表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年7月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | | 02423 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 事件 | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | 每股發行/出售價 (註4) ...

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 11, 2025, highlighting significant players in the industry [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,916.56 million [3]. - Tencent Holdings ranks second with a market capitalization of about $5,885.24 million [3]. - Alibaba is in third place with a market capitalization of around $2,544.49 million [3]. - Pinduoduo follows in fourth place with a market capitalization of $1,490.20 million [3]. - Meituan and NetEase are also notable, with market capitalizations of $947.31 million and $807.83 million, respectively [3][4]. Group 2: Additional Notable Companies - Semiconductor Manufacturing International Corporation (SMIC) has a market capitalization of $472.08 million, ranking eighth [4]. - JD.com and Tencent Music are positioned ninth and tenth, with market capitalizations of $450.04 million and $309.78 million, respectively [4]. - Baidu and Li Auto are also significant players, with market capitalizations of $304.03 million and $291.16 million [4]. Group 3: Emerging and Smaller Companies - Companies like Xpeng Motors and ZTO Express have market capitalizations of $166.15 million and $154.59 million, respectively [4]. - Other companies in the list include iFlytek with $149.34 million and Baosight Software with $95.10 million [4][5]. - The list also features companies like Kingdee International and Wancloud Data, with market capitalizations of $70.72 million and $67.09 million, respectively [5].

第 1 頁 共 10 頁 v 1.3.0 | 1). | 購回股份(或其他證券)但沒有註銷 | 438,801 | % | USD | 6.8368 | | --- | --- | --- | --- | --- | --- | | | 變動日期 2025年5月1日 | | | | | | 2). | 購回股份(或其他證券)但沒有註銷 | 431,187 | % | USD | 6.9575 | | | 變動日期 2025年5月2日 | | | | | | 3). | 購回股份(或其他證券)但沒有註銷 | 434,871 | % | USD | 6.8986 | | | 變動日期 2025年5月5日 | | | | | | 4). | 購回股份(或其他證券)但沒有註銷 | 436,089 | % | USD | 6.8793 | | | 變動日期 2025年5月6日 | | | | | | 5). | 購回股份(或其他證券)但沒有註銷 | 454,200 | % | USD | 6.605 | | | 變動日期 2025年5月7日 | | | | | | 6). | 購回股份(或其他證券)但沒有註銷 | 46 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年7月9日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 A | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔 ...

Investment Rating - The investment rating for the real estate industry is "Positive" (maintained) [4] Core Viewpoints - The report emphasizes the importance of stabilizing the real estate market and the stock market, which has been a clear directive from the central government since September 2024. The focus on building high-quality housing is expected to drive a wave of development in this sector [4][47] - The report suggests that the real estate market is showing signs of recovery, with various local governments implementing policies to support housing demand and stabilize the market [47] Market Performance - The Shanghai Composite Index rose by 1.4%, the Shenzhen Component Index by 1.3%, the ChiNext Index by 1.5%, and the CSI 300 Index by 1.5%. The real estate sector (Shenwan) increased by 0.3% during the week [5][8] - In terms of individual stocks, *ST Nanzhi saw a significant increase of 14.6%, while ST Shenyuan experienced a decline of 6.9% [5][8] Data Tracking New Housing Transactions - In the week of June 28 to July 4, 42 key cities recorded a total new housing transaction of 3.08 million square meters, a decrease of 2.5% from the previous week. Year-to-date, the cumulative transaction volume has decreased by 2.7% year-on-year [14][18] - For July, as of the week of July 1 to July 4, new housing transactions in 42 key cities totaled 1.07 million square meters, an increase of 33.3% month-on-month but a decrease of 17.1% year-on-year [18] Second-Hand Housing Transactions - In the same week, 21 key cities recorded a total of 1.96 million square meters in second-hand housing transactions, a decrease of 9.1% from the previous week. Year-to-date, the cumulative transaction volume has increased by 20.5% year-on-year [30][34] - For July, as of the week of July 1 to July 4, second-hand housing transactions in 21 key cities totaled 1.21 million square meters, an increase of 51.2% month-on-month but a decrease of 13.3% year-on-year [34] Industry News - The Ministry of Housing and Urban-Rural Development emphasized the need for local governments to effectively utilize real estate regulation policies to promote a stable and healthy market. Various cities are implementing measures to support housing demand, including easing housing fund policies [47][48] - Specific measures include the extension of housing purchase subsidies in Wuhan until the end of 2025 and the relaxation of housing fund loan policies in cities like Nanjing and Guangzhou [47][48] Company Announcements - In June, major real estate companies reported significant declines in sales, with Yuexiu Real Estate at 10.8 billion yuan (down 29% year-on-year), Poly Developments at 29.01 billion yuan (down 31% year-on-year), and China Overseas Development at 29.71 billion yuan (down 36.3% year-on-year) [50][51] - Financing activities included Yuexiu Real Estate applying to issue bonds up to 9.6 billion yuan and Vanke A borrowing 6.249 billion yuan from its largest shareholder [50][51]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 貝殼控股有限公司 呈交日期： 2025年7月8日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02423 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | | | 庫存股份變動 | | | | | 事件 | 已發行股份 ...

