Group 1 - The core viewpoint emphasizes the growth potential in the lithium battery industry, particularly highlighting companies with cost and technological advantages, such as CATL, and the expected improvement in profitability due to supply-demand dynamics [1] - In October, the installed capacity of power batteries in China reached 84.1 GWh, showing a year-on-year increase of 42.1% and a month-on-month increase of 10.7%, with lithium iron phosphate batteries maintaining a significant market share [2] - The production of batteries is expected to continue increasing in November, with upstream material prices experiencing short-term rises, indicating a positive trend for the lithium battery supply chain [3] Group 2 - The retail sales of new energy vehicles in October reached 1.28 million units, reflecting a year-on-year growth of 7.3%, which supports the demand for power batteries [2] - The export of batteries remained robust, with a total export of 28.2 GWh in October, marking a year-on-year increase of 33.5% [2] - The anticipated adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumer purchases, maintaining high demand for power batteries by the end of 2025 [3]

Core Insights - The Hong Kong Stock Exchange reported that on November 12, shareholders of City Cool Selection (08050) deposited shares into Bank of China International Securities, with a market value of HKD 56.9453 million, representing 10% of the total [1] Company Actions - City Cool Selection announced a proposal for a share consolidation, whereby every 5 existing shares with a par value of HKD 0.1 will be consolidated into 1 share with a par value of HKD 0.5 [1] - The company does not intend to change its existing trading unit of 2,000 shares on the Hong Kong Stock Exchange as of the announcement date [1]

Core Viewpoint - The company City Cool Selection (08050) has announced a share consolidation plan, where every 5 existing shares with a par value of HKD 0.1 will be consolidated into 1 share with a par value of HKD 0.5 [1] Group 1 - On November 12, shareholders of City Cool Selection deposited shares into Bank of China International Securities, with a total market value of HKD 56.9453 million, representing 10% of the company [1] - The company does not plan to change its existing trading unit of 2,000 shares on the Hong Kong Stock Exchange [1]

Core Viewpoint - The report from CMB International indicates a leading rating for the domestic automotive industry, anticipating a surge in consumer purchases before the adjustment of the new energy vehicle purchase tax exemption policy in 2026 [1] Group 1: Market Outlook - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumers to concentrate their vehicle purchases by the end of 2025 [1] - The firm predicts that the year-end passenger car sales will remain at a high level due to automakers' efforts to boost sales and build inventory before the Spring Festival [1] Group 2: Seasonal Trends - After the concentrated release of vehicles in the fourth quarter, the first quarter of 2026 may return to a seasonal low [1] - Investors are advised to seize structural opportunities while remaining cautious and attentive to short-term fluctuations [1]

Core Viewpoint - The company, China International Capital Corporation (CICC), announced the acquisition of CCAMCL Notes I and II through its wholly-owned subsidiary, Preferred Investment, for a total consideration of approximately $4,999,450 and $5 million respectively, indicating a strategic investment move in the market [1] Group 1 - The acquisition of CCAMCL Notes I was made at a purchase price of approximately $99.989, totaling around $4,999,450 [1] - The acquisition of CCAMCL Notes II was made at a purchase price of $100, totaling $5 million [1] - The issuer of the notes is fully owned by a guarantor, which in turn is wholly owned by China Cinda Asset Management Co., Ltd., a company listed on the Hong Kong Stock Exchange [1]

Group 1 - The company,交银国际, announced the acquisition of CCAMCL Notes I and II through its wholly-owned subsidiary, Preferred Investment, for approximately $4,999,450 and $5 million respectively [1] - The purchase price for CCAMCL Notes I was about $99.989, while CCAMCL Notes II was acquired at a price of $100 [1] - The issuer of the notes is fully owned by a guarantor, which in turn is wholly owned by China Cinda Asset Management Co., Ltd., listed on the Hong Kong Stock Exchange [1]

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份內容 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。 （股份代號：3329） 有關收購票據之 須予披露交易 該等收購 於2025年11月7日，Preferred Investment於場外市場以購買價約99.989美元收 購CCAMCL票據I，代價約為4,999,450美元及於場外市場以購買價100美元收購 CCAMCL票據II，代價約為5,000,000美元。 上市規則之涵義 （於香港註冊成立的有限公司） 交銀國際控股有限公司 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 由於該等收購乃於十二個月期間內作出，故根據上市規則第14.22條，該等事項應合併 為本公司的一系列交易。由於有關該等收購的一項或多項適用百分比率合併計算後低 於25%但高於5%，該等收購構成本公司須予披露交易，因此須遵守上市規則第十四章 項下的通知及公告規定。 該等收購 於2025年11月7日，Preferred Investment於場外市 ...

