Core Viewpoint - In January 2026, China's commercial vehicle industry experienced a 23% year-on-year growth in overall sales, with the truck market growing by 28%, indicating a strong start to the year [1][3]. Group 1: Truck Market Performance - The truck market sold a total of 323,500 units in January 2026, showing a 10% decrease from December 2025 but a 28% increase year-on-year [3]. - The light truck market, which includes light trucks, small trucks, and pickups, sold 159,500 units in January 2026, reflecting a 20% month-on-month decline and an 8% year-on-year growth [3][5]. - The light truck market's 8% year-on-year growth is significantly lower than the overall truck market's growth, making it the only segment to underperform compared to the market average [5]. Group 2: Historical Context and Market Dynamics - The January 2026 light truck sales of 159,500 units rank as the fourth highest in the past decade, with the average sales for January typically around this figure [5]. - The performance in January 2026 is considered moderate, attributed to the absence of the Spring Festival impact that affected January 2025 sales [5][16]. Group 3: Company Performance and Market Share - Five companies sold over 10,000 light trucks in January 2026, with Foton leading at 36,300 units, followed by JAC, Dongfeng, Great Wall, and Jiangling [8][9]. - The top ten companies in the light truck market accounted for 88.4% of total sales, with the top five companies alone holding 62.7% of the market share [8]. - Among the top ten companies, eight experienced sales growth compared to the previous year, with Dongfeng and Farizon showing significant increases of 61% and 91%, respectively [12][14]. Group 4: Market Outlook - The light truck market in 2026 is expected to be competitive, with various companies vying for market share and performance improvements [16].

Market Overview - The Hong Kong stock market showed initial gains but narrowed its increase, with the Hang Seng Index closing up 0.58% above 27,000 points, while the Hang Seng China Enterprises Index and Hang Seng Tech Index rose by 0.81% and 0.62% respectively [1][2]. Sector Performance - Technology stocks rebounded, driven by AI application stocks, with the stock of Reading Group surging over 15%. The film and entertainment sector remained active, and the biopharmaceutical sector saw widespread gains, led by Fuhong Hanlin [3][4]. - New consumption concept stocks, paper industry stocks, home appliance stocks, shipping stocks, and automotive stocks mostly increased. Conversely, education stocks faced declines, with gaming stocks collectively sluggish, and real estate, gas, electric, and telecom stocks also underperformed [3][4]. Notable Stocks - AI application stocks saw significant gains, with Reading Group rising 15.41%, and Zhiyun up 14.81%, reaching a new historical high during the session. Other stocks like Fubo Group and Yidu Technology also experienced increases [6][8]. - In the film sector, Orange Sky Entertainment rose over 7%, with other companies like Damai Entertainment and Ningmeng Film also following suit [10]. - The biopharmaceutical sector was buoyed by Fuhong Hanlin's increase of over 7%, with other companies like WuXi Biologics and WuXi AppTec also seeing gains [12]. Industry Insights - The real estate sector faced pressure, with Shimao Group dropping over 6% amid ongoing sales challenges in the industry. Major real estate companies are reportedly initiating organizational restructuring [13][14]. - Education stocks struggled, with Guangzheng Education falling over 5%, alongside declines in New Oriental and other educational institutions [15]. Investment Outlook - According to Everbright Securities, the current liquidity environment in the Hong Kong stock market is entering an observation period, with limited space for further tightening. Positive catalysts could lead to a recovery in market sentiment and capital inflow [22].

