Core Insights - The Beijing Stock Exchange (BSE) has significantly grown since its inception four years ago, with the number of listed companies increasing from 81 to 282, and total market capitalization approaching 910 billion yuan [1][3][4] Group 1: Market Growth and Structure - The BSE has seen a steady increase in market scale, with a total market value exceeding 910 billion yuan, moving towards the "trillion club" [1] - The proportion of small and medium-sized enterprises (SMEs) listed on the BSE is nearly 80%, with over 50% being national-level specialized and innovative "little giant" enterprises [1][3] - The average daily trading volume has risen from less than 1 billion yuan to nearly 30 billion yuan, with a turnover rate of around 6% [1][2] Group 2: Institutional Participation - There are over 9.5 million qualified investors participating in the BSE, with public funds and social security funds accelerating their investments [2] - The performance of BSE-themed funds has been strong, with medium to long-term capital becoming a backbone of the market [2] Group 3: Financing and Support for SMEs - The BSE has facilitated over 60 billion yuan in cumulative financing, with 90% of listed companies receiving venture capital support [3] - The exchange has established a collaborative ecosystem to support the development of SMEs, including partnerships with various government departments [3][4] Group 4: Industry Coverage - The BSE has a broad coverage of new productive forces industries, with over 40% of listed companies in high-end equipment manufacturing [4] - The exchange has developed a unique path to serve specialized and innovative SMEs, providing direct financing support tailored to their characteristics [4] Group 5: Investor Returns and Governance - Over 90% of listed companies have distributed a total of 19.86 billion yuan in dividends since the exchange's inception, with 16 companies distributing more than their total fundraising amounts [6] - The BSE emphasizes investor protection and has implemented strict measures against financial fraud, enhancing corporate governance for SMEs [6] Group 6: Future Outlook - The BSE is set to expand its market structure, having already established a bond market that supports national and local government debt issuance, totaling over 13 trillion yuan [7] - Future initiatives will focus on enhancing services for innovative SMEs, as stated by the BSE chairman during the 2025 Financial Street Forum [7]

Core Viewpoint - The company has approved a strategic plan for 2026-2030 to adapt to macroeconomic changes and technological transformations, aiming to strengthen its market position and drive growth [1][2]. Group 1: Board Meeting Details - The board meeting was held on October 15, 2025, in Shanghai, with all 9 directors present, including participation via communication methods [1]. - The meeting was chaired by Chairman Deng Haibin, with all senior executives in attendance [1]. Group 2: Strategic Planning - The strategic plan focuses on two main growth curves: enhancing the existing pharmaceutical business through management improvements and acquisitions, and exploring new opportunities for innovation and development [2]. - The property management sector will continue to operate steadily, contributing stable cash profits to support both growth curves [2]. - The company aims to achieve high-quality development and continuous value growth through a dual strategy of "industrial operation + investment and mergers" [2].

Group 1 - The board of directors of Shanghai Haixin Group Co., Ltd. held its 13th meeting of the 11th session on October 15, 2025, in accordance with relevant laws and regulations [2][3] - The meeting was attended by all 9 directors, with some participating via communication methods [2] - The board unanimously approved the strategic plan for 2026-2030, focusing on strengthening the company's core business and exploring new growth opportunities through mergers and acquisitions [3] Group 2 - The strategic plan aims to adapt to macroeconomic changes and industry transformations while enhancing the company's operational capabilities [3] - The company will pursue a dual strategy of "industrial operation + investment and mergers" to drive innovation and high-quality development [3] - The property management sector is expected to continue providing stable cash flow to support the company's growth initiatives [3]

