Gas Dollar Margin increased by RMB 0.01/m³ to RMB 0.57/m³[5] - Operating expenses decreased by 6% due to optimized personnel structure[20] - Signed a 15 billion m³ pipeline gas LTA with the "Three Majors", amounting to 1.5 billion m³/year[4] - Secured LNG import supply of 1.5 million tonnes/year, equivalent to 2.1 billion m³/year[4] Renewable Energy - PV power generation increased by 44% to 1.18 billion kWh[4, 5] - Accumulated PV Grid-connected capacity increased by 0.3 GW to 2.6 GW[5] - Electricity trading volume increased by 14% to 3.64 billion kWh[5] - Secured 775 MWh in Energy Storage System (ESS) contracts[4] - Two tranches of quasi-REITs raised approximately RMB 1 billion[4, 38]

21世纪经济报道记者 曹媛 深圳报道 保险资金长期投资改革试点又有新进展，险资入市加速。 近日，记者从太平资产了解到，中国太平旗下子公司太平资产获国家金融监督管理总局批复，同意其投 资设立太平（深圳）私募证券投资基金管理有限公司。 这一"险资系私募"的落地响应了保险资金长期投资改革试点，保险资金长期投资改革试点是指保险公司 出资设立私募证券投资基金，主要投向二级市场股票，并长期持有。 目前，保险资金长期投资改革试点正加速落地，至今已有三批试点，试点金额合计达2220亿元（含已批 复和拟批复试点规模），参与机构逐渐扩展至多家头部险企及中小险企，包括：中国人寿、新华保险、 太保寿险、泰康人寿、阳光人寿、人保寿险、太平人寿、平安人寿、中邮保险及相关保险资管公司等。 从数据看，险资入市步伐加快。今年一季度人身险公司股票持仓市值达2.65万亿元，长期股权投资规模 2.60万亿元，合计占比超16%，较2024年末显著提升。 试点规模超两千亿，参与险企扩容 对于此次投资设立太平（深圳）私募证券投资基金管理有限公司，太平资产表示，旨在积极响应保险资 金长期投资改革试点。截至2024年末，太平资产管理资产总规模超过1.5万亿元 ...

Group 1 - The Hong Kong stock market has seen significant activity in 2025, with southbound capital net purchases exceeding the total for the previous year, and IPO financing returning to the top globally [1][4] - The average daily trading volume of ETFs in the Hong Kong market has surged to 33.8 billion HKD, a 184% increase compared to the previous year [2] - The Hong Kong Internet ETF has attracted over 33 billion HKD in net inflows this year, making it the only ETF in the market to surpass 30 billion HKD [3] Group 2 - The performance of Hong Kong-related ETFs has been outstanding, with 19 ETFs rising over 50% this year, 18 of which are invested in Hong Kong stocks; the Hang Seng Innovation Drug ETF leads with a 97% increase [4] - The Hang Seng Index has risen by 23.92% this year, outperforming major global indices such as the S&P 500, which increased by 8.63% [4] Group 3 - Foreign investment banks, including Goldman Sachs, have repeatedly raised their target prices for the Hong Kong Stock Exchange, indicating positive sentiment [5] - Insurance capital has been actively purchasing Hong Kong stocks, with 22 instances of capital injection this year, favoring undervalued and high-dividend assets [6] Group 4 - Analysts predict that the Hong Kong stock market will continue its bull run in the second half of the year, with internet giants expected to increase investments in AI infrastructure [7] - The current valuation of Hong Kong internet stocks is considered low, and the ongoing AI wave is expected to drive technology leaders in the region to outperform the market [7]

