Important Matters - WISCO Development plans to acquire equity in WISCO Mining and Luzhong Mining, resulting in stock suspension [1] - Unisplendour intends to purchase equity or full ownership of Ruineng Semiconductor, leading to stock suspension [1] - Heng Rui Medicine's subsidiary received approval for clinical trials of HRS-6257 tablets, with no similar drugs approved in the domestic market [1] - Longpan Technology's subsidiary is reducing production on some lithium iron phosphate production lines for maintenance, a move echoed by several leading manufacturers in the industry [1] Investment Operations - Guoxin Technology has laid out plans for smart driving MCU chips and is developing a high-performance AI chip with 10,000 DMIPS [1] - Juneyao Airlines plans to purchase 25 Airbus A320 series aircraft for $4.1 billion [1] - Spring Airlines intends to buy 30 Airbus A320neo series aircraft, with a transaction amount not exceeding $4.128 billion [1] - Tsinghua Tongfang is making breakthroughs in the open-source HarmonyOS field for product and commercialization [1] - Guangzhou Port is investing 2.353 billion yuan in the intelligent transformation project of the Nansha Port International General Terminal [1] - International Composite Materials plans to invest 1.693 billion yuan to build a project with an annual production capacity of 36 million meters of high-frequency high-speed electronic fiber cloth [1] - State Power Investment Corporation's subsidiary is co-investing with CATL in the Dadu River Danba Hydropower Station project, with a total investment of 15.273 billion yuan [1] - Haisheng Pharmaceutical's invested company has completed the first subject enrollment in the Phase II clinical trial of the innovative drug NWRD06 injection, targeting a specific liver cancer marker [1] Contracts and Collaborations - Chinalco International signed overseas project contracts worth approximately 14 billion yuan [2] - Tianqi Lithium has completed a strategic cooperation with SQM and Codelco [2] - Roman Co., Ltd.'s subsidiary signed a 156 million yuan computing power service project contract [2] - China Duty Free Group's wholly-owned subsidiary signed a duty-free project contract at Beijing Capital International Airport [2] - Reascend Technology's high-silica fiber has begun commercial cooperation with a well-known international aerospace company for long-term product supply [2] - Macro Micro Technology signed a strategic cooperation agreement with a leading domestic transmission company, focusing on GaN power semiconductor devices [2] Capital Operations - Tianqi Co., Ltd. plans to raise no more than 977 million yuan through a private placement for the development of a robot embodiment intelligence system for the automotive industry [2] - SMIC's registered capital in SMIC Southern will increase to $10.077 billion; it plans to acquire 49% equity in SMIC Northern for 40.6 billion yuan [2] - Changan Automobile intends to raise no more than 6 billion yuan through a private placement [2] Share Buybacks - Kweichow Moutai's controlling shareholder, Moutai Group, has cumulatively increased its stake in the company by 3 billion yuan, completing the buyback plan [3] - AVIC Heavy Machinery has been supplying key forgings to several commercial rocket companies [3] - Huihan Co., Ltd. invested 68.25 million yuan to establish a private equity fund, specifically investing in a commercial aerospace company [3] - Sega Technology plans to increase its investment in optical module company Guangcai Xincheng by 275 million yuan to acquire a 20% stake [3]

