阳光保险港股（代码：06963.HK）近期股价波动较小。截至2026年2月16日，收盘价为4.19港元，较前 日上涨1.21%，当日振幅3.86%；区间（2月12日至16日）涨跌幅为0.24%，最高价4.27港元，最低价4.08 港元。资金流向显示2月16日总净流出28.09万港元，散户资金呈净流出状态。技术指标方面，MACD柱 状图为负值（-0.026），股价位于布林带中轨附近，短期均线呈盘整态势。 机构观点 机构对阳光保险评级分化，2026年2月有2家机构发布观点，买入或增持占比50%，减持或卖出占比 50%。目标均价为4.32港元，较当前价（4.19港元）存在小幅上行空间。机构关注公司科技应用与养老 金融布局，但资本运作及监管合规问题可能影响短期情绪。 来源：经济观察网 经济观察网 近期阳光保险热点集中在资本运作、监管合规及服务创新方面。2026年2月11日，阳光保险 集团减持徽商银行5000万股，每股作价3.49港元，总金额1.745亿港元，减持后持股比例降至3.71%。同 时，公司附属公司计划向阳光资管（香港）增资不超过10亿港元，以支持全球化资产配置。监管方面， 2026年初阳光财险因分支机构违规 ...

Group 1 - The core point of the article is that Sunshine Insurance Group Co., Ltd. has reduced its stake in Huishang Bank by selling 50 million shares at a price of HKD 3.49 per share, totaling HKD 174.5 million [1] - After the reduction, Sunshine Insurance's remaining shareholding in Huishang Bank is approximately 129 million shares, representing a holding percentage of 3.71% [1]

Core Viewpoint - Sunshine Insurance Group Co., Ltd. has reduced its stake in Huishang Bank (03698) by selling 50 million shares at a price of HKD 3.49 per share, totaling HKD 174.5 million, resulting in a new holding of approximately 129 million shares, representing 3.71% of the bank's total shares [1] Group 1 - Sunshine Insurance Group sold 50 million shares of Huishang Bank at HKD 3.49 per share [1] - The total amount from the sale was HKD 174.5 million [1] - After the transaction, Sunshine Insurance's holding in Huishang Bank is approximately 129 million shares, equating to a 3.71% ownership stake [1] Group 2 - The transaction involved other related parties, specifically Sunshine Life Insurance Co., Ltd. [1]

Group 1 - The Hang Seng Index Company announced the results of the quarterly review for the Hang Seng Index series as of December 31, 2025, with Huishang Bank (03698) being included in the Hang Seng Composite Index [1] - The changes will take effect after the market closes on March 6, 2026, and will be effective from March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to a report by CICC, Huishang Bank may be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing time [1] Group 2 - On January 20, Sunshine Life Insurance Co., Ltd. reduced its holdings in Huishang Bank by 11.694 million shares at a price of HKD 3.2896 per share, totaling approximately HKD 38.4686 million [1] - After the reduction, the latest number of shares held by Sunshine Life is approximately 241 million, with a new holding percentage of 6.93% [1]

Group 1: Core Insights - The recent focus on Huishang Bank highlights the challenges in its A-share IPO process and shareholder disagreements, particularly regarding the profit distribution plan for the first half of 2025, which received only 25.55% approval and was rejected, indicating ongoing conflicts with management over dividends [1] - The ongoing equity disputes involving Zhongjing Group and Shanshan Holdings are identified as core obstacles to the A-share issuance, alongside governance issues such as excessive employee shareholding and overdue board member terms, which may heighten market concerns about equity stability and the IPO timeline [1] Group 2: Stock Performance - Over the past seven trading days, Huishang Bank's Hong Kong stock price has shown significant volatility, with a range increase of 7.48% and a fluctuation of 11.91%; on February 13, the closing price was HKD 3.88, reflecting a single-day decline of 2.76% with a trading volume of HKD 13.05 million and a turnover rate of 0.10%, underperforming compared to the Hang Seng Index and the banking sector [2] - On February 13, there was a net inflow of HKD 758,500 from institutional investors, while retail investors experienced a net outflow of HKD 1.8149 million, indicating a mixed sentiment in the market [2] Group 3: Institutional Perspectives - Reports from advisory institutions emphasize that clear equity ownership is a critical prerequisite for the A-share IPO; current disputes that could lead to changes in major shareholders may further delay the issuance process [3] - Analysis indicates that Huishang Bank's core Tier 1 capital adequacy ratio stands at 9.62%, which is below the industry average, highlighting a conflict between dividend disputes and the need for capital replenishment, necessitating attention to the governance deadlock's impact on long-term business expansion [3]

