智通财经APP讯，三一重工(06031)发布公告，整体协调人(为彼等本身及代表国际包销商)已于2025年11 月22日(星期六)部分行使招股章程所述的超额配股权，涉及合共8901.56万股H股，占于任何超额配股权 获行使前全球发售项下初步可供认购发售股份总数约14.09%。超额配发股份将由公司按每股H股21.30 港元(即全球发售项下每股H股的发售价，不包括1.0%经纪佣金、0.0027%证监会交易征费、0.00015%会 财局交易征费及0.00565%联交所交易费)发行及配发。 根据香港法例第571W章《证券及期货(稳定价格)规则》第9(2)条，公司宣布，有关全球发售的稳定价格 期已于2025年11月22日(星期六)(即提交香港公开发售申请的截止日期后第30日)结束。 ...

根据香港法例第571W章《证券及期货(稳定价格)规则》第9(2)条，公司宣布，有关全球发售的稳定价格 期已于2025年11月22日(星期六)(即提交香港公开发售申请的截止日期后第30日)结束。有关稳定价格经 办人中信里昂证券有限公司或其联属人士或代其行事的任何人士于稳定价格期采取的稳定价格行动的进 一步资料载于本公告内。 格隆汇11月23日丨三一重工(06031.HK)公告，公司宣布，整体协调人(为彼等本身及代表国际包销商)已 于2025年11月22日(星期六)部分行使招股章程所述的超额配股权，涉及合共89,015,600股H股，占于任何 超额配股权获行使前全球发售项下初步可供认购发售股份总数约14.09%。超额配发股份(定义见下文)将 由公司按每股H股21.30港元(即全球发售项下每股H股的发售价，不包括1.0%经纪佣金、0.0027%证监会 交易徵费、0.00015%会财局交易徵费及0.00565%联交所交易费)发行及配发。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」）及香港中央結算有限公司 （「香港結算」）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的任何損失承擔任何責 任。 SANY HEAVY INDUSTRY CO., LTD. 三一重工股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6031） 部分行使超額配股權、 穩定價格行動及 穩定價格期結束 部分行使超額配股權 本公司宣佈，整體協調人（為彼等本身及代表國際包銷商）已於2025年11月22 日（星期六）部分行使招股章程所述的超額配股權，涉及合共89,015,600 股H 股，佔於任何超額配股權獲行使前全球發售項下初步可供認購發售股份總數約 14.09%。超額配發股份（定義見下文）將由本公司按每股H股21.30港元（即全球 發售項下每股H股的發售價，不包括1.0%經紀佣金、0.0027%證監會交易徵費、 0.00015%會財局交易徵費及0.00565%聯交所交易費）發行及配發。 1 穩定價格行動及穩定價格期結束 除非另有界定，否則本公告所用詞彙 ...

Core Viewpoint - The article highlights the significant inflow of southbound capital into the Hong Kong stock market, driven by the increasing presence of high-quality Chinese companies and the attractiveness of valuations, which is expected to support a long-term "slow bull" market trend in Hong Kong stocks [3][10][16]. Group 1: Southbound Capital Inflow - As of November 10, southbound capital's cumulative net purchase of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [3]. - By November 19, southbound capital net inflow through the Stock Connect reached 65.91 million HKD, bringing the total net purchase for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [5][6]. - The proportion of southbound capital in the total trading volume of the Hong Kong market has steadily increased from 15.6% at the beginning of 2024 to 23.6% in the third quarter of 2025 [6]. Group 2: Investment Trends and Sector Focus - The composition of southbound capital has shifted significantly, with technology and dividend-paying stocks becoming the primary focus, moving away from the banking sector, which previously dominated [7][8]. - The top ten holdings of southbound capital are now split between technology and high-dividend stocks, with Tencent Holdings and Alibaba being major players [8]. - Insurance funds and public funds are the main contributors to southbound capital, with insurance holdings surpassing 1 trillion RMB by the end of the third quarter [9]. Group 3: Future Growth Potential - Analysts predict that the southbound capital inflow could increase by 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential growth of 10 trillion RMB (about 11 trillion HKD) over the next five years [11][13]. - The continuous inflow of long-term capital is expected to enhance market liquidity and optimize the capital market structure, supporting a sustainable "slow bull" market [13][14]. Group 4: Quality of Listed Companies - The article notes that more high-quality Chinese companies are choosing to list in Hong Kong, which enhances the market's attractiveness to both domestic and foreign investors [15][17]. - As of November 19, 2025, 88 companies have gone public in Hong Kong, raising a total of 250.5 billion HKD, a 172.44% increase from the previous year [17]. - The increasing number of globally competitive companies listed in Hong Kong is expected to attract more capital inflow, creating a positive feedback loop [18].

