Group 1 - The top three AH premium rates are held by Northeast Electric (00042) at 864.29%, Zhejiang Shibao (01057) at 460.57%, and Hongye Futures (03678) at 286.19% [1][2] - The bottom three AH premium rates are recorded by Ningde Times (03750) at -12.08%, China Merchants Bank (03968) at -4.45%, and Heng Rui Medicine (01276) at 1.09% [1][2] - Zhejiang Shibao (01057), Goldwind Technology (02208), and Zhaoyan New Drug (06127) have the highest deviation values at 162.73%, 44.98%, and 18.82% respectively [1][2] Group 2 - The lowest deviation values are seen in GAC Group (02238) at -23.87%, Northeast Electric (00042) at -19.61%, and Chenming Paper (01812) at -15.51% [1][2] - The top ten AH stocks by premium rate include companies like Fudan Zhangjiang (01349) at 253.76% and Andeli Juice (02218) at 230.43% [2] - The bottom ten AH stocks by premium rate include Weichai Power (02338) at 9.59% and WuXi AppTec (02359) at 10.14% [2]

Group 1 - UBS Group AG increased its stake in SANY Heavy Industry Co., Ltd. (06031) by purchasing 86,600 shares at a price of HKD 21.5263 per share, totaling approximately HKD 1.8642 million [1] - After the purchase, UBS's total shareholding in SANY Heavy Industry reached approximately 57.7074 million shares, representing a holding percentage of 8.01% [1]

Group 1 - UBS Group AG increased its stake in SANY Heavy Industry Co., Ltd. by purchasing 86,600 shares at a price of HKD 21.5263 per share, totaling approximately HKD 1.8642 million [1] - After the purchase, UBS's total holdings in SANY Heavy Industry amount to approximately 57.7074 million shares, representing a stake of 8.01% [1]

Core Insights - The A-share IPO market in 2025 showed significant growth, with 114 companies expected to go public, raising a total of 129.6 billion yuan, a 94% increase year-on-year [3][6] - The average first-day closing price increase for new stocks was 257%, marking the best performance in three years, with 32 stocks seeing first-day gains exceeding 300% [3][7] - The Hong Kong IPO market regained its position as the global leader, with 114 new listings expected, raising approximately 286.3 billion HKD, driven by a surge in technology companies [3][9] A-share Market Performance - The A-share market continued its momentum from 2024, with an increase in the number of new listings supported by policies such as the "New National Nine Articles" and the "1+N" series of capital market policies [5] - By December 19, 2025, 106 new stocks had been listed, raising 122 billion yuan, with projections for 114 listings by year-end [6] - The electronic, power equipment, automotive, basic chemicals, and machinery sectors were the main contributors to IPOs, accounting for about 65% of new listings [6] Investor Sentiment - The year 2025 was characterized as the "most profitable year for new stocks" in the last three years, with significant returns for investors [7] - Notable examples include the stock of Yuxun Technology, which saw a first-day price increase of 364.58%, resulting in profits exceeding 90,000 yuan for a single lot [7] Hong Kong Market Dynamics - The Hong Kong IPO market saw a resurgence, with 114 new listings and a financing amount that doubled compared to 2024 [9][10] - Eight large-scale IPOs raised over 10 billion HKD each, contributing significantly to the total financing [9] - The Hong Kong Stock Exchange implemented several reforms that positively impacted the market, including simplified listing procedures and a new pricing mechanism for IPOs [10]

Group 1 - The Hong Kong IPO market has raised funds amounting to 2.1 times the total for the entire year of 2024, with expectations for the Hong Kong Stock Exchange to regain the top position in IPO financing by 2025, projecting over HKD 300 billion in IPO fundraising for next year [1] - The trading volume of placement and convertible bond products has significantly increased year-on-year, with major blue-chip companies such as BYD, Xiaomi, Alibaba, China Pacific Insurance, Ping An Insurance, Chow Tai Fook Jewelry, and NIO completing large-scale transactions exceeding USD 1 billion [1] Group 2 - The primary market for Hong Kong stocks is showing a strong recovery, with influential companies actively responding to the national strategy to develop Hong Kong's capital market, leading to the execution of large-scale financing projects [2] - CATL's IPO raised USD 5.3 billion, becoming the largest IPO globally in 2023, and has facilitated other leading companies like Zijin Mining, Sany Heavy Industry, Seres, Hansoh Pharmaceutical, Sanhua Intelligent Controls, Haitian Flavoring and Food, and Chery Automobile to complete financing exceeding USD 1 billion, occupying four spots in the global top ten IPOs [2]

