自12月10日以来公司已连续2日进行回购，合计回购69.72万股，累计回购金额1999.25万港元。 其间该 股累计下跌3.08%。 今年以来该股累计进行18次回购，合计回购742.54万股，累计回购金额2.23亿港元。（数据宝） 金山软件回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.11 | 35.22 | 28.500 | 28.200 | 999.53 | | 2025.12.10 | 34.50 | 29.200 | 28.600 | 999.72 | | 2025.12.05 | 35.66 | 28.460 | 27.920 | 999.99 | | 2025.12.04 | 35.56 | 28.200 | 27.740 | 999.76 | | 2025.12.03 | 35.62 | 28.140 | 28.000 | 999.63 | | 2025.12.02 | 35.12 | 28.560 | 28.380 | 999.74 | | ...

财经频道更多独家策划、专家专栏，免费查阅>> 责任编辑：安东 格隆汇12月11日丨金山软件(03888.HK)公告，12月11日耗资1000万港元回购35.2万股，回购价格每股 28.2-28.5港元。 ...

金山软件(03888)公布，2025年12月11日耗资约999.53万港元回购35.22万股股份。 ...

智通财经APP讯，金山软件(03888)公布，2025年12月11日耗资约999.53万港元回购35.22万股股份。 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 金山軟件有限公司 呈交日期： 2025年12月11日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 03888 | 說明 | 普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有 ...

Core Viewpoint - The Hong Kong stock market has entered a new wave of share buybacks since November, led by major technology companies, which is seen as a positive signal for long-term development and financial optimization [1][5]. Group 1: Buyback Activity - In November, the total number of shares repurchased by Hong Kong listed companies exceeded 700 million, a significant increase compared to previous months where the numbers were 260 million, 530 million, and 530 million respectively from August to October [2]. - Major companies like Tencent Holdings and Xiaomi Group have resumed their buyback activities, with Tencent repurchasing over 1 million shares daily and spending more than 630 million HKD each day, which is higher than the previous buyback period [2][3]. - Xiaomi Group has repurchased shares worth over 2.9 billion HKD since November, accounting for more than half of its total buyback amount since 2025, indicating a notable increase in buyback intensity [2]. Group 2: Leadership of Technology Companies - The current buyback wave is primarily led by technology companies, with Tencent and Xiaomi dominating the buyback amounts [3]. - Other tech companies like Kuaishou and Kingsoft are also starting to appear on the buyback leaderboard, while non-tech companies like HSBC and China Hongqiao have seen a decline in buyback activity [3]. Group 3: Timing and Strategy of Buybacks - Experts suggest that companies typically choose to buy back shares when they believe their stock is undervalued, avoiding periods like earnings silence to mitigate risks [4]. - The buyback strategy is influenced by regulatory constraints, financial strength, and market sentiment, with larger companies having more capacity for significant buybacks compared to smaller firms [4]. Group 4: Long-term Development Signals - Share buybacks are viewed as a demonstration of a company's confidence in its performance and are common in mature capital markets [5]. - Buybacks can optimize equity and financial structure, enhance earnings per share, and stabilize control against hostile takeovers [5][6]. - Continuous buyback actions signal to the market that a company's value is underestimated and its cash flow is stable, which can attract institutional investors and improve the overall investment environment [6].

Market Overview - The A-share market experienced fluctuations on December 11, with the ChiNext Index initially rising over 1% before retreating [1] - The total trading volume reached 697.9 billion, with a predicted increase of 58.8 billion to 1.85 trillion [2] Sector Performance - The power generation equipment and precious metals sectors showed strong performance, with significant gains in stocks such as Tongguang Cable, which hit a 20% limit up [4] - Precious metals stocks continued their strong trend, with Shanjin International rising over 8% and the spot silver price increasing by over 1% to $62.76 per ounce [5][6] Precious Metals Insights - The silver futures contract on the Shanghai Futures Exchange surged by 4.16%, reaching 14,642 yuan per kilogram [5] - The recent price movements in silver indicate a shift from following gold prices to being driven by the gold-silver ratio, which has dropped below 70, suggesting a significant outperformance of silver relative to gold [7] Company Highlights - Moore Threads' stock price reached a new high of 800 yuan, increasing by over 12%, with a total market capitalization of 383.073 billion yuan [9] - The company, known as the "first domestic GPU stock," successfully listed on the Sci-Tech Innovation Board on December 5, 2023, and is focused on providing computing acceleration platforms for AI and high-performance computing [9]

