Group 1: Company Advantages - The company leverages the vast industrial chain resources and rich service application scenarios of China National Petroleum Corporation (CNPC) to focus on industrial chain financial services, enhancing its core functions of serving the national strategy and the real economy [1] - The company adheres to the work guideline of "integration of production and finance, promoting production through finance, coordinated collaboration, and specialization," utilizing its multiple financial licenses to provide comprehensive financial service solutions [1] Group 2: Initiatives for Financial Integration - The company has implemented the "Guiding Opinions on Deepening the Integration of Production and Finance" and "Guiding Opinions on Collaborative Finance," establishing coordination groups to provide high-quality, efficient, and convenient "one-stop" services [2] - These initiatives aim to support the high-quality development of the real economy through financial support and innovation [2] Group 3: Impact of Oil Price Fluctuations - The company maintains its focus on industrial finance, offering diversified financial services, indicating that oil price fluctuations do not directly impact its performance [2] - Stock price movements are influenced by multiple factors, including international situations, macroeconomic conditions, national policies, industry trends, and market expectations [2] Group 4: Core Business of CNPC Finance - CNPC Finance operates as the "internal bank" and "treasury platform" of China National Petroleum Corporation, holding full business qualification licenses [2] - Its primary services include transaction payment, internal transfer settlement, bill acceptance and discounting, loans, financing, and foreign exchange transactions for CNPC and its subsidiaries [2]

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，概不會就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。 北 京 金 隅 集 團 股 份 有 限 公 司 BBMG Corporation* 本公告乃北京金隅集團股份有限公司（「本公司」)按香港聯合交易所有限公司證券上市規則 第13.10B條發出。 茲載列本公司於二零二六年三月三十日在中華人民共和國上海證券交易所網站刊登之2025 年年度報告，僅供參閱。 承董事會命 北京金隅集團股份有限公司 主席 姜英武 中國北京，二零二六年三月三十日 於本公告日期，本公司執行董事為姜英武、顧昱及鄭寶金；非執行董事為孔慶輝、顧鐵民及 趙新軍；以及獨立非執行董事為劉太剛、洪永淼、譚建方及尹援平。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2009） 海外監管公告 * 僅供識別 北京金隅集团股份有限公司2025 年年度报告 1 / 290 北京金隅集团股份有限公司2025 年年度报告 重要提示 一、本公司董事会及董事、高级管理人员保证年度报告内容的真实性、准确性、完 ...

Core Viewpoint - The collaboration between Haibo Sichuang and Everbright Financial Leasing focuses on integrating finance and industry in the energy storage sector, aiming to support the construction of a new power system and promote green and low-carbon transformation for high-quality economic development [2][4]. Group 1: Partnership Details - The partnership will explore innovative models such as independent energy storage, collaborative electricity management, and the integration of solar and storage systems [2][4]. - Haibo Sichuang's CEO emphasized the significance of the 14th Five-Year Plan in promoting new energy storage, which is expected to reach a scale of trillions to tens of trillions by 2026 [4]. - Everbright Financial Leasing's president highlighted the energy storage industry as a core area for achieving carbon neutrality and energy transition, indicating a critical period for high-quality development [4]. Group 2: Future Directions - The collaboration aims to leverage Haibo Sichuang's technical advantages in system integration and operation, combined with Everbright Financial Leasing's financial expertise, to develop benchmark independent energy storage projects [6]. - Haibo Sichuang is transitioning into a comprehensive energy service provider based on new energy storage, indicating a strategic shift in its business model [6]. - The companies plan to jointly promote innovative practices in energy storage, enhancing the green transition of energy systems [4][6]. Group 3: Upcoming Events - Haibo Sichuang will participate in the 14th International Energy Storage Summit and Exhibition (ESIE 2026) scheduled for March 31 to April 3, 2026, in Beijing [8]. - The event will feature various forums focusing on cutting-edge technologies, market mechanisms, and global trends in the energy storage sector [12].

Core Viewpoint - The partnership between Haibo Sichuang Technology Co., Ltd. and Everbright Financial Leasing Co., Ltd. aims to enhance collaboration in the energy storage sector, focusing on innovative models such as independent energy storage, electricity collaboration, and solar-storage integration to support the construction of a new power system and promote green and low-carbon transformation [1][3]. Group 1: Partnership Details - The signing ceremony marks the beginning of a collaboration centered on the integration of production and finance, with both companies committed to exploring various applications in the energy storage industry [1][3]. - Haibo Sichuang's CEO highlighted the significance of the 14th Five-Year Plan, which emphasizes the development of new energy storage, indicating a strategic shift towards a trillion to multi-trillion scale industry [3]. - Everbright Financial Leasing's president noted that the energy storage industry is crucial for achieving carbon neutrality and is entering a critical phase of high-quality development [3]. Group 2: Future Collaboration - The partnership will leverage Haibo Sichuang's technological advantages in system integration, power station operation, and smart maintenance, combined with Everbright Financial Leasing's financial expertise to create benchmark independent energy storage projects [6]. - Both companies aim to deepen their cooperation in the energy storage sector, focusing on innovative practices in electricity collaboration and solar-storage integration to empower the green energy transition [6].