Core Insights - The Hong Kong stock market is becoming a crucial platform for global investors to share in the growth dividends of China's core assets, with significant inflows of southbound capital [1][12] - As of November 10, southbound capital's cumulative net purchases of Hong Kong stocks exceeded 5 trillion HKD, continuing to grow [1] - The influx of long-term mainland funds, primarily from insurance and public offerings, is expected to support a "slow bull" market in Hong Kong [1][8] Southbound Capital Inflows - As of November 19, southbound capital net inflows through the Stock Connect reached 65.91 million HKD, bringing the total for the year to over 1.34 trillion HKD, a 66% increase compared to the total inflow of 807.8 billion HKD in 2024 [2] - Cumulative net inflows since the launch of the Stock Connect have surpassed 5 trillion HKD [2][3] Market Dynamics - Southbound capital has become a core driver of liquidity in the Hong Kong stock market, with its share of total market turnover rising from 15.6% at the beginning of 2024 to 23.6% by the third quarter of 2025 [3] - The total market value of southbound capital holdings exceeded 6.3 trillion HKD by the end of the third quarter, representing a year-on-year increase of over 90% [3] Sector and Stock Preferences - The allocation of southbound capital has shifted significantly, with the banking sector previously dominating but now more evenly distributed across industries, including media, pharmaceuticals, and technology [3][4] - The top ten holdings of southbound capital are now characterized by a "technology + dividend" strategy, with Tencent Holdings and Alibaba being major beneficiaries [4] Fund Composition - Insurance funds and public funds constitute the majority of southbound capital, with insurance holdings surpassing 1 trillion RMB (approximately 1.4 trillion HKD) by the end of the third quarter [7] - Public fund holdings reached 1.01 trillion RMB, accounting for about 18% of total southbound capital [7] Future Projections - Predictions indicate that southbound capital could see an additional inflow of 1.4 trillion RMB (approximately 1.54 trillion HKD) by the end of next year, with a potential total increase of 10 trillion RMB (approximately 11 trillion HKD) over the next five years [8] - The continuous inflow of long-term capital is expected to enhance market fundamentals and support a "slow bull" market [8][9] Market Valuation and Asset Supply - The Hong Kong stock market is viewed as having significant allocation value, with lower valuation levels compared to other major global markets [11] - The influx of quality companies listing in Hong Kong is creating a virtuous cycle, enhancing market liquidity and attracting more capital [12][13] Historical Context - Historical analysis indicates that periods of outperformance in the Hong Kong stock market have been driven by the scarcity of assets, with current trends reflecting similar dynamics as seen in previous advantageous periods [14]

SANY HEAVY INDUSTRY CO., LTD. with limited liability ( ) Stock Code 6031 19 November 2025 Dear Non-Registered Shareholder, Arrangement of Electronic Dissemination of Corporate Communications Executive Director and chairman of the Board Note: Non-Registered Shareholder means (i) such person or company whose listed securities are held in the Central Clearing and Settlement System; and (ii) who has notified the issuer from time to time through Hong Kong Securities Clearing Company Limited that such person or c ...

登記股東之名稱及地址 SANY HEAVY INDUSTRY CO., LTD. 三一重工股份有限公司 （ A joint stock company incorporated in the People's Republic of China with limited liability ） ( 於中華人民共和國註冊成立的股份有限公司 ) （Stock Code 股份代號：6031） 尊敬的股東 發佈公司通訊之安排 簡介 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」）第 2.07A 條 1 以及三一重工股份有 限公司（「本公司」）的公司章程，本公司將以電子通訊方式向其股東 3 發佈本公司日後的公司通訊（「公司通 訊」2），並僅應股東要求向其寄發印刷本形式的公司通訊。 安排 1. 可供採取行動的公司通訊 4 2. 公司通訊 本公司將在本公司網站（www.sany.com.cn）及聯交所網站（www.hkexnews.hk）上發佈公司通訊。 本公司不會向股東發出公司通訊網站版本 6 的登載通知。本公司鼓勵股東主動留意網站上所有日後的公司通 訊的登載情況，並自行瀏覽公司通訊的網站版本。 - ...

Core Insights - The article highlights the top and bottom AH share premium rates, indicating significant discrepancies in market valuations between H-shares and A-shares for various companies [1][2][3]. Group 1: Top AH Share Premium Rates - Northeast Electric (00042) leads with a premium rate of 815.25%, followed by Hongye Futures (03678) at 277.62% and Sinopec Oilfield Service (01033) at 276.83% [1][2]. - The premium rates for the top three companies indicate a strong market preference for their H-shares compared to A-shares [2]. Group 2: Bottom AH Share Premium Rates - Contemporary Amperex Technology (03750) has the lowest premium rate at -7.20%, with China Merchants Bank (03968) at -0.80% and Heng Rui Medicine (01276) at 4.11% [1][3]. - The negative premium for Contemporary Amperex Technology suggests a potential undervaluation of its H-shares relative to A-shares [3]. Group 3: Premium Deviation Values - Zhongwei New Materials (02579) has the highest deviation value at 77.12%, indicating a significant difference from its historical average premium rate [1][4]. - The lowest deviation values are seen in Northeast Electric (00042) at -22.71%, suggesting a consistent underperformance compared to its historical premium [1][5].

Core Viewpoint - JPMorgan has reduced its stake in Sany Heavy Industry (06031) by selling 3.8142 million shares at an average price of 23.5739 HKD per share, totaling approximately 89.9156 million HKD, resulting in a new holding of about 60.0221 million shares, representing 9.50% of the company [1] Summary by Category - **Share Reduction Details** - JPMorgan sold 3.8142 million shares of Sany Heavy Industry [1] - The average selling price was 23.5739 HKD per share [1] - The total amount from the sale was approximately 89.9156 million HKD [1] - **Post-Transaction Holdings** - After the reduction, JPMorgan's remaining shares in Sany Heavy Industry are approximately 60.0221 million [1] - This represents a holding percentage of 9.50% in the company [1]

Core Viewpoint - Temasek Holdings (Private) Limited has increased its stake in SANY Heavy Industry Co., Ltd. to 10.09% by purchasing 2.5942 million shares at an average price of HKD 23.5668 per share, totaling approximately HKD 61.137 million [1]. Group 1 - Temasek Holdings acquired 2.5942 million shares of SANY Heavy Industry on November 3, 2025 [1]. - The average purchase price per share was HKD 23.5668, leading to a total investment of about HKD 61.137 million [1]. - Following this transaction, Temasek's total shareholding in SANY Heavy Industry increased to 63.7134 million shares, raising its ownership percentage from 9.68% to 10.09% [1].