Market Overview - The Hang Seng Index (HSI) closed at 25,845.14, down by 9.46 points or 0.04% [1] - The index had a trading volume of 36.86 million shares, with a high of 25,919.17 and a low of 25,815.14 [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 123.376, up by 0.31% compared to the previous close [2] - Tencent Holdings closed at HKD 599.528, down by 0.08% compared to the previous close [2] Individual Stock Movements - Tencent Holdings: Latest price HKD 600.000, up by HKD 3.500 or 0.59%, ADR price HKD 599.528, down by HKD 0.472 [3] - Alibaba Group: Latest price HKD 144.500, up by HKD 1.200 or 0.84%, ADR price HKD 143.326, down by HKD 1.174 [3] - HSBC Holdings: Latest price HKD 123.000, up by HKD 1.100 or 0.90%, ADR price HKD 123.376, up by HKD 0.376 [3] - AIA Group: Latest price HKD 81.650, down by HKD 0.550 or 0.67%, ADR price HKD 82.070, up by HKD 0.420 [3] - Meituan: Latest price HKD 104.300, up by HKD 0.100 or 0.10%, ADR price HKD 103.410, down by HKD 0.890 [3] - Ctrip Group: Latest price HKD 571.000, up by HKD 11.500 or 2.06%, ADR price HKD 562.723, down by HKD 8.277 [3] - BYD Company: Latest price HKD 97.600, up by HKD 0.500 or 0.51%, ADR price HKD 97.496, down by HKD 0.104 [3]

Group 1 - Southbound funds increased their holdings in Bank of China Hong Kong (02388.HK) by 1.855 million shares on December 30 [1] - Over the past 5 trading days, southbound funds have increased their holdings for 5 days, with a total net increase of 5.3925 million shares [1] - In the last 20 trading days, there have been 13 days of net increases by southbound funds, totaling 6.3911 million shares [1] - Currently, southbound funds hold 382 million shares of Bank of China Hong Kong, accounting for 3.61% of the company's issued ordinary shares [1] Group 2 - Bank of China Hong Kong is one of the three note-issuing banks in Hong Kong and the only RMB clearing bank in the region [2] - The bank ranks prominently in major business markets, leveraging its advantages in RMB services to become the preferred choice for clients [2] - It offers comprehensive financial and investment services to individuals, various enterprises, and institutions through an extensive branch network and efficient electronic channels [2] - The bank provides full-scale and high-quality cross-border services to multinational companies, cross-border clients, and central banks through close collaboration with its parent company, Bank of China [2]

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。 （ 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） 持續關連交易 由於各項投資及轉介關連交易和同業市場關連交易的新上限按上市規則第14.07條所訂 各項適用百分比率為5%或以上，因此各項投資及轉介關連交易和同業市場關連交易均 構成上市規則第十四A章所指不獲豁免的持續關連交易，並須遵守上市規則第十四A章 下的申報、年度審核、公告及獨立股東批准規定。 茲提述有關持續關連交易的2022年公告。誠如2022年公告所披露，自2002年本公司上 市以來，本集團一直與中國銀行集團進行持續關連交易。持續關連交易包括一般關連 交易、投資及轉介關連交易和同業市場關連交易，此等交易均在本集團的日常及一般 業務過程中進行，並受原有服務與關係協議和本集團相關成員據此不時訂立及將訂立的 特定協議約束。 原有服務與關係協議將於2025年12月31日屆滿。於2025年12月 ...

