Core Viewpoint - The "Annual Brand Value Award" was presented to Shango New Energy (1250.HK) during the "Technology Empowerment · Capital Breakthrough" online sharing session hosted by Gelonghui, recognizing companies with the highest brand value in the capital market [1] Group 1 - The "Annual Brand Value Award" aims to honor enterprises with exceptional brand value, which is crucial for their survival and development [1] - The award evaluates brand value from multiple perspectives, including brand differentiation, recognition, and customer loyalty [1] - Selected companies have demonstrated innovation and outstanding practices in enhancing their brand value [1]

Market Performance - The Hong Kong stock market opened high but experienced fluctuations, closing with the Hang Seng Index down 0.11% at 25,774.14 points, the Hang Seng Tech Index down 0.69% at 5,488.89 points, the National Enterprises Index down 0.29% at 8,913.83 points, and the Red Chip Index down 0.19% at 4,067.53 points [1] Sector Performance - Large tech stocks showed mixed performance: Alibaba rose 0.55%, Tencent fell 2.03%, JD.com increased by 0.45%, Xiaomi dropped 1.51%, NetEase decreased by 0.65%, Meituan rose 0.39%, Kuaishou fell 3.52%, and Bilibili decreased by 0.05% [1] - Gold stocks continued to rise, with WanGuo Gold Group up over 5%, Shandong Gold up over 4%, and Zhaojin Mining up over 2% [1] - Wind power stocks led gains, with Dongfang Electric up over 8% [1] - Biotech stocks declined, with Yaojie Ankang down over 18% [1] - Chinese brokerage stocks opened high but closed lower, with Dongfang Securities down over 1% [1] Company News - Cathay Pacific reported 2.5304 million passengers in November, a year-on-year increase of 26% [2] - Shandong High New Energy's subsidiary signed an EPC contract worth RMB 405.5 million [2] - China General Nuclear Power's units are in testing, with adjusted operational timelines for 2026 [2] - Lehua Entertainment signed a business cooperation framework agreement with Youku [3] - Dipo Technology entered a strategic cooperation agreement with Muxi Co., focusing on enterprise-level AI applications [4] - Nanshan Aluminum's alumina design capacity has been increased to 4 million tons [7] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with supply and demand pressures expected to persist into the year-end [10] - Guotou Securities highlighted the historical strength of U.S. stocks at year-end, despite uncertainties regarding interest rates and inflation paths for 2026 [10] - Galaxy Securities recommended focusing on the tech sector as a long-term investment theme, anticipating a rebound due to multiple favorable factors [10]

Market Overview - The Hong Kong stock index opened higher but showed mixed performance, with the Hang Seng Index up 0.18% at 25,848.99 points, the Hang Seng Tech Index down 0.42% at 5,503.87 points, the National Enterprises Index up 0.11% at 8,949.28 points, and the Red Chip Index up 0.39% at 4,091.24 points [1] - Major tech stocks exhibited varied movements, with Alibaba up 0.68%, Tencent down 1.46%, JD.com up 0.98%, Xiaomi down 1.66%, NetEase up 0.19%, Meituan up 0.39%, Kuaishou down 3.6%, and Bilibili up 0.41% [1] - Wind power stocks led the gains, with Dongfang Electric rising over 5%, while gold stocks continued their upward trend, with Shandong Gold also up over 5% [1] - The lithium battery sector saw significant increases, with Ganfeng Lithium up over 4%, and building materials and cement stocks remained active, with Dongwu Cement reaching a historical high [1] - Mobile game stocks, Apple concept stocks, and new energy vehicle companies mostly declined [1] - Newly listed company Relax Health saw a first-day increase of over 145%, while Nobi Kan surged 338.75% in half a day [1] Corporate News - Vanke Enterprises (02202.HK) extended the grace period for the principal and interest payment of its fourth phase of medium-term notes (total principal of 2 billion yuan) to 30 trading days [2] - Cathay Pacific (00293.HK) reported 2.5304 million passengers in November, a year-on-year increase of 26% [3] - Shanhigh New Energy (01250.HK) signed an EPC contract with China Railway 17th Bureau for a total price of 405.5 million yuan [3] - China General Nuclear Power (01816.HK) announced that the commissioning of Units 1 and 2 in Huizhou has been adjusted to the first half and second half of 2026, respectively [3] - Lehua Entertainment (02306.HK) entered into a business cooperation framework agreement with Youku Information Technology [4] - Xinyang Global Holdings (00723.HK) signed a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [4] - Tabo (06110.HK) reported a high single-digit year-on-year decline in total sales for its retail and wholesale business in Q3 of the 2025/26 fiscal year [4] - Dipo Technology (01384.HK) entered into a strategic cooperation agreement with Muxi Co., aiming to deepen their strategic partnership in enterprise-level large model AI applications [4] - He Yu-B (02256.HK) received approval from China's NMPA for its CSF-1R inhibitor Beijiemai® [5] - Saint Noble Pharmaceuticals-B (02257.HK) completed Phase I trials for its experimental drug STP707 and formally submitted a clinical research report to the FDA [6] - Nanshan Aluminum International (02610.HK) increased its annual production capacity for alumina to 4 million tons [7] - Rungo Interactive (02422.HK) plans to sell 75% of its stake in Xi'an Tiantai Innovation Technology Co., Ltd. for 11.3 million yuan [8] - China Tianhua Chemical (00362.HK) received guidance from the Hong Kong Stock Exchange for resuming trading, but remains suspended [9] Institutional Insights - Huatai Securities noted that the market is still in a left-side layout phase, with the right-side turning point not yet clear. There is strong consensus on an early spring rally, but year-end supply and demand pressures create uncertainty for a "Santa rally." The first quarter may present a higher probability phase for investment [10] - CITIC Securities observed that after a unilateral rise in September, the Hong Kong stock market has experienced fluctuations since October due to repeated overseas macro expectations. Quality assets in the Hong Kong market have re-entered a high cost-performance zone, and with continued northbound capital inflow and improved profit expectations, the market is entering a significant year-end trading window [10] - China Galaxy suggested focusing on the technology sector as a long-term investment theme, which is expected to rebound after previous adjustments. The consumer sector is anticipated to receive substantial policy support, with current valuations at relatively low levels, indicating significant long-term upside potential [11]