Core Viewpoint - In 2025, the "Light Truck First Influence Index" for nine major domestic light truck brands showed a total score of 17,701, a decrease of 7.3% compared to 2024, primarily due to the reduction in the number of companies from ten to nine, while the average score still indicated growth [1][4]. Group 1: Brand Rankings and Scores - Jianghuai 1 Card ranked first with a score of 3,861, holding a significant lead with a score share of 21.81% [2][6]. - Dongfeng Light Truck ranked second with a score of 2,727, improving its position by one rank and increasing its score share by 2.82 percentage points to 15.41% [14][15]. - Jiefang Light Truck ranked third with a score of 2,660, achieving a score share of 15.03%, an increase of 2.18 percentage points from the previous year [17]. - China National Heavy Duty Truck HOWO ranked fourth with a score of 2,291, also moving up one position with a score share of 12.94%, an increase of 1.24 percentage points [19]. - Remote Light Commercial Vehicle entered the top five for the first time with a score of 1,720, achieving a score share of 9.72% [22][25]. - Qingling Light Truck ranked sixth with a score of 1,421, improving its rank by two positions with a score share of 8.03% [27]. - Foton Aoling ranked seventh with a score of 1,334, showing a slight increase in score share to 7.54% [31]. - Jiangling Light Truck ranked eighth with a score of 1,104, achieving a score share of 6.24% [31]. - Yutong Light Truck ranked ninth with a score of 583, with a score share of 3.29% [33]. Group 2: Key Events and Innovations - Jianghuai 1 Card launched several new products in 2025, including the Kunkun ET9, showcasing its strong R&D capabilities [10][12]. - Dongfeng Light Truck held a global new product and technology promotion conference, launching new strategic vehicles and enhancing its service brand [16][17]. - Jiefang Light Truck focused on customer rewards and launched several promotional activities, including a significant order of 500 electric light trucks [17][20]. - China National Heavy Duty Truck HOWO introduced new products and held a "Energy-saving King" challenge to promote its light trucks [19][20]. - Remote Light Commercial Vehicle emphasized its "alcohol-hydrogen + electric" technology and launched multiple new products, securing significant orders [22][25]. - Qingling Light Truck hosted an innovation development conference and launched several new products, focusing on multi-technology paths [27][29].

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: 2026年1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: 橙天嘉禾娛樂（集團）有限公司 呈交日期: 2026年2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) | 01132 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 6,000,000,000 | HKD | | 0.1 | HKD | | 600,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 6,000,000,000 | HKD | | 0.1 | HKD | | 600,000,000 | 本月底法定/ ...

Core Viewpoint - The company, Orange Sky Golden Harvest Entertainment (01132), announced the resignation of co-CEO Mao Yimin, effective from February 1, 2026, due to his desire to focus more on personal matters [1]. Group 1 - Mao Yimin has submitted his resignation as co-CEO of the company [1]. - The resignation will take effect on February 1, 2026 [1]. - The reason for the resignation is Mao's wish to dedicate more time to personal affairs [1].

橙天嘉禾(01132)发布公告，毛义民先生(毛先生)已提呈辞任本公司联席首席执行官，原因为彼希望投入 更多时间至其个人事务，自2026年2月1日起生效。 ...

格隆汇1月30日丨橙天嘉禾(01132.HK)宣布，毛义民已提呈辞任公司联席首席执行官，原因为彼希望投 入更多时间至其个人事务，自2026年2月1日起生效。 ...

香港交易及結算所有限公司以及香港聯合交易所有限公司對本公佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 ORANGE SKY GOLDEN HARVEST ENTERTAINMENT (HOLDINGS) LIMITED 承董事會命 橙天嘉禾娛樂（集團）有限公司 橙 天 嘉 禾 娛 樂（ 集 團 ）有 限 公 司* （於百慕達註冊成立之有限公司） （股份代號：1132） 聯席首席執行官辭任 橙天嘉禾娛樂（ 集團 ）有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會 （「董事會」）宣佈，毛義民先生（「毛先生」）已提呈辭任本公司聯席首席執行官，原 因為彼希望投入更多時間至其個人事務，自二零二六年二月一日起生效。毛先生 已確認，彼與董事會並無意見分歧，且彼並不知悉有關其辭任之任何事宜須提請 本公司股東垂注。 董事會謹此對毛先生在任職期間對本集團作出之寶貴貢獻致以衷心感謝。 獨立非執行董事： 梁民傑先生 黃斯穎女士 馮志文先生 * 僅供識別 公司秘書 張希銘 香港，二零二六年一月三十日 於本公佈刊發時，本 ...