Group 1 - The company announced that starting from February 11, 2026, investors can open accounts, subscribe, redeem, and perform regular investment and conversion operations for certain funds through Chuangjin Qifu [1] - The company has signed a supplementary sales agreement with Beijing Chuangjin Qifu Fund Sales Co., Ltd. to enhance service offerings to investors [1] - Investors can enjoy fee discounts when subscribing or performing regular investment and conversion operations through Chuangjin Qifu, with the specifics determined by Chuangjin Qifu [2] Group 2 - The company will suspend subscription, conversion, and regular investment operations for the Ping An Jin Guanjia Money Market Fund from February 12 to February 23, 2026, while redemption and conversion out operations will continue [4][6] - The Ping An Zhongzheng Interbank Certificate of Deposit AAA Index 7-Day Holding Period Securities Investment Fund will also suspend similar operations during the same period [8][10] - The company will resume these operations on February 24, 2026, and will not issue further announcements regarding this resumption [4][8] Group 3 - The company has appointed Fangzheng Securities Co., Ltd. as a liquidity service provider for the Ping An Hang Seng Hong Kong Stock Connect Technology Theme ETF, effective February 11, 2026 [12] - The company has announced the establishment of the Ping An New Sharp Quantitative Stock Selection Mixed Fund, with the fund contract becoming effective on February 11, 2026 [21][22] - The company will handle subscription and redemption operations for the new fund within three months of the fund contract's effectiveness [22]

Core Viewpoint - The proposal for a 2.6 billion yuan mid-term dividend by Zhongjing Group was rejected at the Huishang Bank's shareholder meeting, highlighting ongoing tensions between the two parties regarding dividend policies and financial pressures faced by Zhongjing Group [1][2][4]. Group 1: Dividend Proposal and Rejection - Zhongjing Group proposed a cash dividend of 1.87 yuan per 10 shares, totaling approximately 2.6 billion yuan, which would account for 30.06% of Huishang Bank's net profit for the first half of 2025 [2][3]. - The proposal received only 25.55% approval, with 50.45% against and 23.99% abstaining, leading to its rejection [2][3]. - This marks the continuation of a decade-long trend where all dividend proposals from Zhongjing Group have been denied, reflecting Huishang Bank's historically low dividend payout levels [4][5]. Group 2: Financial Pressures and Strategic Implications - Zhongjing Group's insistence on higher dividends is driven by urgent financial pressures, including a recent bond default and unresolved equity disputes with former partners [5][6]. - Huishang Bank's reluctance to distribute dividends stems from its ongoing A-share IPO challenges and concerns over its capital adequacy, with a core Tier 1 capital ratio of 9.62% as of September 2025 [8][9]. - The bank's dependency on credit expansion and the pressure on its non-performing asset management further complicate its financial stability, making it cautious about dividend payouts [8][9]. Group 3: Historical Context and Governance Issues - Zhongjing Group has been advocating for increased dividend payouts since 2016, but all proposals have been consistently rejected, indicating a significant governance conflict within Huishang Bank [4][5]. - The bank's IPO efforts have been hampered by internal disputes, particularly between Zhongjing Group and another major shareholder, which has contributed to the stagnation of its capital raising efforts [6][8]. - Despite Huishang Bank's substantial asset base of 2.3 trillion yuan, its financial metrics suggest underlying vulnerabilities that deter it from increasing dividend distributions [8][9].

Core Viewpoint - Huishang Bank's board of directors has decided to adopt an alternative threshold instead of the initial designated threshold to comply with the minimum public shareholding requirement as per listing rules [1][3]. Group 1 - The board meeting was held on February 6, 2026, and the decision was made effective immediately [1][3]. - The alternative threshold aligns better with the company's actual situation and serves the overall interests of the company and its shareholders [1][3]. - According to the listing rules, if the company opts for the alternative threshold, the publicly held portion must have a market value of at least HKD 1 billion and account for at least 10% of the total issued shares at any time [1][3]. Group 2 - As of February 5, 2026, the market value of H shares held by the public was approximately HKD 76.81 billion, representing about 16.08% of the total issued shares, which exceeds the requirements of the alternative threshold [4].

徽商銀行股份有限公司 * （於中華人民共和國註冊成立的股份有限公司） （股份代號：3698） 關於選用公眾持股量替代門檻的公告 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之內容概不負責，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 賴該等內容而引致之任何損失承擔任何責任。 根據上市規則，倘本行擬選用替代門檻，於聯交所上市的股份類別中由公眾持有 的部分須於任何時間(i)達最少10億港元的市值；及(ii)佔本行已發行股份總數的 最少10%。截至2026年2月5日（即為釐定替代門檻下相關市值的最後實際可行日 期），根據上市規則計算之由公眾持有的本行H股股份市值為約76.81億港元，且 本行的公眾持股量百分比為約16.08%，均高於上市規則關於替代門檻的要求。 Huishang Bank Corporation Limited* 本公告乃由徽商銀行股份有限公司（「本行」）根據香港聯合交易所有限公司（「聯交 所」）證券上市規則（「上市規則」）而作出。 本行董事會（「董事會」）於2026年2月6日召開會議並通過決議，自即日起本行將 選用替代門檻而非初始指定門 ...

FF301 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: 2026年1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: 徽商銀行股份有限公司（「 本行」） 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03698 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 3,478,750,000 | RMB | | 1 RMB | | 3,478,750,000 | | 增加 / 減少 (-) | | | | | | RMB | | | | 本月底結存 | | | 3,478,750,000 | RMB | | 1 RMB | | 3,478,750,000 | | 2. 股份分類 | 普通 ...