Core Viewpoint - The company intends to purchase inertial sensor modules and related production equipment from a related party for a total contract amount of 3.8 million yuan, which is expected to reduce costs and accelerate the introduction of new products [1][2][6]. Summary by Sections 1. Overview of Related Transactions - The company’s wholly-owned subsidiary, Suzhou Shunjing Integrated Circuit Co., Ltd., will acquire inertial sensor modules and related equipment from Suzhou Yiboda Micro System Technology Co., Ltd. for 3.8 million yuan [1][2]. - This transaction is classified as a related party transaction due to the involvement of the company's actual controller, Xu Liang, who is a director of Yiboda [1][3]. - The transaction does not meet the criteria for a major asset restructuring as defined by relevant regulations [1][2]. 2. Financial Information of the Transaction - The total amount of related transactions with the same or different related parties in the past 12 months, excluding this transaction, did not exceed 0.5% of the company's latest audited net assets [2][3]. - The transaction is expected to reduce costs and time for new product launches, thereby enhancing the company's production capabilities and supporting future industry chain upgrades [2][6]. 3. Details of the Transaction Assets - The assets being acquired include various testing and calibration equipment, which have been purchased at market prices from 2022 to 2025 and are in good condition [5][6]. - The book value of the equipment as of June 30, 2025, is approximately 2.1 million yuan, while the inventory has a book value of about 1.5 million yuan [5][6]. 4. Valuation and Pricing of the Transaction - The transaction price of 3.8 million yuan was determined based on an asset valuation report, which estimated the market value of the assets at approximately 3.89 million yuan [8][9]. - The valuation was conducted by Wanlong (Shanghai) Asset Appraisal Co., Ltd., using cost and market approaches [8][9]. 5. Agreement and Compliance - The agreement includes provisions for the transfer of inventory and production materials, as well as a three-year license for the use of related intangible assets [9][10]. - The transaction was approved by the company's independent directors and does not require further shareholder approval [10][11]. 6. Historical Related Transactions - The company has previously engaged in three related transactions with enterprises controlled by Xu Liang, including investments in joint ventures [11][12].

Group 1 - The long-term outlook for China's technology industry indicates a continuous rise in the premium center, with significant excess returns for Hong Kong stocks in the technology sector over the past 20 years [1] - The technology sector in Hong Kong has shown high elasticity and sustainability during various market cycles, with each increase in technology premium closely linked to industrial transformations, typically occurring in approximately five-year cycles [1] - Core industries within the technology sector are entering a localization phase, with new productive industries such as artificial intelligence, humanoid robots, and low-altitude economy receiving policy support [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Company and selects up to 50 high-quality companies from the technology sector listed within the Stock Connect range [1] - This index aims to comprehensively reflect the overall performance of securities from technology companies that can be invested in through the Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Core Viewpoint - The Hong Kong Stock Connect Technology ETF (159262) is experiencing positive performance, with significant gains in key component stocks, indicating a favorable market environment for technology investments in Hong Kong [1][2]. Group 1: ETF Performance - As of July 10, 2025, the Hong Kong Stock Connect Technology ETF (159262) increased by 0.10%, with notable gains in component stocks such as InnoCare Pharma rising nearly 6% and BYD Electronics and Sunny Optical Technology rising nearly 5% [1]. - The ETF recorded a turnover of 1.88% during the trading session, with a total transaction value of 24.4556 million [1]. - Over the past week, the average daily trading volume of the ETF reached 315 million [1]. Group 2: Index Performance - The Hang Seng Hong Kong Stock Connect Technology Index (HSSCITI) saw an intraday increase of 0.49%, outperforming other indices such as the Hong Kong Stock Connect Internet and Technology indices [1]. - The latest market capitalization of the Hong Kong Stock Connect Technology ETF stands at 1.295 billion [1]. Group 3: Valuation Insights - The HSSCITI's latest price-to-earnings ratio (PE-TTM) is 21.08, which is in the 0.75 percentile over the past year, indicating that the valuation is lower than 99.25% of the time in the last year, suggesting a historical low [1]. Group 4: Index Composition - As of July 8, 2025, the top ten weighted stocks in the HSSCITI include Kuaishou-W, SMIC, Xiaomi Group-W, Tencent Holdings, Alibaba-W, Meituan-W, Lenovo Group, Bilibili-W, Sunny Optical Technology, and Kingdee International, collectively accounting for 75.36% of the index [2]. - Notably, the combined weight of leading AI companies Xiaomi, Alibaba, and Tencent exceeds 30%, alongside core "hard tech" stocks like SMIC and Hua Hong Semiconductor, forming a concentrated group of technology leaders [2]. Group 5: Long-term Outlook - According to GF Securities, the premium center of China's technology industry is expected to continue rising, with significant excess returns observed in Hong Kong's technology sector since 2005 [2]. - The technology sector has shown high elasticity and sustainability during various market cycles, with each increase in technology premium closely linked to industrial transformations, typically occurring in approximately five-year cycles [2]. - Current core industries in technology are entering a localization phase, with new productivity sectors such as artificial intelligence, humanoid robots, and low-altitude economy receiving policy support [2].

