Core Viewpoint - The Hang Seng Healthcare Index has declined by 3.3% this week, underperforming the market, with a slight decrease in domestic investors' holdings of pharmaceutical stocks through the Hong Kong Stock Connect since the fourth quarter of last year, while foreign investment has increased [1] Group 1: Market Performance - The Hang Seng Healthcare Index has experienced a cumulative drop of 3.3% this week [1] - Domestic investors' holdings of pharmaceutical stocks via the Hong Kong Stock Connect have slightly decreased [1] - Foreign investment in the sector has increased, particularly in innovative drugs and leading CXO companies benefiting from demand recovery [1] Group 2: Investment Recommendations - The company suggests focusing on differentiated platforms such as small nucleic acids, long-acting formulations, invivo CAR-T, and new generation ADC/XDC in the pharmaceutical business development this year [1] - The sector is expected to maintain a stable upward trend this year, although short-term volatility may occur [1] - Investors are advised to examine company fundamentals and valuations to identify undervalued stocks, such as 3SBio (01530), Hutchison China MediTech (00013), and Genscript Biotech (02595) [1] - CXO segment leaders like WuXi AppTec (02268) may benefit from a favorable downstream environment and improved financing conditions [1] - Sub-sectors such as hospitals, medical devices, and diagnostics may see regulatory uncertainties easing along with positive policy expectations [1]

Market Overview - The Shanghai Composite Index rose by 1.29% to close at 4067.74 points, with a daily high of 4069.42 points [1] - The Shenzhen Component Index increased by 2.19% to close at 14127.11 points, reaching a high of 14129.6 points [1] - The ChiNext Index saw a rise of 1.86%, closing at 3324.89 points, with a peak of 3324.89 points [1] ETF Market Performance - The median return for stock ETFs was 1.7%, with the highest return from the Penghua SSE Sci-Tech Innovation Board 200 ETF at 4.43% [2] - The highest performing industry index ETF was the Huatai-PB CSI Subdivision Nonferrous Metals Industry Theme ETF, with a return of 6.87% [2] - The highest return among thematic index ETFs was from the China Tai CSI Photovoltaic Industry ETF at 7.42% [2] ETF Performance Rankings - The top three ETFs by return were: - Guotai CSI Photovoltaic Industry ETF (7.42%) - Huatai-PB CSI Subdivision Nonferrous Metals Industry Theme ETF (6.87%) - Fortune SSE Sci-Tech Innovation Board New Energy ETF (6.84%) [6] - The ETFs with the largest declines included: - Yinhua CSI All-Share Securities Company ETF (-1.06%) - Huabao CSI Bank ETF (-1.03%) - Huatai-PB CSI Bank ETF (-0.88%) [6] ETF Fund Flows - The top three ETFs by fund inflow were: - Southern CSI 500 ETF (inflow of 3.566 billion) - Guotai CSI All-Share Securities Company ETF (inflow of 1.117 billion) - Southern CSI A500 ETF (inflow of 973 million) [9] - The ETFs with the largest outflows included: - Southern CSI Subdivision Nonferrous Metals ETF (outflow of 2.958 billion) - Huatai-PB CSI A500 ETF (outflow of 806 million) - Yongying CSI Hong Kong and Shanghai Gold Industry Stock ETF (outflow of 714 million) [11] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Guotai CSI All-Share Securities Company ETF (510 million) - Huaxia SSE Sci-Tech Innovation Board 50 Component ETF (502 million) - Southern CSI 500 ETF (446 million) [12] - The ETFs with the highest margin selling included: - Huatai-PB CSI 300 ETF (45.35 million) - Southern CSI 1000 ETF (16.63 million) - Southern CSI 500 ETF (11.50 million) [14] Institutional Insights - Guotai Junan Securities is optimistic about the photovoltaic sector, anticipating a resurgence in 2026 driven by significant capacity planning and performance forecasts [14] - CCB International highlights the potential of space photovoltaic technology, suggesting that the rapid growth of commercial space and AI computing demands could drive future demand for space data centers [15]

