Market Performance - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index falling by 2.23% to 26,775.57 points, the Hang Seng Tech Index dropping by 3.36% to 5,526.31 points, and the China Enterprises Index decreasing by 2.54% to 9,080.19 points [2]. Sector Analysis - The recent market adjustment is attributed to a technical pullback following a rapid rise in indices, compounded by hawkish comments from Fed Chair nominee Waller, which stirred market sentiment. This is not seen as a trend reversal signal [5]. - Key focus remains on the sustainability of volatility, with three main supportive drivers for the first quarter identified: improved liquidity environment, resonance of domestic and foreign capital, and upward revisions in corporate earnings expectations due to economic recovery [6][7]. Investment Strategy - Analysts suggest adopting a mid-term perspective, emphasizing opportunities in small and mid-cap sectors with clear catalysts, such as education, AI applications, and specialty consumption [8]. Sector-Specific Movements - Gold and related stocks saw significant declines, with Shandong Gold dropping by 12.56% and Chifeng Jilong Gold falling by 12.18%, influenced by a broader downturn in commodity prices [10][12]. - The cement and building materials sector also faced losses, with Western Cement declining by 15.47% and China National Building Material falling by 10.14%. The latter is projected to report a loss of approximately RMB 2.3 billion to RMB 4 billion for the year ending December 31, 2025 [13]. - Semiconductor stocks were affected by industry demand fluctuations, with Huahong Semiconductor down by 11.24% and Zhaoyi Innovation down by 9.25%. Reports indicate tightening order reviews by major manufacturers in response to market volatility [15]. Resilient Sectors - Some gaming stocks performed well, with Yabo Technology Holdings increasing by 8.79% and Sands China rising by 4.05%. Yabo announced a technical service agreement with the Hong Kong Gold Exchange [17]. - The liquor sector also showed resilience, with Yiyuan Liquor rising by 8.33% and Qingdao Beer increasing by 1.46%. Analysts expect the liquor industry to hit bottom by 2026, with a potential investment opportunity arising around the Chinese New Year [19]. Notable Stock Movements - Cloud Wisdom saw a rise of 5.49%, with expectations of significant revenue growth from its large model-related business, projected to reach approximately RMB 600 million to RMB 620 million in 2025, marking a year-on-year increase of about 1057% to 1095% [20]. - Kangzheng Pharmaceutical increased by 7.77% following the approval of clinical trials for its complement factor B inhibitor, indicating potential for new product launches [21].

Company News - China Power (02380.HK) expects a total consolidated electricity sales volume of 10.73105 million MWh by December 2025, a decrease of 2.31% year-on-year; the total annual electricity sales volume is approximately 126 million MWh, down 1.27% year-on-year [2] - Harbin Electric (01133.HK) anticipates a net profit attributable to shareholders of approximately RMB 2.65 billion for the fiscal year 2025, compared to RMB 1.686 billion in the previous year, mainly due to increased operating revenue and improved product profitability [2] - Singularity Guofeng (01280.HK) has entered into a GPU distribution cooperation agreement with Muxi Co., aiming to enter the domestic AI computing power market [2] - Dongyang Sunshine Pharmaceutical (06887.HK) has signed a strategic cooperation agreement with Shenzhen Jingtai to establish a joint venture for building an AI-driven drug research and development platform [2] - Weisheng Pharmaceutical-B (02561.HK) has received approval from the National Medical Products Administration for the marketing authorization application of injectable Long Pei growth hormone [2] - Kintor Pharmaceutical-B (02171.HK) issued a profit warning, expecting a net loss for 2025 to be reduced to no more than approximately RMB 120 million [2] - Zhaoke Ophthalmology-B (06622.HK) is advancing the commercialization process of BRIMOCHOL PF for treating presbyopia in Singapore and Vietnam through partnerships with AFT and Qianshou [2] Additional Company Developments - Heng Rui Medicine (01276.HK) has received a clinical trial approval notice for SHR-1049 injection [3] - Baolong Real Estate (01238.HK) has had its bond restructuring plan approved by the relevant bondholders' meeting [3] Strategic Partnerships - Yabo Technology Holdings (08279.HK) has entered into a technical service agreement with Hong Kong Gold Exchange Limited [4] - Future Data Group (08229.HK) has signed a strategic cooperation framework agreement with Linghe Culture [4] - Howey Group (00501.HK) plans to invest up to USD 50 million to subscribe for shares in Aixin Yuanzhi's initial public offering [4] Buyback Activities - Xiaomi Group-W (01810.HK) repurchased 3.9872 million shares for HKD 140 million, with a repurchase price ranging from HKD 35.04 to HKD 35.22 [5] - China Metallurgical Group (01618.HK) repurchased 9.011 million shares for HKD 16.9299 million, with a repurchase price of HKD 1.87 to HKD 1.88 [5] - Geely Automobile (00175.HK) repurchased 4.401 million shares for HKD 72.952 million, with a repurchase price ranging from HKD 16.43 to HKD 16.65 [6] - Reshape Energy (02570.HK) completed the placement of a total of 4.536 million placement shares, raising approximately HKD 258 million [6] - Kintor Pharmaceutical-B (09939.HK) saw an increase of 4.7 million shares by Chairman Tong Youzhi [6]

