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 trial run scheduled for this year [1] Group 1: Government Initiatives - The Chief Executive of the Hong Kong Special Administrative Region, John Lee, announced plans to expand gold investment channels and establish a commodity trading organization in Hong Kong [1] - Over the next three years, Hong Kong aims to increase its gold storage capacity to 2,000 tons and build a regional gold reserve hub [1] Group 2: Company Involvement - Bank of China Hong Kong (BOCHK) supports the government's initiatives to accelerate the establishment and optimization of gold market infrastructure [1] - BOCHK, designated as an overseas depository and custodian by the Shanghai Gold Exchange, plans to leverage its cross-border service advantages to actively participate in the construction of the gold central clearing system [1] - The bank aims to contribute to the cooperation between the Shanghai and Hong Kong gold markets and promote product innovation [1]

消息面上，1月26日，香港特别行政区行政长官李家超在第19届亚洲金融论坛上表示，香港将建立黄金 中央清算系统，为各类交易提供符合国际标准的高效可靠清算服务，这一由香港特区政府主导的黄金中 央清算系统将于今年启动试运行。同时，香港将拓展黄金投资渠道，并在香港成立大宗商品交易组织。 未来3年，香港将黄金仓储增加至2000吨，建造区域黄金储备枢纽。 中银香港副总裁王化斌表示，该行全力支持香港特区政府关于加速建立并优化黄金市场基础设施，以及 推动沪港合作的最新措施。新举措展示了沪港两大国际金融中心合力建设亚洲黄金生态圈的共同决心和 信心。中银香港作为上海黄金交易所在港指定的境外交易库及代保管库，拥有亚洲领先的全自动立体金 库，该行将发挥跨境服务优势，积极参与黄金中央清算系统的建设，助力沪港黄金市场的合作，推动相 关产品创新。 智通财经APP获悉，中银香港(02388)涨近3%，截至发稿，涨2.71%，报40.86港元，成交额2.63亿港元。 ...

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]

智通财经APP获悉，中原按揭董事总经理王美凤指出，根据中原研究部数据显示，2025年全年银行转按 录得6941宗登记，较2024年下跌14.4%，连续三年下跌，再度录得自2010年有纪录以来最低水平。 转按市场持续偏淡有其原因，是因为银行曾于2023年上调新造及转按计划息率，导致早年承造按揭的业 主，其现有供楼利息仍低于现时市场按息;再者，尽管去年起楼价靠稳回升，但楼价仍属低水估价低于 高位仍达逾两成多，造成转按诱因仍薄弱。巿占率方面，中银香港(02388)2025全年以25%巿占率排名第 一，连续四年稳占转按巿占率首席。 王美凤指出，在物业估值回升、银行增加优惠、及按息下降三大因素叠加下，今年转按诱因有所增加， 料将推动2026年转按登记量于低位反弹。 展望2026年转按市场，王美凤预期转按市场有望由低位回升，结束跌势。她分析指，受惠于物业估值回 稳及减息周期下资金成本逐步下降，转按市场正迎来转机。自2025下半年起，不少物业估值逐步有所回 升，加上楼按措施已全面放宽，令一些有转按需求例如转走发展商按揭的申请较以往容易获批，带动近 月转按申请量由低位回升;减息周期下银行资金成本下降，银行对转按业务的积极性增 ...

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 ...