Company News - Vanke Enterprise (02202.HK) has extended the grace period for the principal and interest payment of its fourth tranche of medium-term notes (total principal of 2 billion yuan) to 30 trading days [1] - Cathay Pacific Airways (00293) reported a passenger count of 2.5304 million in November, representing a year-on-year increase of 26% [1] - Shandong High New Energy (01250.HK) announced that its subsidiary Wuxiang Beiqing Smart Energy has signed an EPC contract with China Railway 17th Bureau, with a total contract value of 405.5 million yuan [1] - China General Nuclear Power (01816) reported that the commissioning of Units 1 and 2 in Huizhou has been adjusted, with expected operational dates moved to the first half and second half of 2026, respectively [1] Strategic Partnerships - Lehua Entertainment (02306.HK) has signed a business cooperation framework agreement with Youku Information Technology and Youku for 2026 [2] - Xinbao Global Holdings (00723.HK) has entered into a cooperation agreement with Guangxi Fenglin (601996.SH) to jointly develop the EU wood board and related product market [2] - Dipo Technology (01384.HK) has established a strategic cooperation agreement with Muxi Co., aiming to deepen collaboration in enterprise-level large model AI applications across key industries such as manufacturing, commercial circulation, transportation, and healthcare [2] Product Development - He Yu-B (02256.HK) announced that its CSF-1R inhibitor Beijiemai® has received approval from China's NMPA [3] - Saint Noble Pharmaceuticals-B (02257.HK) has completed Phase I trials for its investigational drug STP707 and has formally submitted the clinical research report to the FDA [4] - Nanshan Aluminum International (02610.HK) has increased its annual production capacity for alumina to 4 million tons [5] Share Buybacks - Tencent Holdings (00700.HK) repurchased 1.035 million shares at a cost of 636 million HKD, with repurchase prices ranging from 610.5 to 620 HKD [8] - Xiaomi Group-W (01810.HK) spent approximately 149 million HKD to repurchase 3.75 million shares, with prices between 37.61 and 42.50 HKD [9] - Giant Bio (02367.HK) repurchased approximately 14.43 million HKD worth of 400,000 shares, with prices between 34.71 and 36.34 HKD [10]

集团始终积极且深度地融入国家战略规划布局以及山东高速集团所构建的多元发展生态体系。集团持续 看好中国经济向好发展，积极融入清洁能源领域的新发展格局，并积极推进中国政府根据2030年实现二 氧化碳排放峰值、2060年实现碳中和的"十四五"规划大力支持的此领域项目。通过在全国各地不断拓展 清洁能源市场，本项目的投资、建设与运营将进一步提升集团于山西省市场的战略布局、业务领域及足 迹。此举不仅有助于集团实现新能源领域多元化业务组合的持续发展，亦将于未来拓宽集团的收益基 础，强化集团的长期竞争力并提升盈利能力。 项目：位于山西省长治市武乡县的100兆瓦光伏发电项目；服务范畴：根据EPC合同的条款，承包人将 完成项目的建设，包括光伏电站、升压站的勘察和设计，以及所有设备和材料的采购、运输和储存。 格隆汇12月22日丨山高新能源(01250.HK)公告，于2025年12月22日，武乡北清智慧能源(为公司间接非 全资附属公司，作为发包人)与中铁十七局第二工程(作为承包人)订立EPC合同。根据EPC合同，武乡北 清智慧能源同意委聘承包人就项目提供EPC服务，合同总价为人民币405,513,902.57元(含税)(可在国家 税 ...