Core Insights - The China Commercial Vehicle Brand Influence Index Report for 2025 was released by the China-Europe Association for Intelligent Connected Vehicles, utilizing data from the China Association of Automobile Manufacturers and a differentiated scientific evaluation model for a comprehensive analysis of the heavy-duty truck, pickup, light truck, and light passenger vehicle segments [1] Group 1: Heavy-Duty Truck Market - The heavy-duty truck market is characterized by a triad of leading companies, with China FAW ranking first with a score of 738.53, showcasing a media presence of 17.50% and a user satisfaction score of 4.80 [2][3] - Dongfeng and China National Heavy Duty Truck Group follow in second and third place with scores of 709.85 and 699.35 respectively, demonstrating strong market influence and quality control [2][3] - These leading companies are advancing towards more fuel-efficient, reliable, and intelligent products, responding to the logistics industry's demand for cost reduction and efficiency [4] Group 2: Other Commercial Vehicle Segments - In the pickup market, Great Wall Motors leads with a score of 714.11, achieving annual sales of over 181,700 units and maintaining a 28-year streak as the domestic sales champion [5][6] - Dongfeng ranks first in the light truck segment with a score of 702.67, focusing on high-end logistics market strategies [7] - Jiangling Motors leads the light passenger vehicle market with a score of 698.11, emphasizing reliability and low operating costs, with annual sales nearing 100,000 units [8] Group 3: Electrification and Market Dynamics - The year 2025 is pivotal for the electrification of commercial vehicles, transitioning from policy-driven to market-driven dynamics, with new entrants like Radar Automotive gaining attention in the pickup segment [10] - Traditional brands are responding to the challenge posed by new players by launching new electric platforms and products, aiming to transform from vehicle manufacturers to comprehensive smart logistics solution providers [10] - The competition between traditional and new energy brands remains intense, with market restructuring still in progress [11]

Core Viewpoint - The article highlights the robust performance of the pickup truck market in China, with significant year-on-year growth in both sales and production, driven by strong demand in specific regions and the increasing export of Chinese pickup trucks [2][3]. Pickup Truck Sales - In December 2025, the pickup truck market sold 52,000 units, marking an 8.8% year-on-year increase and reaching a five-year high. For the entire year, sales totaled 589,000 units, up 11.8% year-on-year [2]. - December 2025 production reached 48,000 units, a 5.2% increase year-on-year, with total production for the year at 575,000 units, reflecting a 14% year-on-year growth [2]. - Great Wall Motors continues to lead the market, with strong performances from other manufacturers like Changan, SAIC Maxus, and JAC Motors. The market remains characterized by a "one strong, many strong" structure [2]. Regional Demand - The main demand for pickup trucks is concentrated in the Southwest and Northwest regions, which accounted for 46% of total demand in December 2025. In contrast, the performance in the Beijing-Tianjin-Hebei region was weaker [2]. Export Performance - In December 2025, China exported 28,000 pickup trucks, a 12% year-on-year increase, although it saw a 7% month-on-month decline. Total exports for the year reached 300,000 units, up 21% year-on-year [3]. - By 2024, exports are expected to account for 45% of total pickup truck sales, increasing to 50% in 2025, indicating a strong acceleration in the export of Chinese-made pickups [3]. New Energy Pickup Trucks - In December 2025, sales of new energy pickup trucks were 6,000 units, a 3% year-on-year decrease and a 30% month-on-month decline. However, total sales for the year reached 73,000 units, reflecting a remarkable 243% year-on-year growth [3]. - The article notes that the demand for electric light trucks is surging, positioning electrification as a key factor for commercial vehicles to gain road rights. The growth potential for the pickup market is expected to improve with the development of electrification and passengerization [3].