Core Viewpoint - The announcement by交银国际 (03329) regarding the framework agreement with交通银行 aims to enhance operational efficiency and cost-effectiveness through shared administrative and non-administrative support services [1] Group 1: Agreement Details - The framework agreement is set to commence on February 3, 2026, and will remain effective until December 31, 2028, with an automatic three-year renewal subject to applicable listing rules [1] - The agreement requires independent shareholder approval for the proposed transactions and related annual caps [1] Group 2: Operational Impact - The collaboration with交通银行 is expected to leverage the group's resources, thereby improving overall operational efficiency and reducing operational costs [1] - By integrating various administrative and non-administrative support functions, the company aims to minimize resource duplication and lower fixed investments in infrastructure, systems, and personnel, achieving economies of scale [1]

行政及非行政职能支持服务共享框架协议项下拟进行的交易将使本集团凭借交通银行集团的资源，提升 其整体运营效率及成本效益。通过整合若干行政及非行政支持职能，本集团可减少资源重复及降低对基 础设施、系统及人力的固定投入，从而实现规模经济并降低其运营成本。 智通财经APP讯，交银国际(03329)发布公告，于2026年2月3日，本公司与交通银行订立行政及非行政职 能支持服务共享框架协议，据此，交通银行集团同意向本集团提供行政职能支持服务及非行政职能支持 服务。行政及非行政职能支持服务共享框架协议须自根据适用上市规则获得独立股东批准行政及非行政 职能支持服务共享框架协议项下拟进行的交易及相关建议年度上限之日起生效至2028年12月31日止(包 括首尾两日)，并且此后连续三年将自动续期，惟须遵守届时适用上市规则的规定。 ...

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。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 （於香港註冊成立的有限公司） （股份代號：3329） 持續關連交易 行政及非行政職能支持服務共享框架協議 於2026年2月3日，本公司與交通銀行訂立行政及非行政職能支持服務共享框架協議， 據此，交通銀行集團同意向本集團提供行政職能支持服務及非行政職能支持服務。行 政及非行政職能支持服務共享框架協議須自根據適用上市規則獲得獨立股東批准行政 及非行政職能支持服務共享框架協議項下擬進行的交易及相關建議年度上限之日起生 效至2028年12月31日止（包括首尾兩日），並且此後連續三年將自動續期，惟須遵守 屆時適用上市規則的規定。 於本公告日期，交通銀行為持有已發行股份約73.14%的最終控股股東，故為本公司的 關連人士。因此，根據上市規則第14A章，行政及非行政職能支持服務共享框架協議 項下擬進行的交易 ...

Group 1 - The global commercial space industry is experiencing rapid growth, driven by policy incentives and the increasing demand for AI computing power, which is expected to boost the demand for space photovoltaic solutions [1][3] - Space photovoltaic systems are identified as the most cost-effective power solution for space activities, with significant advantages over terrestrial solar power, including enhanced sunlight exposure and higher energy stability [1][3] - The annual energy output of a solar cell in a morning and evening orbit is 5-12 times greater than that of ground-based systems, and it does not require expensive energy storage systems [1] Group 2 - Low Earth Orbit (LEO) satellites are currently favored for short-term applications, with HJT crystalline silicon batteries being the preferred choice, while perovskite batteries are expected to be the future option [2] - Space photovoltaic batteries are categorized into three types: gallium arsenide, crystalline silicon, and perovskite, with crystalline silicon currently being the most cost-effective despite its lower performance [2] Group 3 - The market potential for space crystalline silicon and perovskite photovoltaic batteries is estimated to be around 3 billion RMB annually from 2026 to 2030, but this is limited in the short term [3] - If launch costs significantly decrease, the annual launch capacity could dramatically increase, potentially reaching 100 GW, leading to a market expansion to 500 billion RMB [3] Group 4 - Companies that may benefit from the growth of space photovoltaic technology include those involved in HJT and perovskite battery equipment, such as Maiwei Co., Ltd. (300751.SZ), Jiejia Weichuang (300724.SZ), and Jing Shan Light Machinery (000821.SZ) [4] - Other beneficiaries include GCL-Poly Energy Holdings Limited (03800) for perovskite batteries and Dongfang Risheng (300118.SZ) for ultra-thin HJT batteries [4]