Core Viewpoint - The company, Yabo Technology Holdings (08279), has entered into a technical service agreement with Hong Kong Gold Exchange through its subsidiary TGX Technology Limited, aiming to develop a secure and stable electronic trading platform for precious metals [1] Group 1: Agreement Details - TGX is required to design, develop, operate, and maintain a core platform for the Hong Kong Gold Exchange, its users, and other clients, which includes electronic trading, clearing, and settlement services [1] - The agreement also involves providing technical consulting, system support, and innovative services [1] Group 2: Strategic Implications - The board believes that this agreement will leverage the company's expertise as a comprehensive fintech group, effectively integrating resources to build an internationally leading precious metals trading platform [1] - The collaboration is expected to create synergies, enhancing the company's service offerings in the precious metals sector and achieving diversification and value enhancement [1] Group 3: Expected Outcomes - The partnership is anticipated to generate long-term returns for the company and its shareholders, establishing a future-leading global fintech ecosystem [1]

董事会相信，该集团作为一家综合性金融科技集团，订立该协议有利于集团发挥自身专业优势，有效整 合集团合作资源，推动建设国际领先的贵金属交易平台体系，以及进一步拓展集团服务范围至贵金属领 域，实现多元化布局与价值提升。凭借集团在开发交易平台方面的技术能力、资源及专业知识，加上香 港黄金交易所作为成熟的贵金属交易所的地位，预期有关合作可产生协同效益，为公司及其股东创造长 期回报，构建引领未来的全球级金融科技新体系。 根据该协议，TGX须为香港黄金交易所、其用户及其他客户设计、开发、营运及维护一个安全及稳定 的电子交易、清算和结算、以及相关服务平台(核心平台)，并提供相关技术咨询、系统支援及创新服 务。 智通财经APP讯，亚博科技控股(08279)公布，于2026年1月26日，公司附属公司TGX Technology Limited(TGX)与香港黄金交易所有限公司订立技术服务协议，据此，TGX须向香港黄金交易所提供若干 技术服务。 ...

Core Viewpoint - The announcement highlights a strategic partnership between TGX Technology Limited and the Hong Kong Gold Exchange, aimed at developing a secure and stable electronic trading platform for precious metals [1] Group 1: Agreement Details - TGX is required to design, develop, operate, and maintain a core platform for the Hong Kong Gold Exchange, which includes electronic trading, clearing, and settlement services [1] - The agreement also encompasses providing technical consulting, system support, and innovative services to the Hong Kong Gold Exchange and its clients [1] Group 2: Strategic Implications - The board believes that this agreement will leverage the company's expertise as a comprehensive fintech group, effectively integrating resources to build a leading international precious metals trading platform [1] - The collaboration is expected to create synergies, enhancing the company's service offerings in the precious metals sector and contributing to diversification and value enhancement [1] - The partnership is anticipated to generate long-term returns for the company and its shareholders, establishing a global fintech framework for the future [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（「聯交所」）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。 本公司董事（「董事」）會（「董事會」）欣然宣佈，於2026年1月26日，本公司附屬公 司TGX Technology Limited（「TGX」）與香港黃金交易所有限公司（「香港黃金交易 所」）訂立技術服務協議（「該協議」），據此，TGX須向香港黃金交易所提供若干技 術服務。 根據該協議，TGX須為香港黃金交易所、其用戶及其他客戶設計、開發、營運及 維護一個安全及穩定的電子交易、清算和結算、以及相關服務平台（「核心平台」）， 並提供相關技術諮詢、系統支援及創新服務。 香港黃金交易所為一間根據香港法律註冊成立之公司，其主要在香港從事貴金屬 交易所業務。據董事在作出一切合理查詢後所知、所悉及所信，香港黃金交易所 及其最終實益擁有人為獨立於本公司及其關連人士（定義見香港聯合交易所有限 公司GEM證券上市規則（「GEM上市規則」））之第三方，並與彼等概無關連。 1 本公司股東及潛在投資者於買賣本公司 ...

Core Viewpoint - Alibaba's stock price continues to rise, leading to a strong performance of related stocks in the Hong Kong market, with significant gains observed across various companies [1] Group 1: Stock Performance - Lion Group Holdings saw a remarkable increase of 45.91%, reaching a latest price of 3.750, with a total market capitalization of 1.718 billion [2] - Alibaba Health recorded a gain of 16.06%, with a latest price of 7.590 and a market cap of 122.766 billion [2] - Yunfeng Financial experienced a rise of 9.57%, priced at 3.780, with a market value of 15.344 billion [2] - Yabo Technology Holdings increased by 3.04%, with a latest price of 0.237 and a market cap of 2.766 billion [2] - China Dongxiang saw a growth of 2.25%, priced at 0.455, with a total market capitalization of 2.682 billion [2] - Other companies like Yaocai Securities and DaMai Entertainment also showed modest gains of 1.59% and 1.06% respectively [2] Group 2: Year-to-Date Performance - Lion Group Holdings has surged 113.07% year-to-date, indicating strong investor interest [2] - Alibaba Health has increased by 50.30% since the beginning of the year, reflecting positive market sentiment [2] - Yunfeng Financial's year-to-date growth stands at 19.62%, showcasing a solid performance [2] - Yabo Technology Holdings and China Dongxiang have also shown year-to-date increases of 17.91% and 3.41% respectively [2]

