FF301 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 第 1 頁 共 10 頁 v 1.2.0 FF301 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: 明源雲集團控股有限公司 (於開曼群島註冊成立之有限公司) 呈交日期: 2026年2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) | 00909 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | 3,800,000,000 | | HKD | 0.0001 | HKD | | 380,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 3,800,000,000 | HKD | 0. ...

Market Performance - The Hong Kong stock market indices showed weak performance on January 30, with the Hang Seng Index falling by 2.08% to 27,387.11 points, the Hang Seng China Enterprises Index down by 2.47%, and the Hang Seng Tech Index decreasing by 2.1% [1][2] - For the month, the Hang Seng Index recorded a cumulative increase of 6.85%, briefly surpassing 28,000 points, marking a four-year high, while the Hang Seng China Enterprises Index rose by 4.53% and the Hang Seng Tech Index increased by 3.67% [1] Sector Performance - Major technology stocks mostly declined, with Kuaishou and Xiaomi dropping over 3%, and Tencent falling by 2.57% [2][4] - Precious metals experienced a significant sell-off, with gold, aluminum, and copper prices retreating sharply [2] - The application software sector continued to decline, with Kingdee International dropping by 7.7% and Kingsoft falling nearly 4% [2] - Local retail stocks in Hong Kong saw widespread declines, with Chow Tai Fook down by 6.7% [2] - Some education stocks rose against the trend, with China Spring rising over 22% and New Oriental increasing by 5.5% [2][14] Specific Stock Movements - Kingdee International's stock price fell to 12.95 HKD, down 7.7% [5] - Kuaishou's stock price decreased to 80.15 HKD, down 3.38% [5] - Tencent's stock price fell to 606.00 HKD, down 2.57% [5] - Precious metal stocks like Chifeng Jilong Gold and Shandong Gold saw declines of over 14% [7] - Ganfeng Lithium's stock price dropped by 10.90% to 60.50 HKD [9] Educational Sector Insights - New Oriental reported a net revenue of 1.19 billion USD for Q2 of FY2026, a year-on-year increase of 14.7%, with a net profit of 45.45 million USD, up 42.3% [14] - The management expressed confidence in exceeding annual targets, with a profit margin expansion of 300 basis points [14] Capital Flows - Southbound funds recorded a net inflow of 3.218 billion HKD, with 2.036 billion HKD from the Shanghai-Hong Kong Stock Connect and 1.182 billion HKD from the Shenzhen-Hong Kong Stock Connect [20] Market Outlook - According to Everbright Securities, the Hong Kong stock market is expected to trend positively due to earnings recovery, improved liquidity, low valuations, and policy support, with a structural rebound anticipated in Q1 [22]