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on December 10, 2025, with Tencent Holdings (00700) leading in both the number of shares repurchased and the total amount spent on buybacks. Group 1: Companies with Significant Buybacks - Tencent Holdings (00700) repurchased 1.06 million shares for a total of 636 million, representing 0.961% of its total share capital [2] - Xiaomi Group-W (01810) repurchased 2.4 million shares for 101 million, accounting for 0.400% of its total share capital [2] - China Feihe (06186) repurchased 5.47 million shares for 22.94 million, which is 2.521% of its total share capital [2] Group 2: Other Notable Buybacks - Geely Automobile (00175) repurchased 1.54 million shares for 27.14 million, representing only 0.047% of its total share capital [2] - Kweichow Moutai (600519) repurchased 204,000 shares for 8.82 million, which is 0.180% of its total share capital [2] - Vitasoy International (00345) repurchased 404,000 shares for 2.67 million, accounting for 2.180% of its total share capital [2] Group 3: Companies with Lower Buyback Amounts - 康臣药业 (01681) repurchased 354,000 shares for 5.28 million, which is 15.048% of its total share capital [2] - 瑞声科技 (02018) repurchased 150,000 shares for 5.76 million, representing 0.492% of its total share capital [2] - 周黑鸭 (01458) repurchased 160,500 shares for 2.68 million, which is 1.407% of its total share capital [3]

备注：以上数据由格隆汇数据中心根据港交所数据加工计算所得，并不保证100%精确。 本文源自：格隆汇 股票名称 回购数 回购额 年累计回购数量(股) 年累计回购数量/总股本 腾讯控股(00700) 106.00万 6.36亿 8831.30万 0.961% 小米集团-W(01810) 240.00万 1.01亿 1.03亿 0.400% 中远海控(01919) 300.00万 4085.81 万 7854.30万 2.727% 纳芯微(02676) 20.15万 3067.05万 null null 顺丰控股(06936) 81.55万 3042.25万 null null 碧桂园服务(06098) 468.40万 2921.95万 3691.40万 1.105% 吉利汽车(00175) 153.70万 2713.61万 470.50万 0.047% 中国飞鹤(06186) 547.00万 2293.91万 2.29亿 2.521% 巨子生物(02367) 40.00万 1438.24万 80.00万 0.075% 金山软件(03888) 34.50万 999.72万 707.32万 0.510% 中国石油化工 ...

Core Viewpoint - The Hong Kong stock market is experiencing a new wave of share buybacks, primarily led by major technology companies, which is seen as a positive signal for long-term development and financial stability [1][5]. Group 1: Buyback Activity - Since November, the total number of shares repurchased by Hong Kong listed companies has exceeded 700 million, showing significant growth compared to previous months [2]. - In December, the trend of active buybacks has continued, with over 27 million shares repurchased in just the first few trading days [2]. - Tencent Holdings has resumed its buyback program since November 18, repurchasing over 1 million shares daily, with daily buyback amounts exceeding 630 million HKD, which is higher than the previous round [2]. - Xiaomi Group has also intensified its buyback efforts, with a total buyback amount exceeding 2.9 billion HKD since November 20, accounting for more than half of its total buyback since 2025 [2]. - COSCO Shipping Holdings has initiated a new round of buybacks, accumulating over 1 billion HKD in just over a month [2]. Group 2: Leadership of Technology Companies - Major technology companies, particularly Tencent and Xiaomi, are leading the current buyback wave, with their buyback amounts ranking at the top [3]. - Other tech companies like Kuaishou and Kingsoft are also beginning to appear on the buyback leaderboard [3]. - In contrast, some non-tech companies, such as HSBC and China Hongqiao, have seen a decline in their buyback activities [3]. Group 3: Rationale Behind Buybacks - Experts suggest that companies typically choose to buy back shares when they believe their stock is undervalued [4]. - Companies should avoid buybacks during earnings blackout periods and ensure that they have sufficient cash flow without impacting normal operations [4]. - The scale and execution of buybacks are often constrained by regulatory rules and the company's financial strength [4]. Group 4: Long-term Development Signals - Share buybacks are a common practice in mature capital markets, reflecting a company's confidence in its performance and helping to stabilize market value [5]. - Buybacks can optimize a company's equity and financial structure, potentially increasing earnings per share and return on equity [5]. - The upcoming stock buyback reform by the Hong Kong Stock Exchange in 2024 will allow companies to retain repurchased shares for employee stock plans, enhancing employee motivation and aligning interests [5]. - Continuous buyback actions can signal to the market that a company's value is underestimated and its cash flow is stable, which can attract potential institutional investors [6].