Summary of Key Points from Conference Call Records Industry or Company Involved - The analysis focuses on the impact of the appreciation of the Renminbi (RMB) on various industries, including upstream raw materials (utilities, non-ferrous metals, steel, energy and chemicals) and consumer goods (airlines, duty-free businesses) [1][3][4]. Core Insights and Arguments - **Cost Reduction**: The appreciation of the RMB reduces the cost of imported goods, benefiting industries reliant on imported raw materials, particularly upstream raw materials and consumer goods sectors [1][3]. - **Debt Servicing Pressure**: Airlines and real estate companies experience reduced pressure on dollar-denominated debt repayments due to RMB appreciation, enhancing profitability for airlines through exchange gains [1][3]. - **Valuation Enhancement**: The appreciation of the RMB is expected to enhance the valuation of core RMB assets, particularly in the financial sector (banks and insurance) and the Hong Kong stock market, potentially attracting foreign capital [1][3]. - **Gas Sector Benefits**: The gas sector benefits from lower procurement costs linked to international oil prices, while high-dividend thermal power sectors are less affected by exchange rate changes [1][4]. - **Airline Sector Gains**: Airlines benefit from direct exchange gains on aircraft purchases and leases, as well as reduced operational costs due to lower dollar-denominated expenses [5][6]. - **Real Estate Market Stability**: RMB appreciation expands the space for interest rate cuts, which is crucial for stabilizing the real estate market, attracting foreign investment in large-scale real estate projects [7]. Other Important but Possibly Overlooked Content - **REITs Market Growth**: The REITs market is showing robust growth, positively impacting the RMB-denominated real estate market and providing exit channels for related institutions [8][9]. - **Hong Kong Stock Market Dynamics**: The appreciation of the RMB increases the attractiveness of Hong Kong stocks, particularly in the technology sector, although the fundamental driver remains earnings per share (EPS) [2][10][11]. - **Investment Recommendations**: China Duty Free is highlighted as a key beneficiary of RMB appreciation due to its pricing structure and potential growth from policy catalysts and consumer behavior changes [13]. This summary encapsulates the critical insights from the conference call records, emphasizing the multifaceted impacts of RMB appreciation across various sectors and the potential investment opportunities arising from these dynamics.

Key Points - Guizhou Moutai's controlling shareholder, Moutai Group, has completed a share buyback plan, acquiring 2,071,359 shares for a total of 3 billion yuan, increasing its stake to 56.63% of the total share capital [1] - Juneyao Airlines plans to purchase 25 Airbus A320 series aircraft for a total of 4.1 billion USD, with deliveries scheduled between 2028 and 2032 [1] - ST Panda is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [1] - Huali Co. has terminated its plan to acquire a 51% stake in Zhongke Huilian due to a lack of consensus on key transaction terms [1][2] - China Duty Free Group's subsidiary has signed a contract for a duty-free project at Beijing Capital International Airport, covering an area of 10,646.74 m², with a guaranteed operating fee of 480.27 million yuan in the first year [3] - Haisheng Pharmaceutical's invested company has initiated Phase II clinical trials for NWRD06, a novel RNA drug targeting GPC3 for liver cancer, marking a significant milestone in cancer treatment [3] - WISCO Development is planning to acquire stakes in WISCO Mining and Luzhong Mining through asset swaps and cash payments, leading to a temporary suspension of its stock [4] - Yonghui Supermarket intends to publicly sell a 28.095% stake in its subsidiary Yonghui Cloud Gold Technology [5] - Shanxi Expressway plans to acquire a 15% stake in Shanxi Transportation Industry Development Group for 74.8 million yuan [5] - China Energy Construction's subsidiary has won a 6.864 billion yuan ecological comprehensive governance project [5]

Core Viewpoint - China Duty Free Group has signed a contract for the duty-free project at Beijing Capital International Airport, which is expected to enhance the company's channel advantages in key airports and positively impact future development [1] Group 1 - The project is located in the international departure and arrival areas of Terminal 3 at Beijing Capital International Airport, covering a total area of 10,646.74 square meters [1] - The operational period of the project is from February 11, 2026, to February 10, 2034 [1] - The minimum operating fee for the first year is set at RMB 480 million, with a sales commission rate of 5% for the first year [1]

Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to positively impact the company's future operating performance [1] Group 1 - The project involves the operation of duty-free shops in the international departure and arrival areas of Terminal 3 at Beijing Capital International Airport, covering a total area of 10,646.74 square meters [1] - The contract was signed on December 29, 2025, between China Duty Free Group and Beijing Capital Airport Commercial Co., Ltd [1] - This project is anticipated to strengthen the company's channel advantages in core airports, contributing to sustained growth in operational performance if successfully implemented [1]

