Core Viewpoint - Hong Kong is set to establish a gold central clearing system to provide efficient and reliable clearing services for various transactions, with a pilot operation expected to start this year [1] Company Summary - Bank of China Hong Kong (02388) saw a nearly 3% increase in stock price, reaching HKD 40.86 with a trading volume of HKD 263 million [1] - The bank's Vice President Wang Huabin expressed full support for the Hong Kong government's initiatives to enhance the gold market infrastructure and promote cooperation between Shanghai and Hong Kong [1] Industry Summary - The Hong Kong government plans to expand gold investment channels and establish a commodity trading organization [1] - Over the next three years, Hong Kong aims to increase gold storage to 2,000 tons and build a regional gold reserve hub [1] - The new measures reflect a commitment to collaboratively build an Asian gold ecosystem between the two major financial centers [1]

Market Overview - The Hang Seng Index (HSI) closed at 26,752.51, down by 13.01 points or 0.05% as of January 26, 16:00 Eastern Time [1] - The index reached a high of 26,826.45 and a low of 26,622.25 during the trading session, with a trading volume of 35.7947 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 19,335.70, indicating a trading range of 0.76% [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 132.695, up by 1.29% compared to the Hong Kong market close [2] - Tencent Holdings closed at HKD 600.708, reflecting a slight increase of 0.2% from the Hong Kong market close [2] - Alibaba Group (BABA) saw a decline of 1.96%, closing at HKD 165.200 [3] - Xiaomi Group (01810) decreased by 2.81%, closing at HKD 35.220 [3] - AIA Group (01299) remained unchanged at HKD 83.050 [3] Notable Stock Movements - New World Development (00016) experienced a significant increase of 3.93%, closing at HKD 119.000 [3] - Kuaishou Technology (01024) fell by 3.26%, closing at HKD 78.600 [3] - JD.com (09618) rose by 1.05%, closing at HKD 116.000 [3] - Ctrip Group (09961) increased by 1.40%, closing at HKD 492.200 [3]

Investment Rating - The report maintains a positive long-term outlook for the insurance sector, indicating a strong continuity in market performance despite recent fluctuations [2][12][16]. Core Insights - The financial sector experienced a mixed performance this week, with the non-bank financial index down by 1.45%, underperforming the CSI 300 index by 0.83 percentage points. The insurance sector saw a decline of 4.02%, while the brokerage sector decreased by 0.61% [1][10]. - The insurance sector's performance is driven by two main factors: policy support leading to economic recovery and liquidity easing combined with a strong stock market. The report suggests a shift from liquidity-driven growth to a focus on macro policy support and economic recovery expectations [2][13][16]. - The brokerage sector is expected to benefit from new regulations that enhance investment management quality, with a recommendation to focus on larger, undervalued firms and those involved in mergers and acquisitions [3][18]. - The banking sector is facing a slight decline, but there are signs of recovery in profitability for leading banks, with recommendations to focus on banks with high dividend yields and those expected to benefit from market conditions [19][21]. Summary by Sections Insurance Sector - The insurance sector's recent decline is attributed to short-term market sentiment and liquidity changes, but the long-term outlook remains positive due to strong support from both the liability and asset sides [2][12][16]. - Key recommendations include focusing on companies like China Pacific Insurance, China Ping An, China Life (H), and China Taiping, with a specific recommendation for New China Life [4][16]. Brokerage Sector - The brokerage sector's performance is slightly better than the overall market, with a focus on the new guidelines from the regulatory body that aim to improve fund management quality [3][17]. - Recommended firms include Guotai Junan, Huatai Securities, and others, particularly those with strong merger and acquisition prospects [4][18]. Banking Sector - The banking sector has shown a decline but is expected to stabilize, with recommendations to focus on banks with high earnings elasticity and strong dividend yields [19][21]. - Specific banks to watch include Hangzhou Bank, Ningbo Bank, and others, with a focus on those that have previously been undervalued [4][21].