Core Viewpoint - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 8, 2025, highlighting significant players in the industry and their respective valuations [1]. Group 1: Top Companies by Market Capitalization - TSMC leads the list with a market capitalization of approximately $11,885.95 million [3]. - Tencent Holdings follows with a valuation of about $5,867.71 million [3]. - Alibaba ranks third with a market cap of $2,535.66 million [3]. - Xiaomi Group is positioned fourth with a market capitalization of $1,935.90 million [3]. Group 2: Additional Notable Companies - JD.com is ranked eighth with a market cap of $461.57 million [4]. - SMIC (Semiconductor Manufacturing International Corporation) is close behind at $456.82 million, ranking ninth [4]. - Kuaishou is in the tenth position with a valuation of $356.39 million [4]. - Tencent Music and Baidu are also notable, with market caps of $310.40 million and $308.67 million, respectively [4]. Group 3: Emerging Players - Li Auto and Beike are valued at $286.24 million and $216.73 million, respectively, indicating their growing presence in the market [4]. - Xpeng Motors and iFlytek have market caps of $170.73 million and $149.98 million, showcasing their potential in the automotive and AI sectors [4]. - Other companies like Zhongtong Express and Baoson Software are also making strides with valuations of $143.32 million and $94.87 million [4]. Group 4: Market Trends - The rankings reflect the competitive landscape of the Chinese technology sector, with significant fluctuations in market capitalizations among various companies [1]. - The data is calculated based on the daily market values, indicating the dynamic nature of the industry [6].

Group 1 - The core viewpoint of the report indicates that the real estate market is returning to a downward trend, with sales expected to decline without new policies, projecting a decrease in sales revenue by 5.8% and sales area by 3.6% for 2025 [2][3][90] - The report highlights that the current inventory supply-demand relationship has not improved significantly, with an estimated 14% of excess idle land potentially being absorbed if all recovery plans are implemented [3][82] - The report emphasizes the importance of policy measures aimed at stabilizing the market, particularly focusing on inventory reduction strategies such as land recovery and urban village renovations [10][12][13] Group 2 - The investment strategy suggests that companies with strong land acquisition capabilities, high-quality land reserves, and strong product offerings are likely to stand out during the market bottoming process, recommending firms like China Jinmao, China Resources Land, and Greentown China [4][8] - The report anticipates a continued decline in real estate investment, projecting a decrease of 9.3% for 2025, driven by both construction and land acquisition costs [91] - The report notes that the new housing regulations aim to improve the quality of residential buildings, which is expected to positively impact demand for high-quality housing in the long term [17][70] Group 3 - The report indicates that the sales performance of new homes in first-tier cities has shown some resilience, with cumulative transaction areas in major cities like Beijing and Shanghai experiencing slight increases [22][34] - The report outlines that the overall housing market is under pressure, with new home prices showing a year-on-year decline of 0.9% in the first five months of 2025, while second-hand home prices have decreased by 6.3% [45][53] - The land market is experiencing a divergence, with land prices in high-tier cities increasing significantly, while lower-tier cities are seeing a decline in land transaction volumes [57][58]