Group 1 - The core viewpoint is that the premium center of China's technology industry is continuously rising in the long term, with significant excess returns observed in Hong Kong's technology sector since 2005 [1] - The technology sector in Hong Kong exhibits high elasticity and sustainability during various market conditions, with each increase in technology premium closely related to industrial transformation, forming a roughly five-year cycle of premium elevation [1] - Key industries such as artificial intelligence, humanoid robots, and low-altitude economy are entering a localization phase and receiving policy support, indicating a shift towards new productive forces [1] Group 2 - The Hong Kong Technology ETF (code: 513020) tracks the Hong Kong Stock Connect Technology Index (code: 931573), which is compiled by China Securities Index Co., Ltd., selecting no more than 50 quality companies from the technology sector listed under the Stock Connect [1] - This index aims to comprehensively reflect the overall performance of securities from technology companies that can be invested in through the Stock Connect channel, with constituent stocks showing significant growth potential and market volatility characteristics [1] - Investors without stock accounts can consider the Cathay China Securities Hong Kong Stock Connect Technology ETF Initiated Link C (015740) and Link A (015739) [1]

Group 1 - The Guangfa Hengsheng Hong Kong Stock Connect Technology Themed ETF (code: 159262) is currently open for subscription, with a fundraising cap of 3 billion RMB, and the deadline for subscription is June 20 [1] - The ETF closely tracks the Hang Seng Hong Kong Stock Connect Technology Themed Index, which consists of 30 Hong Kong-listed technology companies, focusing on core technology sectors such as software services and semiconductors [1] - As of June 16, 2025, the total market capitalization of the index constituents exceeded 9.7 trillion HKD, accounting for approximately 12% of the total market capitalization of Hong Kong stocks [1] Group 2 - Goldman Sachs has reiterated its bullish stance, predicting a return of global funds to China and identifying ten major companies in the Chinese stock market, which include Tencent, Alibaba, Xiaomi, BYD, Meituan, NetEase, Midea, Heng Rui Pharmaceutical, Ctrip, and Anta [2] - The forecast indicates that the earnings of these ten companies will grow by 13% over the next two years, with a price-to-earnings ratio of 16 times, showcasing strong growth potential and investment value [2] - Guangfa Securities notes that since 2005, the technology sector in Hong Kong has shown significant excess returns relative to the market, with high elasticity and sustainability during various market cycles [2]

Core Viewpoint - The article emphasizes the significance of the China Securities Hong Kong Stock Connect Technology Index, which focuses on large-cap technology companies with high R&D investment and revenue growth within the Hong Kong Stock Connect framework [1][3]. Group 1: Index Characteristics - The index selects 50 large-cap technology companies to reflect the overall performance of technology leaders in the Hong Kong Stock Connect [3]. - The index has a balanced industry distribution, with major allocations in internet, automotive, and innovative pharmaceuticals, avoiding overcrowded sectors like electronics and media [11]. - The index includes industry leaders such as BYD in automotive and BeiGene in innovative pharmaceuticals, reducing exposure to second-tier internet companies [12]. Group 2: Market Performance - The index has shown high elasticity in market performance, outperforming similar indices during various market cycles since 2014 [22]. - Since the end of 2014, the annualized return of the index has exceeded that of other similar indices, such as the National Securities Hong Kong Stock Connect Technology Index and the Hang Seng Technology Index [22]. - The index's performance has been driven by significant contributions from the automotive and biopharmaceutical sectors, with distinct phases of market activity observed [22]. Group 3: Fund Introduction - The Southern China Securities Hong Kong Stock Connect Technology ETF (code: 159269) is set to track the index and will be issued starting June 18 [37]. - The fund aims to closely replicate the index's performance, minimizing tracking deviation and error [37].

Fund Registration - In May 2025, a total of 353 funds were registered, with a total scale of 145.2 billion [1][3] - The registered fund scale decreased by 37% month-on-month but increased by 28% year-on-year [1][3] - The number of newly registered funds decreased by 19% month-on-month but increased by 34% year-on-year [1][3] Fund Types and Regional Distribution - The majority of registered funds in May 2025 were entrepreneurial funds, accounting for 72% of the total [1] - Zhejiang Province led in registered fund scale with 23 billion, while Guangxi ranked third with 15.6 billion [7][9] New Fund Managers - Two new fund managers were registered in May 2025, both state-owned [1][18] - The number of new fund managers decreased by 83% month-on-month and reduced by 4 compared to the same period last year [1][18] Investment and Financing Events - A total of 619 investment and financing events occurred in May 2025, with a total amount of 19 billion [1][21] - The number of events decreased by approximately 3.4% year-on-year and by about 16.5% month-on-month [21] - The A-round was the most common investment round in May 2025 [24] Investment Sectors - Among the 619 financing events, 409 were in the new productivity industry, accounting for 66% [30] - The electronic information sector saw significant financing, with Airwallex raising 300 million in its F round, the highest in May [32] Active Investment Institutions - Active investment institutions in May 2025 included Lushan Chuangxing, ICBC Capital, and Shenzhen Capital Group, among others [34][35]