Investment Rating - The report initiates coverage on Far East Horizon with an "Accumulate" rating [1][6][19] Core Views - Far East Horizon has evolved from being the first listed financing leasing company in China to a comprehensive group with financial services as its "shield" and industrial operations as its "spear" [1][23] - The company is expected to benefit from stable leasing investment and a decrease in funding costs, alongside profit expansion in its industrial operations due to its overseas strategy [1][19] Summary by Sections Company Overview - Established in 2011, Far East Horizon is the first listed financing leasing company in China, now a comprehensive group integrating financial and industrial services [1][23] - The company has undergone several phases of development, transitioning from a traditional leasing company to a comprehensive service provider [24][25] Financial Performance - The revenue structure is shifting towards industrial operations, which are projected to account for 42.71% of total revenue by 2024, reflecting a 4.03 percentage point increase year-on-year [2] - The company has maintained stable growth in its financial services, with a focus on compliance and risk control, while also expanding its inclusive finance business [2][54] Business Segments - The financial services segment remains the core, with leasing as the primary focus, while the industrial operations segment includes equipment and healthcare services [40] - The equipment operation segment has shown significant growth, with revenue increasing from 1.8 billion in 2018 to 11.6 billion in 2024, reflecting a CAGR of 36.54% [46] Asset Quality - Far East Horizon has improved its asset quality significantly, with non-performing asset formation rates projected to be 0.50%, 0.43%, and 0.23% for 2023, 2024, and 2025H respectively [3][32] - The company has implemented a prudent project investment strategy to control the quality of new business and reduce the scale of urban public projects [3] Profit Forecast and Valuation - The forecasted total revenue for 2025-2027 is 376.10 billion, 375.77 billion, and 384.89 billion respectively, with a slight decline in growth rates expected [15] - The report anticipates a rebound in net profit margins, with projected net profits of 40.51 billion, 42.32 billion, and 44.30 billion for the same period [15][19]

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10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: 宏信建設發展有限公司 呈交日期: 2025年11月3日 I. 法定/註冊股本變動 | 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) | 09930 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00002 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00002 | USD | | 100,000 | 本月底法定/註冊 ...

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies' stock prices [1]. Group 1: Top Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [2] - China Resources Beer-R (80291) follows with a short-selling ratio of 97.44% [2] - Sun Hung Kai Properties-R (80016) ranks third with a short-selling ratio of 77.85% [2] Group 2: Top Short-Selling Amounts - Alibaba-SW (09988) leads in short-selling amount with 3.449 billion [2] - Tencent Holdings (00700) has a short-selling amount of 3.116 billion [2] - Meituan-W (03690) follows with a short-selling amount of 2.066 billion [2] Group 3: Top Short-Selling Deviation Values - Dream Garden (N23076) has the highest deviation value at 33.73% [2] - Changjiang Life Technology (00775) follows with a deviation value of 32.22% [2] - Geely Automobile-R (80175) ranks third with a deviation value of 30.81% [2]

展望全年，本集团将以保持审慎应对环境变化，以财务结构的健康稳健为第一宗旨，力求为股东实现良 好效益。 对于海外市场，本集团采取兼顾业务扩张速度与平衡经营风险的稳步推进策略，一方面扩大海外资产管 理规模并加大海外网点布局，另一方面持续优化调整海外资产结构，提升风险控制水平。本回顾期内， 海外分部对本集团整体业绩贡献比例更加显著，截至第三季度末，海外收入占总收入比例已超过15%， 而海外毛利占总毛利比例已超过25%。 本集团于本回顾期内保持了审慎的新增资本开支管控，并通过海内外业务网络的调配持续促进资产的全 生命周期价值的提升。本集团的融资成本率保持下降趋势，整体资金情况保持安全稳健。 宏信建发(09930)发布公告，2025年第三季度，本集团国内各主要品类设备出租率延续二季度末的较高 水平(其中高空作业平台的本季末时点出租率约为80%)。本集团截至前三季度的总收入同比降幅超过 10%，主要系由于国内市场供给过剩情况尚未好转，高空作业平台租金价格持续下行，本集团为应对国 内环境变化，继续主动调整资产结构，缩减国内业务规模所致。本集团前三季度的归属于普通股股东溢 利同比下降幅度超过70%，同比下降幅度相较于前六个月 ...