Core Insights - The article presents the market capitalization rankings of the top 50 Chinese technology and internet companies as of July 7, 2025, highlighting their respective valuations in billions of dollars [1]. Group 1: Market Capitalization Rankings - The top three companies by market capitalization are: 1. Alibaba: $1,000.00 billion 2. Tencent: $800.00 billion 3. Baidu: $500.00 billion [3] - Other notable companies in the top 10 include: - JD.com: $462.29 billion - SMIC: $449.86 billion - Kuaishou: $344.87 billion [3][4] Group 2: Additional Rankings - Companies ranked from 11 to 20 include: - Tencent Music: $301.42 billion - Li Auto: $277.73 billion - Beike: $212.17 billion [4][5] - The rankings continue with companies such as: - Xpeng Motors: $179.69 billion - iFlytek: $149.88 billion - ZTO Express: $144.36 billion [5]

Investment Rating - The report maintains an optimistic outlook for the Hong Kong stock market, particularly for new IPOs and sectors like new consumption and innovative pharmaceuticals [8]. Core Insights - The report highlights that the recent subsidies from food delivery e-commerce platforms directly benefit coffee, tea, and advertising channels [8]. - The education sector remains robust, with leading institutions expanding market share and developing AI products for international education [3][19]. - The luxury goods sector is experiencing slight pressure from macroeconomic factors, but brands with strong innovation capabilities are still seeing growth [20]. - The coffee and tea industry is in a growth cycle, with coffee demand remaining strong, while tea faces short-term challenges due to increased competition [27]. - E-commerce is under pressure with slowing growth rates, but instant retail is emerging as a new battleground [31]. - The travel and OTA sectors are seeing limited impact from recent subsidies, with a focus on undervalued leading players [8]. - Music streaming platforms are identified as quality internet assets driven by domestic demand, with ongoing developments in subscription services [36]. - The virtual asset market is on an upward trend, supported by traditional financial institutions entering the space [40]. - The real estate market is under pressure, particularly in major cities, with a focus on opportunities in companies like Beike [8]. - The automotive service market is experiencing a decline, with a continued focus on ecosystem changes [8]. Summary by Sections 1. Education - The K12 education sector remains highly prosperous, with leading institutions reporting good summer enrollment progress and a focus on AI product development [3][19]. - The education index saw a decline of 1.78% during the reporting period, outperforming the Hang Seng Technology Index but underperforming other major indices [10]. 2. Luxury Goods - The luxury goods sector is slightly pressured by macroeconomic factors, with notable growth in brands with strong innovation [20]. - Key luxury stocks showed positive performance, with Samsonite and Prada increasing by 5.61% and 6.09% respectively [20]. 3. Coffee and Tea - The coffee sector remains in a growth cycle, with strong demand and a high frequency of consumption [27]. - The tea sector faces short-term challenges due to increased competition and supply growth [27]. 4. E-commerce - The e-commerce sector is experiencing a slowdown, with significant competition impacting profitability [31]. - Instant retail is becoming a new focus, with major platforms launching aggressive subsidy plans [31]. 5. Travel and OTA - The travel sector is seeing limited impact from subsidies, with a focus on undervalued leading players [8]. 6. Music Streaming - Music streaming platforms are identified as high-quality assets driven by domestic demand, with ongoing developments in subscription services [36]. 7. Virtual Assets - The virtual asset market is on an upward trend, with traditional financial institutions increasingly entering the space [40]. 8. Real Estate - The real estate market is under pressure, particularly in major cities, with a focus on opportunities in companies like Beike [8]. 9. Automotive Services - The automotive service market is experiencing a decline, with a continued focus on ecosystem changes [8].