Market Overview - The Hang Seng Index (HSI) closed at 26,739.45, up by 109.49 points or 0.41% as of January 22, 16:00 Eastern Time [1] - The index reached a high of 26,865.49 and a low of 26,707.64 during the trading session, with a trading volume of 74.379 million shares [1] Stock Performance - HSBC Holdings closed at HKD 130.600, an increase of 0.69% compared to the previous close [2] - Tencent Holdings closed at HKD 594.990, a decrease of 0.42% compared to the previous close [2] - Alibaba Group (ADR) saw a price increase of 4.78%, closing at HKD 164.800, while its ADR price was USD 172.684 [3] - Other notable stock movements include: - China Ping An: down 2.34% to HKD 66.900 [3] - Baidu Group: up 4.10% to HKD 160.000 [3] - BYD Company: up 0.71% to HKD 99.750 [3] - New World Development: up 3.63% to HKD 114.200 [3]

Market Overview - The Hang Seng Index (HSI) closed at 26,547.45, down by 37.61 points or 0.14% [1] - The index reached a high of 26,639.66 and a low of 26,442.66 during the trading session [1] - The average price for the day was 26,541.16, with a trading volume of 49.443 million shares [1] Blue-Chip Stocks Performance - HSBC Holdings closed at 129.700 HKD, up by 1.17% compared to the previous close [2] - Tencent Holdings closed at 599.924 HKD, down by 0.43% compared to the previous close [2] - Alibaba Group (ADR) saw an increase of 2.19%, closing at 163.200 HKD [3] - Notable declines included NetEase, which fell by 3.70% to 208.000 HKD [3] Individual Stock Movements - Tencent Holdings (ADR) was priced at 599.924, reflecting a decrease of 0.43% compared to its Hong Kong price [3] - Alibaba's ADR was at 164.396, showing an increase of 0.73% compared to its Hong Kong price [3] - HSBC's ADR was at 129.700, indicating an increase of 1.17% compared to its Hong Kong price [3] - Other notable movements included Baidu Group, which increased by 3.29% to 153.700 HKD [3]

Core Viewpoint - The mortgage refinancing market in Hong Kong is expected to decline in 2025, with a projected 6,941 registrations, representing a 14.4% decrease from 2024, marking the lowest level since records began in 2010 [1] Group 1: Market Trends - The mortgage refinancing market has been weak due to banks raising interest rates for new and refinancing plans in 2023, leading to existing mortgage holders having lower interest rates than current market rates [1] - Despite a stabilization and slight recovery in property prices since last year, they remain over 20% below their peak, resulting in weak incentives for refinancing [1] Group 2: Market Share - Bank of China Hong Kong (02388) is projected to maintain the highest market share in mortgage refinancing at 25% for 2025, marking its fourth consecutive year in this position [1] Group 3: Future Outlook - The mortgage refinancing market is expected to rebound in 2026, driven by improving property valuations and a declining interest rate environment, which will lower funding costs [2] - Factors such as increased bank incentives and easier approval processes for refinancing applications are anticipated to contribute to a rise in refinancing registrations from low levels [2]

Market Overview - The Hang Seng Index closed at 26,246.02, down by 241.49 points or 0.91% [1] - The index reached a high of 26,469.55 and a low of 26,233.40 during the trading session [1] - The average price for the day was 26,351.48, with a trading volume of 46.7434 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 128.682, up by 0.22% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 593.183, down by 1.30% compared to the Hong Kong close [2] - Alibaba Group (W) closed at HKD 159.700, down by 0.44% [3] - Xiaomi Group (W) closed at HKD 35.480, down by 2.74% [3] - Meituan (W) closed at HKD 97.350, down by 1.17% [3] Stock Price Changes - Tencent Holdings saw a decrease of HKD 9.000, or 1.48% [3] - HSBC Holdings increased by HKD 1.400, or 1.10% [3] - China Ping An rose by HKD 0.600, or 0.88% [3] - BYD Company experienced a decline of HKD 3.700, or 3.67% [3] - Kuaishou Technology (W) fell by HKD 0.700, or 0.91% [3]

