Group 1 - The core viewpoint of the news is the performance and current status of the Hong Kong Dividend Low Volatility ETF (520890), which has seen a significant decrease in both share count and total assets in 2024 [1][2] - As of September 19, 2024, the fund's latest share count is 58.08 million, with a total size of 82.26 million yuan, reflecting a 52.84% decrease in shares and a 43.79% decrease in size compared to December 31, 2024 [1][2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually, with its performance benchmark being the Hang Seng Hong Kong Stock Connect High Dividend Low Volatility Index [1] Group 2 - The current fund manager is Li Qian, who has managed the fund since its inception on September 4, 2024, achieving a return of 41.80% during her tenure [2] - The top holdings of the fund include Shougang Resources, Far East Horizon, Chongqing Rural Commercial Bank, and others, with the largest holding being Shougang Resources at 3.83% [2] - The fund has seen a trading volume of 394 million yuan over the last 20 trading days, with an average daily trading amount of 19.72 million yuan [1]

Investment Rating - The report maintains a positive outlook on the non-bank financial sector, indicating an "Overweight" investment rating for the industry [2][3]. Core Insights - The brokerage sector has experienced a recent adjustment, with the Shenwan Brokerage II Index declining by 3.51%, underperforming the CSI 300 Index by 3.07 percentage points. However, the sector is expected to maintain double-digit year-on-year profit growth in Q3 2025, supported by ongoing capital inflows [3][6]. - The insurance sector has seen a decline of 4.76% in the Shenwan Insurance II Index, with significant movements such as Ping An Life increasing its stake in China Pacific Insurance to over 10%. This reflects a strong positive outlook from insurance capital towards the sector [3][8]. - The report highlights the upcoming National New Conference on September 22, which is anticipated to bring new policies that could positively impact market sentiment [3][15]. Summary by Sections Market Review - The CSI 300 Index closed at 4501.92 with a slight decline of 0.44%. The non-bank index reported a drop of 3.66%, with the brokerage, insurance, and diversified financial sectors showing declines of 3.51%, 4.76%, and 0.50% respectively [6][8]. Non-Bank Industry Key Data - As of September 19, 2025, the 10-year government bond yield was 1.88%, with a slight increase of 0.65 basis points. The average daily stock trading volume reached 25,181.36 billion yuan, reflecting an increase of 8.23% week-on-week [11][14]. Non-Bank Industry News and Key Announcements - The report notes that the property insurance sector achieved a record high in underwriting profits in the first half of 2025, with premium growth of 4.2% [16]. - Ping An Life's recent acquisition of shares in China Pacific Insurance is seen as a strong signal of confidence in the insurance sector's investment value [19]. - China Pacific Insurance announced the completion of a convertible bond issuance, which is expected to enhance its capital position [20]. Investment Recommendations - For brokerages, the report recommends focusing on leading firms benefiting from improved competitive dynamics, such as GF Securities, Guotai Junan, and CITIC Securities. It also suggests considering firms with strong international business capabilities like China Galaxy and CICC [3][8]. - In the insurance sector, the report recommends China Life, China Pacific, New China Life, and Ping An, among others, due to their favorable valuation and growth prospects [3][8].

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依 賴該等內容而引致的任何損失承擔任何責任。 本公告僅供參考之用，並不構成收購、購買或認購本公告所述證券的邀請或要約。 本公告並非亦不擬作為於美國或其他地方要約出售本公司（定義見下文）證券或招攬購買本公司 證券的要約。本公告所述證券概無及將不會根據經修訂的一九三三年美國證券法（「證券法」）或 美國任何州（定義見證券法S規例）或其他司法管轄權區的證券法登記，除根據證券法及適用州 或地方證券法的登記規定獲豁免或屬不受該等登記規定所規限的交易外，證券不可在美國境內 提呈發售或出售。本公告及其中所載資料不得直接或間接在或向美國派發。本公告所述證券不 可且將不會在美國提呈公開發售。 （於香港註冊成立的有限公司） （股份代號：3360） 調整於二零二六年到期250,000,000美元零息 有擔保可換股債券（股份代號：40722）的換股價 茲提述(i)遠東宏信有限公司（「本公司」）日期為二零二零年六月十八日、二零二零 年六月十九日及二零二零年七月八日內容有關由星 ...