Group 1 - The core viewpoint of the article indicates that Jinglin Hong Kong has made significant adjustments to its U.S. stock holdings, with a total market value of $2.873 billion as of the end of Q2, equivalent to approximately 20.6 billion RMB [1] - Jinglin Hong Kong has initiated new positions in Nvidia, Atour, and Huazhu Group, while increasing stakes in Facebook, Manbang Group, Qifu Technology, Alphabet, Sea, TAL Education, and BeiGene [1][3] - The firm has reduced holdings in several companies, including NetEase, Pinduoduo, Futu Holdings, Beike, New Oriental, Nebius Group, Alibaba, Intel, TSMC, Ctrip, Astra Solar, Liberty Media, and Hesai Technology, and has completely exited positions in Apple, UnitedHealth Group, Regeneron Pharmaceuticals, Pfizer, Legend Biotech, and ZTO Express [1][3] Group 2 - Meta remains the largest holding for Jinglin Hong Kong, with a market value of approximately $731.7 million, accounting for 25.45% of its total U.S. stock holdings [3] - The top ten holdings collectively amount to $2.534 billion, representing over 88% of the total U.S. stock portfolio [1] - The firm emphasizes the importance of identifying new companies with strong business models and robust free cash flow, suggesting that companies with monopolistic advantages in rights, technology, scarce resources, and brand recognition are particularly valuable [1][4] Group 3 - The Hong Kong market has seen a resurgence in IPO financing, becoming the top market globally in the first half of the year, signaling a shift in international capital's perception of Chinese assets [5][6] - Southbound capital has net purchased over HKD 900.8 billion this year, surpassing the total for the previous year, indicating increased investor interest in Hong Kong stocks [7] - The average daily trading volume for ETFs has surged to HKD 33.8 billion, a 184% increase year-on-year, reflecting strong demand for Hong Kong-listed ETFs [9] Group 4 - The Hang Seng Index has risen by 23.92% year-to-date, outperforming major global indices such as the S&P 500, which has increased by 8.63% [18] - Several foreign investment banks, including Goldman Sachs, have raised their target prices for the Hong Kong Stock Exchange, indicating positive sentiment towards the market [18] - Insurance capital has been actively acquiring shares in Hong Kong stocks, with 22 instances of stake increases reported this year, focusing on undervalued, low-volatility, high-dividend, and high-certainty performance assets [19]

Core Viewpoint - The insurance company Hongkang Life has triggered a stake acquisition in Honghua Smart Energy by purchasing 458,000 shares, representing approximately 5.00005% of the company's H-shares, marking the first announcement of such an acquisition in 2024 [1][5]. Group 1: Insurance Capital Movements - Since the beginning of 2025, a total of 11 insurance institutions have made stake acquisitions in listed companies, surpassing the 8 institutions from the entire year of 2024 [6]. - The participating insurance institutions include Ping An Life, China Life, Taikang Life, Xinhua Life, and Lianan Life, with a total of 22 stake acquisitions recorded in 2025 after excluding related party acquisitions of the same company [6]. - The main sectors targeted by these stake acquisitions include banking, infrastructure, new energy, electricity, and pharmaceuticals [6]. Group 2: Reasons for Stake Acquisitions - The ongoing trend of stake acquisitions by insurance capital is expected to continue due to two main reasons: the pressure of "asset scarcity" from declining market interest rates, necessitating a focus on equity asset allocation for favorable investment returns [6]. - Additionally, from an accounting perspective, including stake acquisition targets in FVOCI (Fair Value Through Other Comprehensive Income) asset measurement helps mitigate the impact of stock price fluctuations on profits [6][7]. Group 3: Characteristics of Acquired Stocks - Most of the stake acquisition targets by insurance capital exhibit high dividend characteristics, with a focus on FVOCI stocks and long-term equity investments [7]. - FVOCI stocks primarily contribute dividend income to investment returns, while long-term equity investments consider multiple factors such as ROE, dividend ratio, and dividend yield [7]. - The shift in accounting standards and the strengthening of state-owned enterprise market value assessments may lead insurance capital to replicate the "insurance capital + undervalued state-owned enterprise" strategic synergy model [7].

北京商报讯(记者李秀梅)8月7日，弘康人寿保险股份有限公司(以下简称"弘康人寿")公告称，公司参与举牌港华智慧能源。 弘康人寿表示，本次举牌前，公司直接持有港华智慧能源股票1.81172亿股，占其股本比例为4.9874%。8月4日，公司买入港华智慧能源股票45.8万股触发举 牌。本次举牌后，公司直接持有港华智慧能源股票1.8163亿股，占其股本比例为5.00005%。 ...