Market Overview - The Hang Seng Index (HSI) closed at 25,711.51, up by 76.28 points or 0.30% from the previous close [1] - The index reached a high of 25,735.23 and a low of 25,590.36 during the trading session [1] - The trading volume was 37.5794 million shares, with an average price of 25,662.80 [1] Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 122.589, an increase of 0.57% from the previous close [2] - Tencent Holdings closed at HKD 598.176, up by 0.28% from the previous close [2] Individual Stock Movements - Tencent Holdings (00700) reported a latest price of HKD 596.500, down by HKD 6.500 or 1.08% [3] - Alibaba Group (09988) closed at HKD 143.300, down by HKD 2.700 or 1.85% [3] - HSBC Holdings (00005) reported a price of HKD 121.900, down by HKD 1.900 or 1.53% [3] - China Construction Bank (00939) increased by HKD 0.060 or 0.79%, closing at HKD 7.620 [3] - Xiaomi Group (01810) decreased by HKD 0.640 or 1.63%, closing at HKD 38.580 [3] - AIA Group (01299) closed at HKD 82.200, down by HKD 1.050 or 1.26% [3] - NetEase (099999) increased by HKD 3.000 or 1.41%, closing at HKD 216.200 [3] - Meituan (03690) closed at HKD 104.200, up by HKD 1.000 or 0.97% [3] - Industrial and Commercial Bank of China (01398) increased by HKD 0.100 or 1.63%, closing at HKD 6.230 [3] - Hong Kong Exchanges and Clearing (00388) closed at HKD 408.200, down by HKD 1.800 or 0.44% [3] - Ping An Insurance (02318) increased by HKD 0.200 or 0.30%, closing at HKD 66.400 [3] - Bank of China (03988) closed at HKD 4.440, up by HKD 0.010 or 0.23% [3] - Ctrip Group (09961) decreased by HKD 4.000 or 0.71%, closing at HKD 559.500 [3] - BYD Company (01211) increased by HKD 3.500 or 3.74%, closing at HKD 97.100 [3] - CITIC Limited (00267) increased by HKD 0.060 or 0.50%, closing at HKD 12.050 [3] - Baidu (098888) closed at HKD 119.100, down by HKD 0.400 or 0.33% [3] - JD.com (09618) decreased by HKD 0.800 or 0.71%, closing at HKD 112.000 [3] - China Hongqiao Group (01378) decreased by HKD 0.560 or 1.73%, closing at HKD 31.760 [3] - Hang Seng Bank (00011) closed at HKD 153.600, down by HKD 0.300 or 0.19% [3] - Kuaishou Technology (01024) decreased by HKD 0.800 or 1.24%, closing at HKD 63.800 [3] - Sun Hung Kai Properties (00016) closed at HKD 94.900, down by HKD 1.700 or 1.76% [3] - Pop Mart International (09992) decreased by HKD 0.300 or 0.15%, closing at HKD 199.900 [3] - BeiGene (06160) increased by HKD 0.300 or 0.16%, closing at HKD 183.800 [3] - China Merchants Bank (03968) increased by HKD 0.550 or 1.07%, closing at HKD 52.150 [3]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a slight decline of 0.68% in its closing price on December 29, with a trading volume of 3.5853 million yuan [1]. Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1]. - The management fee for the fund is set at 0.30% annually, while the custody fee is 0.10% annually [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Group 2: Fund Size and Liquidity - As of December 26, the latest share count for the ETF is 151 million shares, with a total size of 156 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount for the ETF reached 96.319 million yuan, with an average daily trading amount of 4.8159 million yuan [1]. Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 2.95% during their tenure [1]. Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares valued at 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares valued at 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares valued at 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares valued at 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares valued at 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares valued at 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares valued at 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares valued at 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares valued at 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares valued at 3.0623 million yuan [2].

Group 1 - The China Securities Regulatory Commission (CSRC) has approved the qualification of Bank of China (Hong Kong) Limited as a qualified foreign institutional investor [1] - The company is required to strictly adhere to relevant regulations while conducting its qualified foreign institutional investor business [1] - The company must fulfill its responsibilities and obligations in accordance with the law [1]

Market Overview - The Hang Seng Index (HSI) closed at 25,833.90, up by 14.97 points or 0.06% [1] - The index reached a high of 25,870.92 and a low of 25,775.12 during the trading session, with a trading volume of 13.8677 million [1] - The 52-week high for the index is 27,275.90, while the 52-week low is 18,856.77, indicating a fluctuation of 0.37% [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at 123.759 HKD, down 0.03% from the Hong Kong close [2] - Tencent Holdings closed at 602.001 HKD, down 0.17% from the Hong Kong close [2] - Alibaba Group (W) saw a decrease of 1.200 HKD, closing at 146.000 HKD, a drop of 0.82% [3] - China Construction Bank decreased by 0.050 HKD, closing at 7.560 HKD, a decline of 0.66% [3] - Xiaomi Group (W) increased slightly by 0.020 HKD, closing at 39.220 HKD, a rise of 0.05% [3] ADR Performance - Tencent's ADR closed at 602.001, down by 0.999 HKD or 0.17% compared to its Hong Kong stock price [3] - Alibaba's ADR closed at 145.796, down by 0.204 HKD or 0.14% compared to its Hong Kong stock price [3] - HSBC's ADR closed at 123.759, down by 0.041 HKD or 0.03% compared to its Hong Kong stock price [3] - AIA Group's ADR closed at 83.298, up by 0.048 HKD or 0.06% compared to its Hong Kong stock price [3]