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8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: | 遠東宏信有限公司 | | | 呈交日期: | 2025年9月3日 | | | I. 法定/註冊股本變動 | 不適用 | | FF301 第 1 頁 共 11 頁 v 1.1.1 (A). 股份期權（根據發行人的股份期權計劃） | 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) | | 03360 | 說明 | | | | | | | | | 股份期權計劃詳情 | | 上月底結存的股份期權數 目 | 本月內變動 | | 本月底結存的股份期權數 目 | 本月內因此發行的新股數 目 (A1) | 本月内因此自庫存轉讓的 庫存股份數目 (A2) ...

The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the HKEXnews website at www.hkexnews.hk and the Company's website at www.fehorizon.com. If you have any difficulty in receiving or gaining access to the Current Corporate Communications posted on the Company's website for any reason, please send your request (specifying your name, address and request) by email to fareasthorizon.ecom@computershare.com.hk or by notice in writing to the ...

(Incorporated in Hong Kong with limited liability) （於香港註冊成立的有限公司） (Stock code 股份代號：3360) N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear non-registered shareholders, Far East Horizon Limited (the "Company") – Notice of Publication of Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the HKEXnews website at www.hkexnews.hk and the Company's website at www.fehorizon.com. If you h ...

Financial Performance - Total revenue for the six months ended June 30, 2025, was RMB 17,336,455, a decrease of 3.9% compared to RMB 18,036,339 for the same period in 2024[16] - Profit attributable to ordinary shareholders for the same period was RMB 2,163,585, representing an increase of 3.8% from RMB 2,085,076 in 2024[16] - Basic earnings per share for the six months ended June 30, 2025, was RMB 0.51, up from RMB 0.49 in 2024[16] - The diluted earnings per share for the same period was RMB 0.47, compared to RMB 0.49 in 2024[16] - The average return on assets for the six months ended June 30, 2025, was 1.21%[16] - The average return on equity for the same period was 8.66%[16] - The debt-to-equity ratio as of June 30, 2025, was 83.65%[16] - Net interest margin for the six months ended June 30, 2025, was 4.51%[16] - Operating cost ratio for the same period was 50.70%[16] Revenue Breakdown - Financial services (interest income) contributed RMB 10,657,250 thousand, slightly down from RMB 10,699,938 thousand in the previous year[17] - The financial and consulting segment achieved revenue of RMB 11,090,499 thousand, accounting for 63.67% of total revenue, with a year-on-year increase of 2.10%[39] - Non-interest income represented 38.82% of total revenue, down from 40.90% in the previous year[41] - Interest income from the financial and consulting segment decreased by 0.40% to RMB 10,657,250 thousand, representing 61.18% of total revenue[42] Asset and Liability Management - Total assets as of June 30, 2025, reached RMB 363,799,616 thousand, up from RMB 361,642,055 thousand at the end of 2024, indicating a growth of 0.6%[18] - The company’s total liabilities amounted to RMB 304,321,722 thousand, a slight increase from RMB 302,589,203 thousand in the previous period[18] - The asset-liability ratio stood at 83.65%, a marginal decrease from 83.67% in the previous year[18] - The average balance of interest-earning assets was RMB 263,633,522 thousand, remaining stable compared to RMB 263,959,174 thousand in the first half of 2024[48] - Interest-earning assets accounted for 71.54% of total assets, with a slight increase of 2.35% from RMB 254,285,891 thousand to RMB 260,272,902 thousand[91] Asset Quality and Risk Management - The non-performing asset ratio was reported at 1.05%, slightly up from 1.04% in the previous year, indicating a stable asset quality[19] - The provision coverage ratio improved to 227.33% from 227.21% year-on-year, reflecting a strong buffer against potential losses[19] - The financial business maintained a stable non-performing asset ratio, ensuring asset quality remained controllable[33] - The ratio of non-performing assets was 1.05% as of June 30, 2025, compared to 1.07% at the end of 2024, indicating a stable asset quality[114] - The company has implemented a digital transformation strategy, integrating big data and AI to enhance risk assessment and management capabilities[112] Operational Efficiency - The company’s operating cost ratio increased to 50.70% from 43.57% in the previous year, indicating a rise in operational expenses relative to gross profit[17] - The group's pre-provision profit for the first half of 2025 was RMB 4,309,827 thousand, a decrease of RMB 341,901 thousand or 7.35% year-on-year, attributed to market changes and intensified competition[79] - The company's sales and administrative expenses amounted to RMB 3,878,758 thousand, an increase of RMB 339,773 thousand or 9.60% year-on-year[76] Financing and Capital Structure - The company issued approximately 430 million new shares, increasing equity attributable to ordinary shareholders by RMB 2,080 million, and reducing the debt-to-asset ratio by 0.57 percentage points[33] - The company issued USD 500 million in 3.5-year senior unsecured bonds, receiving high demand in the international market, indicating strong global resource acquisition capabilities[150] - The company has signed a USD 820 million sustainable development syndicated loan to support renewable energy and wastewater treatment projects[150] - The total equity as of June 30, 2025, was RMB 59,477,894 thousand, an increase of RMB 2,000,753 thousand or 3.48% from the end of 2024[165] Shareholder Information - The company declared an interim dividend of HKD 0.25 per share for the six months ended June 30, 2025[169] - The company’s major shareholders include China National Chemical Corporation with a 19.31% stake and Kong Fanxing with a 19.17% stake as of June 30, 2025[178] Future Outlook - The company anticipates stable growth in traditional financial services and aims to enhance operational efficiency and expand its business scale in the future[79] - The company is actively upgrading its strategy to reduce reliance on medical insurance and expand non-insurance business[32] - The company continues to expand its customer base in key industries such as cultural tourism, machinery manufacturing, and chemical pharmaceuticals, contributing to the growth of interest-earning assets[99]