Core Viewpoint - China Duty Free Group, a wholly-owned subsidiary of China National Duty Free Group, has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to positively impact the company's future operating performance [1] Group 1: Project Details - The project involves the operation of duty-free stores in the international departure and arrival areas of Terminal 3 at Beijing Capital International Airport, covering a total area of 10,646.74 square meters [1] - The contract for the project was signed on December 29, 2025, between China Duty Free Group and Beijing Capital Airport Commercial Co., Ltd [1] Group 2: Strategic Implications - The successful implementation of this project will help the company strengthen its channel advantages in key airports [1] - The project is anticipated to have a significant positive impact on the company's future business performance [1]

Core Viewpoint - China Duty Free Group has won the bid for the duty-free project at Beijing Capital International Airport, which is expected to positively impact the company's future operating performance [1] Group 1 - The company announced that its wholly-owned subsidiary, China Duty Free Group, won the bid for the duty-free project at Beijing Capital International Airport, specifically for the 01 section [1] - On December 29, 2025, the company signed a contract with Beijing Capital Airport Commercial Co., Ltd. for the duty-free project [1] - The total area of the duty-free project is 10,646.74 square meters, located in the international departure and arrival areas of Terminal 3 [1] Group 2 - The company will operate the duty-free store business at Beijing Capital International Airport (T3 terminal) through its wholly-owned subsidiary [1] - The signing of the contract is expected to help the company strengthen its channel advantages at core airports [1] - Successful implementation of the project is anticipated to have a positive impact on the company's future business performance [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，概不對因本公告全部或任何部分內容而產生或因依 賴該等內容而引致的任何損失承擔任何責任。 China Tourism Group Duty Free Corporation Limited 中國旅遊集團中免股份有限公司 （一家於中華人民共和國註冊成立的股份有限公司） （股份代號：1880） 內幕消息 關於全資子公司簽署項目合同的公告 本公告乃由中國旅遊集團中免股份有限公司（「本公司」）根據香港法例第571章證 券及期貨條例第XIVA部以及香港聯合交易所有限公司證券上市規則第13.09(2)(a) 條作出。 茲提述本公司日期為2025年12月28日的公告，內容有關，於2025年12月26日， 本公司全資子公司中國免稅品（集團）有限責任公司（「中免集團」）中標北京首都國 際機場免稅項目01標段。於2025年12月29日，中免集團與北京首都機場商貿有限 公司（「北京首都機場」）簽署了《北京首都國際機場免稅項目（01標段）項目合同》 （「合同」）。具體情況如下： 合同的主要內容 （一） 訂約方：北京 ...

格隆汇12月29日丨中国中免(601888.SH)公布，2025年12月29日，公司全资子公司中国免税品（集团） 有限责任公司与北京首都机场商贸有限公司签署了《北京首都国际机场免税项目（01标段）项目合 同》，保底经营费：在运营期内，首年保底经营费为48,027万元人民币，其后每一计费年度保底经营费 按照年度客流量变动幅度进行调整。 ...

证券代码：601888 证券简称：中国中免 公告编号：临2025-040 中国旅游集团中免股份有限公司 关于全资子公司已中标项目签署合同的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 2025 年 12 月 26 日，中国旅游集团中免股份有限公司（以下简称"公司"） 全资子公司中国免税品（集团）有限责任公司中标北京首都国际机场免税项目 01 标段。具体内容详见公司于 2025 年 12 月 27 日在《证券日报》《上海证券报》、 上海证券交易所网站（www.sse.com.cn）披露的《关于全资子公司项目中标的公告》 （公告编号：临 2025-039）。2025 年 12 月 29 日，公司全资子公司中国免税品（集 团）有限责任公司与北京首都机场商贸有限公司签署了《北京首都国际机场免税 项目（01 标段）项目合同》（以下简称"本合同""合同"）。具体情况如下： 一、本合同的主要内容 （一）合同主体 甲方：北京首都机场商贸有限公司 乙方：中国免税品（集团）有限责任公司 （二）项目位置及经营面积 北京首都国际机场 3 号航 ...