山高新能源(01250)发布公告，于2025年12月22日，武乡北清智慧能源(为本公司的间接非全资附属公 司，作为发包人)与中铁十七局第二工程(作为承包人)订立EPC合同。根据EPC合同，武乡北清智慧能源 同意委聘承包人就项目(位于山西省长治市武乡县的100兆瓦光伏发电项目)提供EPC服务，合同总价为人 民币4.055亿元(含税)(可在国家税务政策更改时调整)。 本集团始终积极且深度地融入国家战略规划布局以及山东高速（600350）集团所构建的多元发展生态体 系。本集团持续看好中国经济向好发展，积极融入清洁能源领域的新发展格局，并积极推进中国政府根 据2030年实现二氧化碳排放峰值、2060年实现碳中和的"十四五"规划大力支持的此领域项目。通过在全 国各地不断拓展清洁能源市场，本项目的投资、建设与运营将进一步提升本集团于山西省市场的战略布 局、业务领域及足迹。此举不仅有助于本集团实现新能源领域多元化业务组合的持续发展，亦将于未来 拓宽本集团的收益基础，强化本集团的长期竞争力并提升盈利能力。 ...

Core Viewpoint - The company has signed an EPC contract for a 100 MW photovoltaic power project in Shanxi Province, with a total contract value of RMB 405.5 million, indicating a strategic move towards expanding its clean energy portfolio and enhancing long-term competitiveness [1] Group 1 - The EPC contract was established between Wuxiang Beiqing Smart Energy (the company's indirect non-wholly owned subsidiary) and China Railway 17th Bureau Group, with the project scheduled for completion by December 22, 2025 [1] - The total contract price is RMB 405.5 million, which is subject to adjustments based on national tax policy changes [1] Group 2 - The company is actively integrating into national strategic planning and the diversified development ecosystem established by Shandong Hi-Speed Group, reflecting a commitment to the clean energy sector [1] - The project aligns with China's 14th Five-Year Plan, which supports achieving peak carbon emissions by 2030 and carbon neutrality by 2060, showcasing the company's proactive approach to government initiatives [1] Group 3 - The investment, construction, and operation of this project will enhance the company's strategic layout and business footprint in Shanxi Province, contributing to a diversified business portfolio in the renewable energy sector [1] - This initiative is expected to broaden the company's revenue base and strengthen its long-term competitiveness and profitability [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。 （於開曼群島註冊成立之有限公司） （股份代號：01250） 有關EPC合同的須予披露交易 訂立EPC合同 董事會宣佈，於二零二五年十二月二十二日（交易時段後），武鄉北清智慧能源（為 本公司之間接非全資附屬公司，作為發包人）與中鐵十七局第二工程（作為承包 人）訂立EPC合同。根據EPC合同，武鄉北清智慧能源同意委聘承包人就項目提供 EPC服務，合同總價為人民幣405,513,902.57元（含稅）（可在國家稅務政策更改時調 整）。 上市規則之涵義 於本公告日期，由於EPC合同項下擬進行之交易的一項或多項適用百分比率（定義 見上市規則第14.07條）超過5%但低於25%，故就本公司而言，EPC合同項下擬進行 之交易構成上市規則第14章項下之須予披露交易，並須遵守上市規則項下之申報 及公告規定。 1 訂立EPC合同 董事會宣佈，於二零二五年十二月二十二日（交易時段後），武鄉北清智慧能源（為 本公司之間接非全資 ...

Group 1 - The "Annual Growth Value Award" recognizes companies with significant growth potential in the capital market, emphasizing the importance of continuous growth for sustainable development [1][2] - The award selection process involves quantitative data analysis and expert review to identify companies that are proactive and committed to expansion [1] - The event highlighted ten companies that received the "Annual Growth Value Award," including 比优集团 (Biyou Group), 地平线机器人-W (Horizon Robotics-W), and others, listed in alphabetical order [1] Group 2 - The "Golden Grid Award" aims to create a valuable reference list of listed companies and unicorns, covering all companies listed on major exchanges such as the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, and others [2] - The initiative reflects a global perspective with a focus on investment opportunities in China [2]

Core Insights - The "Golden Award" annual outstanding company selection by Gelonghui will announce its results on December 22, highlighting companies with significant brand value in the capital market [1][2] - The "Annual Brand Value Award (Small and Medium Market Capitalization)" recognizes companies that have achieved the highest brand value, emphasizing the importance of brand differentiation, awareness, and customer loyalty [1] Group 1: Award Recipients - Ten companies have been awarded the "Annual Brand Value Award (Small and Medium Market Capitalization)", including Crazy Sports (00082.HK), H&H International Holdings (01112.HK), Huaxing Capital Holdings (01911.HK), and others [1] - The award selection process involved quantitative data analysis and expert review to determine the final results [1] Group 2: Evaluation Criteria - The award evaluates brand value from multiple perspectives, including brand differentiation, recognition, and customer loyalty [1] - The aim of the selection is to create a reference for the most valuable listed companies and unicorns in the investment community [2]