Core Viewpoint - The company is experiencing a significant decline in total revenue and profit due to domestic market oversupply and falling rental prices, while making strategic adjustments to its asset structure and expanding its overseas operations [1][2] Group 1: Domestic Market Performance - The rental rate for major equipment categories remains high, with the aerial work platform rental rate at approximately 80% by the end of the third quarter [1] - Total revenue for the first three quarters has decreased by over 10% year-on-year, primarily due to ongoing oversupply in the domestic market and declining rental prices for aerial work platforms [1] - Profit attributable to ordinary shareholders has decreased by more than 70% year-on-year, although the rate of decline has slightly narrowed compared to the first half of the year [1] Group 2: Overseas Market Strategy - The company is adopting a balanced approach to business expansion and risk management in overseas markets, focusing on increasing asset management scale and optimizing asset structure [1] - As of the end of the third quarter, overseas revenue accounted for over 15% of total revenue, while overseas gross profit represented more than 25% of total gross profit [1] Group 3: Financial Management - The company maintains a prudent approach to new capital expenditures and continues to enhance the value of assets throughout their lifecycle through its domestic and international networks [1] - The financing cost rate is on a downward trend, and the overall financial situation remains safe and stable [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。 宏信建設發展有限公司 HORIZON CONSTRUCTION DEVELOPMENT LIMITED （於開曼群島註冊成立的有限公司） （股份代號：9930） 未經審核二零二五年第三季度營運概要 截至二零二五年九月三十日止 本公告載列宏信建設發展有限公司（「本公司」）及其附屬公司（「本集團」）截至二 零二五年九月三十日止第三季度（「本回顧期」）未經審核之營運概要。 本公告為根據香港聯合交易所有限公司證券上市規則第13.09(2)(a)條及香港法例 第571章證券及期貨條例XIVA部之要求而作出。 二零二五年第三季度，本集團國內各主要品類設備出租率延續二季度末的較高水 平（其中高空作業平台的本季末時點出租率約為80%）。本集團截至前三季度的總 收入同比降幅超過10%，主要系由於國內市場供給過剩情況尚未好轉，高空作業 平台租金價格持續下行，本集團為應對國內環境變化，繼續主動調整資產結構， 縮減國內業務規模 ...

Core Viewpoint - Pacific Securities maintains a "Buy" rating for Macro Holdings (09930), highlighting the company's successful global expansion and resilience in a challenging domestic market [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 4.35 billion, with a gross profit of 94.06 million and a net profit attributable to shareholders of 35.49 million [1] - The overseas market revenue exceeded 597 million, accounting for 13.7% of total revenue, showing a significant year-on-year increase of 719.8% [1][2] - Domestic market revenue faced a decline of 10.7% due to falling equipment rental prices and reduced engineering service income, reflecting the overall weakness in the construction industry [2] Group 2: Business Segments - Revenue from operating leasing services, engineering technical services, and other services was 2.265 billion, 1.139 billion, and 946 million respectively, with engineering technical services and other services declining by 41.48% and 8.21% year-on-year [3] - Operating leasing services showed a bright performance with a year-on-year increase of 19.5%, driven primarily by growth in overseas markets [3] Group 3: Strategic Initiatives - The company is transitioning from an investment-driven model to a lean operation model, optimizing asset allocation and enhancing regional layout efficiency to reduce operational costs [4] - The "Three + Three + Three" strategy is being implemented to further expand into Southeast Asia and the Middle East, strengthening international presence [4] - As of the end of the first half of 2025, the company managed 202,600 aerial work platforms and expanded its overseas network to 63 locations, indicating a robust international growth trajectory [4]

Core Viewpoint - The company maintains a "buy" rating from Pacific Securities, highlighting its successful global expansion and resilience in the face of domestic market pressures [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 4.35 billion yuan, with a gross profit of 94.06 million yuan and a net profit attributable to shareholders of 35.49 million yuan [1] - Overseas market revenue exceeded 597 million yuan, accounting for 13.7% of total revenue, showing a significant year-on-year increase of 719.8% [1] - Domestic market revenue faced a decline of 10.7% due to falling equipment rental prices and reduced engineering service income [1] Group 2: Business Segments - The company reported revenues of 2.265 billion yuan from operating leasing services, 1.139 billion yuan from engineering technical services, and 946 million yuan from platform and other services [2] - Engineering technical services and platform services saw declines of 41.48% and 8.21% respectively, primarily due to a contraction in the domestic market [2] - Operating leasing services showed a bright spot with a year-on-year growth of 19.5%, driven by overseas market expansion [2] Group 3: Strategic Initiatives - The company is transitioning from an investment-driven model to a lean operation model, optimizing asset allocation and enhancing regional layout efficiency to reduce operational costs [3] - The "Three + Three + Three" strategy is being implemented to further expand into Southeast Asia and the Middle East, strengthening international presence [3] - As of the end of the first half of 2025, the company managed 202,600 aerial work platforms and expanded its overseas network to 63 locations [3]

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 宏信建設發展有限公司 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 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) | 09930 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | USD | | 0.00002 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 5,000,000,000 | USD | | 0.00002 | USD | | 100,000 | 本月底法定/註冊股 ...

Group 1 - The core viewpoint of the article highlights the recent stock activities of Hong Kong-listed company, Hongxin Jianfa (09930), including significant share deposits and insider purchases, indicating confidence in the company's future prospects [1] Group 2 - On September 16, shareholders deposited stocks into Huatai Hong Kong, with a market value of HKD 226 million, representing 5.52% of the total shares [1] - On September 5, Hongxin Jianfa announced that its Chief Operating Officer, Shen Liang, purchased 609,000 shares of the company, accounting for approximately 0.02% of the total issued shares, using personal funds in the open market [1] - The management expressed confidence in the company's future development and did not rule out the possibility of further share purchases at an appropriate time, subject to applicable laws and regulations [1]