Core Viewpoint - Southbound funds increased their holdings in Baize Medical (02609.HK) by 10,200 shares on December 9, indicating a potential positive sentiment towards the company [1] Group 1: Southbound Fund Activity - Over the past 5 trading days, there was a net reduction of 382,800 shares, with southbound funds reducing their holdings on one day [1] - In the last 20 trading days, there were 10 days of net reductions totaling 2,009,400 shares [1] - Currently, southbound funds hold 62,471,400 shares of Baize Medical, representing 4.73% of the company's total issued ordinary shares [1] Group 2: Company Overview - Baize Medical Group primarily engages in investment and provision of medical-related services, focusing on oncology [1] - The company offers comprehensive oncology medical services, including screening, diagnosis, treatment, and rehabilitation [1] - Its business operations include hospital services, hospital management, supply of pharmaceuticals, medical devices, consumables, and other related services [1] - The company also conducts early cancer screening, tumor vaccination, and health management services for potential healthy populations, primarily in the Chinese market [1]

Core Insights - The forum "Integration and Precision Rehabilitation - 2025 Cancer Rehabilitation Forum" held in Tianjin aims to enhance the quality of life for cancer patients through innovative rehabilitation practices and multidisciplinary collaboration [1][4][5]. Group 1: Event Overview - The forum was organized by the Tianjin Anti-Cancer Association and Baize Medical Group, gathering experts from various fields including oncology, rehabilitation, psychology, and traditional Chinese medicine [1][2]. - The event focused on the integration of cancer rehabilitation within the full-cycle management model, emphasizing the importance of improving patient quality of life alongside survival rates [1][4]. Group 2: Industry Context - The "Healthy China Action (2019-2030)" highlights the significant impact of cancer on public health and stresses the need for rehabilitation treatment [1]. - The "Healthy China Action - Cancer Prevention and Control Implementation Plan (2023-2030)" calls for standardized management of diagnosis and treatment, including rehabilitation guidance and psychological support [1]. Group 3: Company Initiatives - Baize Medical Group aims to establish itself as a leading cancer full-cycle medical group in China, operating six for-profit hospitals and managing two non-profit hospitals [2]. - The group has proposed a comprehensive approach to cancer management, focusing on prevention, screening, diagnosis, treatment, and rehabilitation [5][12]. Group 4: Expert Contributions - Experts at the forum discussed various aspects of cancer rehabilitation, including the role of traditional Chinese medicine and the need for multidisciplinary approaches to address challenges faced by young breast cancer patients [8][9]. - The forum also featured discussions on symptom management and the importance of personalized rehabilitation plans to enhance patient quality of life [9][10]. Group 5: Future Directions - The forum resulted in the formation of the "Cancer Rehabilitation Expert Consensus (2025)," which aims to standardize clinical practices in cancer rehabilitation [12]. - The event served as a platform for collaboration among leading medical institutions, fostering innovation in cancer rehabilitation practices [12][14].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年11月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佰澤醫療集團 （根據開曼群島法律註冊成立的有限公司） 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02609 | 說明 | 普通股 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,318,466,823 | | | | 1,318,466,823 | | 增加 / 減少 (-) | | | | | | | | | 本月底結存 | | | 1,318,466,823 | | 0 | | 1,318,466,823 | 第 2 頁 共 10 ...

Group 1 - The core point of the article is that southbound funds have increased their holdings in Baize Medical (02609.HK) by 132,600 shares on November 21, 2025, with a total net increase of 1,084,000 shares over the past 20 trading days [1][2] - As of now, southbound funds hold a total of 63,736,800 shares of Baize Medical, accounting for 4.82% of the company's total issued ordinary shares [1][2] - The company operates primarily in the oncology medical services sector, providing a full cycle of medical services including screening, diagnosis, treatment, and rehabilitation [2] Group 2 - The trading data shows fluctuations in shareholding over the past few days, with a net increase of 10,920 shares over the last five trading days [2] - The company is involved in various aspects of oncology care, including cancer diagnosis, treatment, rehabilitation, and palliative care, as well as early cancer screening and health management services [2]