Core Viewpoint - The report indicates that New Oriental's revenue for the first quarter of the 2026 fiscal year grew by 6% year-on-year to $1.523 billion, exceeding expectations by 1% [1] Financial Performance - Adjusted operating profit was approximately $336 million, with an operating margin of 22%, expanding by 1 percentage point year-on-year [1] - Adjusted net profit attributable to shareholders was $258 million, corresponding to a net profit margin of 17% [1] Future Guidance - Management maintains revenue guidance for the 2026 fiscal year, expecting a year-on-year growth of 5% to 10%, with the second fiscal quarter revenue growth projected between 9% and 12% [1] - The bank anticipates that New Oriental's overall revenue growth from 2026 to 2028 will exceed 10%, with a continued trend of profit margin expansion [1] Business Outlook - The bank remains optimistic about the demand and growth prospects for New Oriental's K12 education and training business, citing diversified age coverage and steady revenue growth [1] - Profit margins still have room for optimization, and shareholder returns reflect long-term growth certainty and ample cash flow [1] - Although the study abroad-related business has recently been impacted, it still leads the industry [1] Valuation and Target Price - The bank assigns a price-to-earnings ratio of 15 times for the K12 business and 8 times for the study abroad business, with corresponding profit growth rates of 25% and a decline of 7% respectively [1] - Considering the impact of the consolidation of Dongfang Zhenxuan, the target price for H-shares is raised from HKD 46 to HKD 55, and for U.S. shares from USD 59 to USD 71, maintaining a "Buy" rating [1]

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。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 （於香港註冊成立的有限公司） （股份代號：3329） 於2025年11月5日舉行之股東特別大會投票表決結果 股東特別大會投票表決結果 本公司之股份過戶登記處香港中央證券登記有限公司於股東特別大會擔任點票之監票 員。 全體董事親自或以電子方式出席股東特別大會。 茲提述交銀國際控股有限公司（「本公司」）日期為2025年10月10日的通函（「通函」）及股 東特別大會（「股東特別大會」）通告（「股東特別大會通告」）。除文義另有所指外，本公 告所用詞彙與通函所界定者具有相同涵義。 本公司董事會（「董事會」）欣然宣佈，股東特別大會通告所載之決議案（「決議案」）已於 2025年11月5日（星期三）下午三時正舉行的股東特別大會上以投票方式獲正式通過。 決議案之投票表決結果如下： | | 普通決議案 | 票數( ...

Core Viewpoint - The report from CMB International raises the target price for New Oriental Education & Technology Group (09901) by 19.6% from HKD 46 to HKD 55, maintaining a "Buy" rating due to positive outlook on K12 education and training business demand and growth prospects [1] Group 1: Financial Performance - For Q1 of fiscal year 2026, New Oriental reported a revenue increase of 6% year-on-year to USD 1.523 billion, exceeding the bank's expectations by 1% [1] - Adjusted operating profit was approximately USD 336 million, with an operating profit margin of 22%, expanding by 1 percentage point compared to the same period last year [1] - Adjusted net profit attributable to shareholders was USD 258 million, corresponding to a net profit margin of 17% [1] Group 2: Business Segments - The study highlights that the study abroad-related business, although recently impacted, still leads the industry, with consulting and preparatory income growing by 1% and 2% year-on-year, respectively, contrary to previous expectations of a 5% decline [1] - The university and adult education segments maintained steady growth, with a revenue increase of 14% year-on-year, while K9 new business revenue grew by 15%, with learning devices outperforming non-academic subjects [1] Group 3: Future Guidance - Management maintains the revenue guidance for fiscal year 2026, expecting a year-on-year growth rate of 5-10%, with Q2 revenue growth projected between 9-12%, compared to previous expectations of 9% [2] - The K12 business's retention rates and product quality improvements are expected to drive revenue recovery within a stable growth range, while ongoing efficiency measures are likely to support stable or slightly increased operating profit margins [2] - The overall revenue growth rate for the company is expected to exceed 10% for fiscal years 2026, 2027, and 2028, with a consistent trend of profit margin expansion [2]