王美凤进一步分析，转按市道持续偏淡有其结构性原因。银行曾于2023年上调新造及转按计划息率，导 致大部分早年承造按揭的业主，其现有供楼利息仍低于现时市场按息，对他们来说缺乏转按诱因。 中原按揭研究部数据显示，2025年11月银行转按登记共录得541宗，月环比跌幅为13.3%，其中，中银 香港录得150宗登记，与10月份登记宗数相同，市占率为27.7%，月环比升3.7个百分点，持续5个月领先 转按市场。至于汇丰银行录得107宗登记，月环比跌10.1%，排名第二，市占率约19.8%，月环比升0.7个 百分点。另一方面，东亚银行(00023)连升3位，以46宗登记(市占率8.5%)排行第三。恒生银行(00011)持 续排行第四，但市占率月环比跌1.5个百分点，11月市占率轻降至8.3%(45宗）。渣打银行连跌2位，宗 数(43宗)及市场占有率(7.9%)分别下跌42.7%及4.1个百分点，排行第五。工银亚洲、上海商业银行、信 银国际、大新银行(02356)及华侨银行香港分别位列第六至第十位。 智通财经APP获悉，中原按揭董事总经理王美凤表示，根据中原按揭研究部及土地注册处数据，2025年 11月银行转按登记共录得5 ...

Core Viewpoint - UBS maintains a cautious outlook on Hong Kong bank stocks, projecting that market focus will shift to banks' profit prospects for next year, with net interest income and credit costs being the main drivers [1] Group 1: Profit Forecasts - UBS forecasts that the net profit growth for Bank of China Hong Kong (02388) and Bank of East Asia (00023) will remain flat for 2026, with expected per-share dividends increasing by 2% to 3% [1] - Target prices for Bank of China Hong Kong and Bank of East Asia have been raised to HKD 40 and HKD 13.5 respectively, reflecting a decrease in the cost of equity following interest rate cuts [1] Group 2: Interest Income and Market Conditions - Despite a backdrop of the Federal Reserve's interest rate cut cycle, the one-month Hong Kong Interbank Offered Rate (HIBOR) has rebounded, with the average for the fourth quarter so far at 3.19%, up 113 basis points from the third quarter, providing strong support for banks' net interest income [1] - It is anticipated that net interest income for Hong Kong bank stocks in the fourth quarter will exceed that of the third quarter, with market forecasts likely to be revised upwards [1] Group 3: Credit Risk - UBS warns that while net interest income for Hong Kong bank stocks has improved, the risk of non-performing loans has also increased in the second half of the year, leading to an upward adjustment in credit cost forecasts for Bank of China Hong Kong and Bank of East Asia [1]

Core Viewpoint - UBS maintains a cautious outlook on Hong Kong bank stocks, projecting that the market focus will shift to banks' profit prospects for next year, with net interest income and credit costs being the main drivers [1] Group 1: Company Projections - UBS forecasts that the net profit growth for Bank of China Hong Kong (02388) and East Asia Bank (00023) will remain flat in 2026, with expected per-share dividend growth of 2% to 3% [1] - The target prices for Bank of China Hong Kong and East Asia Bank have been raised to HKD 40 and HKD 13.5, respectively, reflecting a decrease in the cost of equity following interest rate cuts [1] Group 2: Market Conditions - Despite the improvement in net interest income for Hong Kong banks, the risk of non-performing loans has increased in the second half of the year, leading to an upward adjustment in credit cost forecasts for Bank of China Hong Kong and East Asia Bank [1] - The average one-month Hong Kong Interbank Offered Rate (HIBOR) has risen to 3.19% in the fourth quarter, up 113 basis points from the third quarter, providing strong support for banks' net interest income [1] - It is anticipated that the net interest income for Hong Kong bank stocks in the fourth quarter will exceed that of the third quarter, with market forecasts likely to be revised upward [1]