Core Viewpoint - Southbound funds have increased their holdings in Baize Medical (02609.HK) by 103,200 shares on November 20, 2025, indicating a potential positive sentiment towards the company in the market [1]. Summary by Sections Southbound Fund Activity - In the last five trading days, southbound funds have increased their holdings for three days, with a total net increase of 58,200 shares [1]. - Over the past 20 trading days, there have been 12 days of net reductions, totaling 1,262,400 shares [1]. - As of now, southbound funds hold 63,604,200 shares of Baize Medical, accounting for 4.81% of the company's total issued ordinary shares [1]. Shareholding Changes - On November 20, 2025, the total number of shares held was 63,604,200, with a change of 103,200 shares, reflecting a 0.16% increase [2]. - On November 19, 2025, the total was 63,501,000 shares, with a decrease of 150,600 shares, showing a -0.24% change [2]. - On November 18, 2025, the total was 63,651,600 shares, with an increase of 176,400 shares, indicating a 0.28% rise [2]. - On November 17, 2025, the total was 63,475,200 shares, with a decrease of 152,400 shares, reflecting a -0.24% change [2]. - On November 14, 2025, the total was 63,627,600 shares, with an increase of 81,600 shares, showing a 0.13% rise [2]. Company Overview - Baize Medical Group primarily engages in investment and provision of medical-related services, focusing on oncology [2]. - The company offers comprehensive oncology medical services, including screening, diagnosis, treatment, and rehabilitation [2]. - Its business encompasses hospital operations, management services, supply of pharmaceuticals, medical devices, consumables, and other related services [2]. - The company also conducts early cancer screening, tumor vaccination, and health management services for potential healthy populations, primarily operating in the Chinese market [2].

Summary of Global Metals & Mining Conference Call Industry Overview - The mining industry is facing challenges in organic production growth due to slow permitting processes, geopolitical instability, and shareholder expectations for dividends and buybacks. This has made inorganic growth through mergers and acquisitions (M&A) more attractive [1][2][3]. Key Trends in M&A Activity - Historically, high sector EBITDA margins correlate with increased M&A activity. Current margins are slightly above long-term averages, suggesting a potential increase in M&A deals if commodity prices remain stable [2][14]. - Recent M&A activity has been robust, with notable deals including RIO & Arcadium Lithium, BHP/Lundin & Filo, and potential transactions involving Anglo American and Teck [2][6]. Credit Environment and M&A - M&A activity tends to thrive in periods of low yield spreads and when banks loosen lending standards. The current credit backdrop, characterized by lower dollar interest rates and relaxed lending policies, supports the expectation of continued M&A activity [3][17]. M&A Deal Volume and Value - In 2023 and 2024, gold dominated M&A activity with nearly half of the deal volume at $48 billion, followed by iron ore at $20 billion. Copper deals totaled $11.7 billion, indicating a significant interest in this commodity [4][33]. - Between 2016 and 2024, copper pureplays invested $96 billion in organic capex, while copper M&A totaled $74 billion. This trend raises concerns about potential future copper deficits by 2029 [5][6]. Future M&A Opportunities - Potential future M&A opportunities include the anticipated Anglo-American and Teck transaction, as well as possible mergers between Newmont and Barrick. The scarcity of medium-sized pure-play copper companies like Ivanhoe and First Quantum may drive further acquisitions [6][9]. Investment Ratings and Price Targets - Outperform ratings are given to companies such as ABX, FCX, and RIO, with RIO's price target increased from GBP 50.00 to GBP 52.00 based on Q3 production results [9][10]. - Market-Perform ratings are assigned to AAL, ANTO, BHP, and others, with adjustments made to price targets reflecting recent production results and exchange rate changes [10][12][13]. Conclusion - The mining industry is entering a potentially robust period for M&A activity, driven by favorable credit conditions and high EBITDA margins. Companies are likely to focus on acquiring existing assets to bolster production, particularly in the copper sector, amidst concerns of future supply deficits [1][3][5].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 佰澤醫療集團 （根據開曼群島法律註冊成立的有限公司） 呈交日期: 2025年11月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02609 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00001 USD | | 50,000 | 第 1 頁 共 ...