Group 1 - The core viewpoint of the articles indicates a rebound in Hong Kong gaming stocks, with notable increases in share prices for companies such as Melco International Development, Galaxy Entertainment, and MGM China [1] - According to a report by Jefferies, Macau's gaming revenue is expected to show strong growth, with an average daily revenue of MOP 693 million for the first seven days of January, representing an 18% year-on-year increase [1] - Jefferies' industry survey suggests that Macau's gaming revenue for January could achieve a year-on-year growth of 15% to 21% [1] Group 2 - Specific stock performance includes Melco International Development rising by 3.5%, Galaxy Entertainment and Huayi Brothers Media increasing by over 3%, and Sands China and Wynn Macau rising by over 2% [2] - The report highlights a shift in investor preference towards U.S. regional gaming stocks, although Jefferies maintains that the fundamentals of stocks primarily operating in Macau are superior to their peers [1] - Jefferies continues to favor Wynn and Sands in the U.S. market, as well as Galaxy Entertainment and Sands China in the Hong Kong market [1]

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12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: 亞博科技控股有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 II. 已發行股份及/或庫存股份變動 | 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) | 08279 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 11,672,342,235 | | 0 | | 11,672,342,235 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 11,672,342,235 | | 0 | | 11,672,342,235 | 第 2 頁 共 10 頁 v 1.1.1 III.已發 ...

Market Overview - The Hong Kong stock market experienced fluctuations and adjustments, with the Hang Seng Index down 0.92% to 25,737.85 points, the Hang Seng Tech Index down 1.79% to 5,537.11 points, the National Enterprises Index down 1.2% to 8,970.29 points, and the Red Chip Index down 0.3% to 4,137.97 points due to the significant drop in US stocks last Friday [1] - Major technology stocks saw declines, with Alibaba down 2.73%, Tencent Holdings down 1.54%, JD Group down 1.12%, Xiaomi down 2.28%, NetEase down 0.18%, Meituan down 1.07%, Kuaishou down 3.85%, and Bilibili down 1.12% [1] - Insurance stocks performed well, with China Ping An reaching a four-year high, while the biopharmaceutical sector weakened, with Baijiazhensheng down over 6% [1] - Semiconductor stocks faced significant declines, with Huahong Semiconductor down over 6% [1] Company News - China Merchants Energy (01138.HK) signed shipbuilding contracts with Dalian China Merchants Heavy Industry, Yangzhou China Merchants Heavy Industry, and Guangdong China Merchants Heavy Industry for the construction of one ethylene ship and eighteen oil tankers, with a total cost of RMB 7.882 billion [2] - ZhongAn Online (06060.HK) reported a cumulative original insurance premium income of approximately RMB 32.904 billion for the first eleven months [3] - R&F Properties (02777.HK) achieved total sales revenue of approximately RMB 12.7 billion in the first eleven months, representing a year-on-year increase of 24.63% [4] - Yida China (03639.HK) reported a contract sales amount of approximately RMB 681 million for the first eleven months, a year-on-year decrease of 23.22% [5] - Kason International (00496.HK) signed a steel structure procurement contract with suppliers, involving an investment of RMB 43.5366 million [5] Clinical and Regulatory Updates - Boke Vision Cloud-B (02592.HK) successfully held a meeting after the second phase of clinical trials for CBT-004 [6] - Fuhong Hanlin (02696.HK) received acceptance from the National Medical Products Administration for the listing registration application of Hanshuo® in combination with chemotherapy for neoadjuvant/adjuvant treatment of gastric cancer, which has been included in priority review [6] - Shijiazhuang Pharmaceutical Group (01093.HK) received approval for a new indication for Donyi® (liposomal irinotecan injection) for first-line treatment in patients with metastatic pancreatic cancer [6] - Hengrui Medicine (01276) received a clinical trial approval notice for HRS-1780 tablets [8] Investment Insights - Guosen Securities indicated that the short-term adjustment in the Hong Kong stock market opens up space for a market rise in 2026, with net inflows from southbound funds exceeding RMB 110 billion in November [13] - Dongwu Securities highlighted that the main focus for Hong Kong stocks is on technology and cyclical sectors, while also paying attention to innovative drugs, suggesting a barbell allocation strategy due to potential macro and political risks [13] - CITIC Securities projected that the Hong Kong stock market will benefit from internal "14th Five-Year Plan" catalysts and external fiscal and monetary easing from major economies, expecting a sustainable upward trend in revenue and profit [13] - Dongwu Securities also forecasted a continued recovery in the Hong Kong stock market in 2026, citing expected interest rate cuts by the Federal Reserve and a temporary easing of Sino-US relations [14]