Core Viewpoint - Sany Heavy Industry (06031.HK) announced the approval of a proposal to conduct futures hedging business to mitigate the adverse effects of raw material price fluctuations on production [1] Group 1: Company Actions - The company will hold its ninth board meeting on December 5, 2025, to review the futures hedging proposal [1] - The proposal does not require submission to the shareholders' meeting as per relevant regulations [1] Group 2: Business Strategy - Sany's wholly-owned subsidiary, Sany Automobile Manufacturing Co., Ltd., will continue its futures hedging business in 2026 [1] - The hedging will involve major raw materials related to production, including steel and its raw materials, copper, aluminum, crude oil, and rubber, which have a correlated relationship with corresponding futures products [1]

Core Viewpoint - Sany Heavy Industry (06031.HK) announced the approval of a proposal to engage in futures hedging business to mitigate the adverse effects of raw material price fluctuations on production [1] Group 1: Company Actions - The company will hold its ninth board meeting on December 5, 2025, to review the futures hedging proposal [1] - The proposal does not require submission to the shareholders' meeting as per relevant regulations [1] Group 2: Risk Management Strategy - Sany Heavy Industry's wholly-owned subsidiary, Sany Automobile Manufacturing Co., Ltd., will continue its futures hedging business in 2026 [1] - The hedging will involve major raw materials related to production, including steel and its raw materials, copper, aluminum, crude oil, and rubber, which have a correlated relationship with corresponding futures products [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。 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） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列三一重工股份有限公司於上海證券交易所網站( www.sse.com.cn )刊登的公 告如下，僅供參閱。 承董事會命 三一重工股份有限公司 執行董事兼董事長 向文波 中國香港，2025年12月5日 於本公告日期，董事會包括(i)執行董事向文波先生及俞宏福先生；(ii)非執行董事 梁穩根先生及梁在中先生及(iii)獨立非執行董事伍中信先生、席卿女士及藍玉權 先生。 证券代码：600031 证券简称：三一重工 公告编号：2025-090 三一重工股份有限公司 关于开展期货套期保值业务的公告 交易主要情况 | 交易目的 | □获取投资收益 ☑套期保值（合约类别：☑商品；□ ...

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） 海外監管公告 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。 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列三一重工股份有限公司於上海證券交易所網站( www.sse.com.cn )刊登的公 告如下，僅供參閱。 承董事會命 三一重工股份有限公司 執行董事兼董事長 向文波 中國香港，2025年12月5日 於本公告日期，董事會包括(i)執行董事向文波先生及俞宏福先生；(ii)非執行董事 梁穩根先生及梁在中先生及(iii)獨立非執行董事伍中信先生、席卿女士及藍玉權 先生。 证券代码：600031 证券简称：三一重工 公告编号：2025-088 表决结果：3 票同意， 0 票反对， 0 票弃权。 二、审议通过《关于预计 2026 年开展按揭与融资租赁业务额度的议案》 监事会认为 ...

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） 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。 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而做出。 茲載列三一重工股份有限公司於上海證券交易所網站( www.sse.com.cn )刊登的公 告如下，僅供參閱。 1 1. 三一重工股份有限公司章程 2. 三一重工股份有限公司股東會議事規則 3. 三一重工股份有限公司董事會議事規則 4. 三一重工股份有限公司獨立董事工作制度 5. 三一重工股份有限公司關聯（連）交易管理制度 6. 三一重工股份有限公司對外提供財務資助管理制度 7. 三一重工股份有限公司募集資金使用管理制度 8. 三一重工股份有限公司董事和高級管理人員薪酬管理制度 9. 三一重工股份有限公司總裁工作細則 10. 三一重工股份有限公司關於規範與關聯方資金往來管 ...