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: | 2026年1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: | 交銀國際控股有限公司 | | | 呈交日期: | 2026年2月2日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.2.0 II. 已發行股份及/或庫存股份變動及足夠公眾持股量的確認 | 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) | 03329 | 說明 | 不適用 | | | | | | | | 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 | | | 2,734,392,000 | | 0 | | 2,734,392,000 | | 增加 / 減少 (-) ...

Group 1 - The National Financial Regulatory Administration has approved the appointment of Pu Yonghao as an independent director of China Postal Savings Bank [1][5] - Pu Yonghao has an extensive background in finance, having held various senior positions in institutions such as Bank of China International and UBS [4][8] - His educational qualifications include a Master's degree in Economics from Xiamen University and a Master's degree in Demography from the London School of Economics [4][8] Group 2 - Pu Yonghao's previous roles include being a senior economist and vice president at Bank of China International, a senior advisor at the Asian Development Bank, and managing director at UBS [4][8] - He is currently serving as an independent non-executive director at several companies, including Jiao Yin International Holdings and Guotai Junan Securities [4][8] - Pu Yonghao also holds the position of vice chairman at the Hong Kong China Financial Association [4][8]

Core Viewpoint - Aixin Yuan Zhi has passed the main board listing hearing on the Hong Kong Stock Exchange, with CICC, Guotai Junan, and Bank of Communications International as joint sponsors [1] Company Overview - Aixin Yuan Zhi is a fabless supplier of artificial intelligence inference system-on-chip (SoC), focusing on high-performance perception and computing platforms for edge computing and terminal device AI applications [1] - The company's core technologies include the Axera Neutron mixed-precision neural network processor (NPU) and the Axera Proton AI-ISP, which is the world's first commercially scaled AI image signal processor [1] Market Position - According to Zhi Zhi Consulting, Aixin Yuan Zhi is the largest supplier of mid-to-high-end visual edge AI inference chips globally by shipment volume in 2024, ranking among the top five in the global visual edge AI inference chip market [1] Product Development and Sales - As of September 30, 2025, Aixin Yuan Zhi has independently developed and commercialized five generations of SoCs, with cumulative deliveries exceeding 165 million units [1] - In 2024, the company's AI inference SoC shipments reached 9.3 million units, with sales of visual terminal computing SoCs and edge computing SoCs increasing by approximately 69% and 400% respectively compared to 2023 [1]

Group 1 - The core viewpoint of the report is that the overall rental rate of the company is expected to improve slightly in the second half of 2025 due to completed asset enhancement projects and the introduction of new brands and fitness centers, which will help increase foot traffic and mitigate the impact of retail industry updates [1][2] - The retail sales market is showing signs of recovery, primarily driven by an increase in tourists, which boosts sales in core areas and non-essential goods. However, some tenants, particularly those serving essential consumer needs, are still affected by cross-border e-commerce and are recovering at a slower pace [2] - The company has approximately 50% of its debt as floating-rate debt, and the overall level of HIBOR in 2025 is expected to decrease compared to 2024, which will help lower overall financing costs and offset some rental adjustment impacts [2] Group 2 - The company has slightly adjusted its revenue and distribution forecasts for 2025-2027, anticipating that the Hong Kong retail market may take time to stabilize. However, improvements in the stock market and real estate performance are expected to bring about a wealth effect, contributing to market stability in the medium to long term [3] - The target price remains unchanged at HKD 5.92, and the buy rating is maintained, as the company's retail portfolio, primarily focused on essential consumption, is expected to remain resilient with high occupancy rates [4] - The potential inclusion in the Shanghai-Hong Kong Stock Connect is viewed as a key catalyst for the next 12 months, and the impact of potential interest rate cuts is expected to outweigh the anticipated changes in rental adjustments [4]