BANK OF CHINA LIMITED BOC HONG KONG (GROUP) LIMITED BOC HONG KONG (BVI) LIMITED BOC HONG KONG (HOLDINGS) LIMITED AND BANK OF CHINA (HONG KONG) LIMITED SERVICES AND RELATIONSHIP AGREEMENT CONTENTS | Clause Page | | --- | | 1. INTERPRETATION . | | 2. SERVICES TO BE PROVIDED AND GENERAL PRINCIPLES . | | 3. ANNUAL BUDGET AND SERVICE PLAN AND CHANGES TO THE | | SERVICES . | | 4. COMPENSATION AND PAYMENTS FOR SERVICES . | | 5. LIABILITY AND INDEMNITY | | 6. WARRANTIES . | | 7. LICENCES AND CONSENTS | | 8. CONDUCT ...

董事會函件載於本通函第4頁至第14頁。獨立董事委員會函件載於本通函第15頁，當中載有其向獨立股東提供 的推薦建議。獨立財務顧問嘉林資本的函件載於本通函第16頁至第32頁，當中載有其向獨立董事委員會及獨立 股東提供的意見。召開股東週年大會以批准（其中包括）持續關連交易及新上限的通告連同股東週年大會適用代 表委任表格將於2026年4月或5月另行寄發予股東。 此乃要件 請即處理 閣下如對本通函或應採取的行動有任何疑問，應諮詢 閣下的股票經紀或其他註冊證券商、銀行經理、律師、專 業會計師或其他專業顧問。 閣下如已將名下全部中銀香港（控股）有限公司股份售出或轉讓，應立即將本通函交予買方或承讓人，或送交經 手買賣或轉讓的銀行、股票經紀或其他代理商，以便轉交買方或承讓人。 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通函的內容概不負責，對其準確性或完整性亦不發表 任何聲明，並明確表示，概不就因本通函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。 （ 於 香 港 註 冊 成 立 之 有 限 公 司 ） 股份代號：2388（港幣櫃台）及82388（人民幣櫃台） 2026年1月21日 持續關連交 ...

Core Viewpoint - Hong Kong is positioned as a vital player in the national strategy and financial innovation, leveraging its unique advantages as an international financial center [1] Group 1: Hong Kong's Financial Position - Hong Kong is the largest offshore RMB business hub, the second-largest cross-border wealth management center, the third-largest exchange-traded products market, and the fourth-largest foreign exchange market globally [2] - The core competitiveness of Hong Kong's international financial center stems from its connection to the mainland and its alignment with international legal and regulatory frameworks [2] - The IPO market in Hong Kong has shown significant recovery, enhancing the attractiveness of its capital market and serving as a strategic support for maintaining its traditional advantages in the international financial landscape [2] Group 2: Regional Financial Cooperation - Hong Kong plays a crucial role as a bridge for investment and trade between the mainland and ASEAN, driving new momentum for regional financial development [2][3] - The establishment of capital market connectivity mechanisms between Hong Kong and the mainland facilitates efficient investment and financing channels for both regions [3] Group 3: Cross-Border Financial Hub Development - The acceleration of mainland enterprises going global necessitates Hong Kong to enhance its services for cross-border investments, positioning itself as a key hub for these enterprises [4] - Financial institutions in Hong Kong are encouraged to develop a comprehensive service system that includes equity investment, debt financing, and merger advisory services to capitalize on new opportunities arising from industrial chain restructuring [4] - Hong Kong's financial sector is expected to support the internationalization of mainland brands, particularly in the automotive industry, by providing comprehensive financial services [4] Group 4: Risk Management and Currency Use - Hong Kong's financial industry should actively address global capital's demand for risk aversion and enhance risk management tools to create a safe haven for international capital [4] - There is a need to strengthen the cross-border and international use of the RMB, enriching the offshore RMB product system to solidify Hong Kong's position as the largest offshore RMB business hub [4]