Group 1 - The core point of the news is that southbound funds have reduced their holdings in Baize Medical (02609.HK) by 1.62% on October 27, 2025, amounting to a decrease of 106.2 million shares [1][2] - Over the past five trading days, southbound funds have reduced their holdings for four days, with a total net reduction of 257.4 million shares [1][2] - As of now, southbound funds hold 64.476 million shares of Baize Medical, representing 4.88% of the company's total issued ordinary shares [1][2] Group 2 - Baize Medical Group primarily engages in investment and provision of medical-related services, focusing on oncology [2] - The company offers comprehensive oncology medical services, including screening, diagnosis, treatment, and rehabilitation [2] - Its business operations include hospital services, hospital management services, supply of pharmaceuticals, medical devices, and consumables, as well as other health management services [2]

Core Insights - Southbound funds reduced their holdings in Baize Medical (02609.HK) by 1.7418 million shares on October 22, 2025, marking a decrease of 2.61% [1][2] - Over the past five trading days, there were four days of reductions, totaling a net decrease of 2.274 million shares [1] - In the last twenty trading days, southbound funds increased their holdings on twelve occasions, with a cumulative net increase of 45.6066 million shares [1] Company Overview - Baize Medical Group primarily engages in investment and provision of medical-related services, focusing on oncology [2] - The company offers comprehensive oncology medical services, including screening, diagnosis, treatment, and rehabilitation [2] - Its business operations encompass hospital services, hospital management, supply of pharmaceuticals, medical devices, consumables, and other related services [2] - The company conducts cancer diagnosis, treatment, rehabilitation, and end-of-life care for patients, as well as early cancer screening, cancer vaccination, and health management services for other potential health populations [2] - Baize Medical primarily operates in the Chinese market [2]

Market Overview - The Hang Seng Index fell by 1.61%, down 415 points, closing at 25,472 points, while the Hang Seng Tech Index dropped by 2.81%. The early trading volume in the Hong Kong market was HKD 153.2 billion [1] Energy Sector - Gas stocks rose, with Zhongyu Energy (03633) increasing by over 10%. This surge is attributed to the early initiation of winter heating in Gansu and other regions due to continuous temperature drops, leading to increased natural gas demand [1] Biotechnology Sector - Newly listed stock Xuan Zhu Bio-B (02575) surged over 13%, reaching a new high, and is up more than 190% from its IPO price. Yimai Sunshine (02522) rose over 4% following the global launch of its medical imaging model product AIR. The performance of medical stocks varied, with Yaojie Ankang-B (02617.HK) up over 21%, Baize Medical (02609) up over 5%, while Kangfang Biotech (09926) fell by 2%. Kangning Jereh Pharma-B (09966) increased by over 13% after announcing a share buyback plan, with market attention on significant data from the ESMO conference [2] Precious Metals Sector - Laopu Gold (06181) rose over 4%, benefiting from increased channel expansion and upgrades, with institutions indicating that rising gold prices favor its high-end brand positioning [3] Hospitality Sector - Wanda Hotel Development (00169) increased by over 10% after completing a sale and announcing a special dividend of HKD 0.462 per share to be paid next month [4] Digital Assets Sector - Delin Holdings (01709) rose over 3% after entering a strategic cooperation agreement with Antalpha to promote business in the digital asset sector [5] Telecommunications Sector - Changfei Optical Fiber and Cable (06869) fell over 6%, having dropped 40% from its September peak due to declining fiber optic prices and shareholder sell-offs. Cryptocurrency-related stocks collectively declined, with Bitcoin experiencing significant volatility and a recent incident in the US stablecoin market. Mi Strategy (02440) fell by 4.36%, and OSL Group (00863) dropped by 3.99% [6] Semiconductor Sector - Chip stocks continued to decline, with SMIC (00981) down over 5% and Huahong (01347) down over 3%, as US export controls accelerate domestic semiconductor replacements [6]