Core Insights - The land parcel in Xiaoshan District, Hangzhou, was sold at the base price of 52.476 million yuan, with a floor price of 10,000 yuan per square meter, indicating a cautious market sentiment among developers [1][4][5] Group 1: Market Conditions - The overall real estate market remains sluggish, with only certain improved areas attracting attention, while less popular areas like Xiaoshan South Station struggle to gain interest from developers and buyers [1][3] - The land parcel has a commercial component of at least 20%, which adds complexity to future development and sales profitability [3][5] Group 2: Land Parcel Details - The land parcel, named XS110203-22, has a total area of 20,990 square meters and a floor area ratio of 2.5, resulting in a total buildable area of 52,475 square meters [4][7] - The residential portion of the land is set at 80%, with a starting price of 45.759 million yuan and a starting floor price of 10,900 yuan per square meter [7] Group 3: Competitive Landscape - The current market price acceptance for the area is low, as evidenced by the poor sales performance of the nearby Tangqian Mingyue project, which was acquired at a floor price of 15,800 yuan per square meter in 2022 [5][6] - The proximity to the largest indoor ski resort in Zhejiang, the Hangzhou Hot Snow Miracle, is a significant advantage for the land parcel, but reliance on such amenities alone is no longer sufficient to attract developers and buyers in the current market [6][7]

Core Viewpoint - On August 21, 2023, a residential land parcel in Hangzhou was sold, indicating ongoing demand in the real estate market despite economic fluctuations [1] Summary by Relevant Categories Land Sale Details - The land parcel has a total area of 20,990 square meters and a planned construction area of 52,475 square meters, with a floor area ratio of 2.5 [1] - The starting price for the land was set at 525 million yuan, and it was ultimately acquired by a consortium of Hangzhou Hongchen Urban Construction Development Co., Ltd. and Hangzhou Xiaoshan Ring City Construction Development Co., Ltd. at the base price of 525 million yuan [1] - The final transaction price translates to a floor price of 10,000 yuan per square meter [1]

Core Viewpoint - On August 12, 2023, Cao Jian reduced his stake in Far East Horizon (03360) by selling 1,137,674 shares at a price of HKD 7.3499 per share, totaling approximately HKD 8.3618 million, resulting in a new holding of about 35,155,600 shares, representing 0.73% of the company [1] Summary by Category - **Shareholding Activity** - Cao Jian sold 1,137,674 shares of Far East Horizon on August 12, 2023 [1] - The sale price was HKD 7.3499 per share, amounting to a total of approximately HKD 8.3618 million [1] - After the reduction, Cao Jian's remaining shares are approximately 35,155,600, which is 0.73% of the total shares [1]