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Summary of Key Points from the Conference Call Industry Overview - The focus on AI applications is expected to be a key direction for industries in the future, with related business projected to maintain significant growth, potentially doubling by 2026, contributing approximately 10% to total revenue [2][5] - The AI innovation is anticipated to significantly expand market demand, with estimates suggesting a tenfold increase, particularly in the labor service market, with potential market sizes of around $10 trillion in the U.S. and approximately 10 trillion RMB in China [2][6] Core Insights and Arguments - The transition from hardware infrastructure investment to software and application investment typically follows a three-year cycle, as seen in previous tech revolutions like the internet and cloud computing. The current AI wave is expected to follow a similar trajectory [3] - AI applications are seen as crucial for value creation, as substantial capital investments in infrastructure need to be translated into practical applications across various industries [3] - Key factors for selecting AI application targets include high-quality vertical data, industry know-how, customer scenarios, and model capabilities, which collectively determine a company's ability to thrive in the AI wave [7] Specific Areas of Interest - Notable areas for investment include productivity tools (e.g., programming tools, multimodal generation tools) and marketing tools (e.g., generative user experience, sales agents, and customer service agents), which are showing rapid implementation trends [2][8] - Potential core applications and segments for 2026 include large marketing concepts (programmatic advertising, sales agents, customer service), general ERP scenarios, AI in healthcare, and physical AI [4][9][10] Investment Recommendations - In the A-share market, recommended companies include Tax Friend Co., Focus Technology, Guoneng Rixin, Dingjie Software, and Saiyi Information, among others [11] - In the Hong Kong market, companies like Kingdee International, Fubon Group, and Mingyuan Cloud are highlighted for their competitive strength and growth potential [12] AI in Healthcare - The healthcare AI sector is rapidly advancing, with significant developments in both domestic and international markets. For instance, Ant Group's AI product has reached nearly 30 million monthly active users, and collaborations with major pharmaceutical companies are yielding substantial orders [13][14] - AI in drug development is enhancing research capabilities and expanding into various industries, with companies like Jindeng Holdings achieving significant growth through partnerships [14] AI in Industrial Applications - AI applications in industrial settings are supported by clear policy guidelines, emphasizing the need for continuous refinement of general models to specific industry applications. Companies in industrial software are expected to see growth in orders related to AI business [23] - Industrial software firms can leverage AI for internal process optimization, enhancing overall operational efficiency [24] AI in Financial Services - The AI finance sector has shown a clear development path, with significant breakthroughs and market enthusiasm. Companies like Deepseek and Upstart are leading the charge, and the digital RMB initiative is creating new opportunities in payment and settlement ecosystems [27] Conclusion - The ongoing advancements in AI technology and its applications across various sectors present substantial investment opportunities. Companies that can effectively integrate AI into their business models and demonstrate value creation are likely to thrive in the evolving market landscape [35]

Core Viewpoint - Mingyuan Cloud has been actively repurchasing its shares, indicating a strategy to support its stock price and enhance shareholder value [2] Share Buyback Summary - On January 6, 2026, Mingyuan Cloud repurchased 1 million shares at a price range of HKD 3.270 to HKD 3.300, totaling HKD 3.2856 million [2] - The stock closed at HKD 3.290 on the same day, reflecting a 0.61% increase, with a total trading volume of HKD 22.0961 million [2] - Since October 30, 2025, the company has conducted buybacks for 46 consecutive days, acquiring a total of 63.321 million shares for a cumulative amount of HKD 201 million [2] - During this period, the stock has experienced a cumulative decline of 0.90% [2] - In 2026, the company has completed three buybacks, totaling 1.4 million shares and an aggregate buyback amount of HKD 4.612 million [2] Buyback Details - The buyback details for January 2026 are as follows: - January 6: 100,000 shares at a maximum price of HKD 3.300 and a minimum price of HKD 3.270, totaling HKD 328.56 thousand [2] - January 5: 20,000 shares at a maximum price of HKD 3.280 and a minimum price of HKD 3.270, totaling HKD 65.53 thousand [2] - January 2: 20,000 shares at a maximum price of HKD 3.370 and a minimum price of HKD 3.340, totaling HKD 67.10 thousand [2]

Group 1 - The company Mingyuan Cloud (00909) announced a share buyback plan [1] - The company will repurchase 1 million shares at a total cost of HKD 3.2856 million [1] - The buyback price per share ranges from HKD 3.27 to HKD 3.30 [1]

Core Viewpoint - Mingyuan Cloud (00909) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will repurchase 1 million shares at a total cost of HKD 3.2856 million [1] - The buyback price per share ranges from HKD 3.27 to HKD 3.30 [1]

Group 1 - The company Mingyuan Cloud (00909) announced a share buyback plan, intending to repurchase 1 million shares at a total cost of HKD 3.2856 million [1] - The buyback will occur on January 6, 2026, with a price range of HKD 3.27 to HKD 3.30 per share [1]

Group 1 - The core announcement is that Mingyuan Cloud (00909.HK) repurchased 1 million shares at a total cost of HKD 3.286 million [1] - The repurchase price per share ranged from HKD 3.27 to HKD 3.30 [1]