Group 1: Core Business Operations - COFCO Futures serves the main business of COFCO Group by providing "concierge-style" services, integrating deeply with various specialized companies within the group [1] - COFCO Futures offers one-stop solutions for risk management in commodities like oils, corn, and sugar, helping stabilize price fluctuations and lock in profits [1] - The "insurance + futures" model has been expanded to include "insurance + futures + credit + orders," supporting agricultural risk management and contributing to national rural revitalization strategies [1] Group 2: Integration of Industry and Finance - COFCO Capital's strategy of "integration of industry and finance" aims to create a deeply integrated ecosystem [2] - The strategy will be deepened through three aspects: enhancing the role of the integration committee, designing precise financial products addressing industry pain points, and upgrading service models to include "financial services + industry empowerment" [2] - Supply chain finance will be developed to provide convenient financing services for small and medium-sized enterprises in the upstream and downstream [2] Group 3: Trust Industry Development - The "three classifications" regulation presents both challenges and opportunities for COFCO Trust, indicating a return to core functions and transformation [3] - Development opportunities are identified in three core areas: standardized asset management, asset service trusts, and charitable trusts [3] - COFCO Trust aims to enhance investment research capabilities and expand product strategies to become a leader in niche markets [3]

Core Viewpoint - The 14th International Energy Storage Industry Summit and Exhibition (ESIE 2026) will be held from March 31 to April 3 in Beijing, focusing on "Scenario Innovation, Value Reconstruction, and Global Win-Win" [1] Event Overview - The summit will feature over 30 professional forums covering cutting-edge technologies, mechanism innovations, market applications, and international perspectives [1] - More than 800 global exhibitors and over 200,000 professional attendees are expected, creating a comprehensive "energy storage ecosystem exhibition" [1] Day 1 Highlights (March 31) - Opening ceremony and main forum will take place, along with a closed-door meeting for energy storage leaders [4] - Specialized forums will include discussions on cutting-edge energy storage technologies, financial innovations, and global market trends [4] Day 2 Highlights (April 1) - The day will include the opening ceremony and a series of specialized sessions on advanced energy storage materials, system integration, and safety standards [6] - International business matchmaking sessions will facilitate connections between global energy storage projects and investors [6] Day 3 Highlights (April 2) - Focus on specialized sessions for battery cells, hydrogen energy, and long-duration energy storage technologies [4] - International seminars will assess the value and carbon emissions of large-scale energy storage [4] Day 4 Highlights (April 3) - Sessions will cover short-term high-frequency energy storage and integrated forums on renewable energy connections [4] Training Courses - A comprehensive training program titled "Practical Training on Energy Storage and Financing Leasing Business" will be held during the exhibition, focusing on core industry needs and project development [8][10] - The training will cover topics such as independent energy storage project development, operational strategies, and risk management [13]

Investment Rating - The report provides a "Buy" rating for stocks such as Tonghuashun and Zhongxin Holdings, and a "Hold" rating for stocks like Jiangsu Jinzheng and Hong Kong Exchanges [5]. Core Insights - The report emphasizes the clear classification of quasi-financial holding companies, focusing on industrial and financial synergy as the core logic. Leading institutions like Huajin Capital and CITIC Limited exemplify this trend through diversified project layouts [4]. - A-share quasi-financial holding companies show significant investment differentiation, with clear exit paths and controllable cycles. Investment directions are primarily divided into two main lines: one focusing on strategic emerging industries, while the other relies on industrial resources for supply chain layout [4]. - Hong Kong quasi-financial holding companies exhibit significant differences in tiered layouts, with investments leaning towards certainty and longer exit cycles. The report notes a shift in investment strategies towards mature and collaborative projects [4]. - The overarching trend across markets is the integration of industry and finance, with a focus on head effects and industrial empowerment. Hard technology and healthcare are identified as long-term core allocation tracks [4]. Summary by Sections A-share Quasi-Financial Holding Companies Investment and Exit Projects - Investment industry distribution shows a clear focus on strategic emerging industries and industrial-financial synergy. Companies like Huajin Capital and Aijian Group have significant early investments in emerging industries [15][18]. - Investment rounds are concentrated in later stages, primarily Pre-IPO, reflecting the need for predictable returns and compliance with state-owned asset assessments [37]. - Investment amounts are polarized, with Huajin Capital favoring small investments under 1 million CNY, while companies like Zhongyou Capital prefer large investments over 50 million CNY [60][64]. Hong Kong Quasi-Financial Holding Companies Investment and Exit Projects - Investment distribution shows a tiered characteristic, with leading institutions achieving balanced layouts across multiple tracks, while smaller institutions focus on specific sectors [4]. - The report highlights a trend towards investments in healthcare, enterprise services, and information technology, with emerging sectors like ESG-related investments beginning to gain traction [4]. - Exit cycles are lengthening, with IPOs remaining the core exit channel, but the report notes an increase in mergers and post-listing reductions as alternative exit strategies [4]. Investment Recommendations - For A-shares, Tonghuashun is recommended as a leading financial information service provider benefiting from market activity and AI empowerment. Nanhua Futures is also highlighted for its advantages in the expanding derivatives market [4]. - In the Hong Kong market, the Hong Kong Stock Exchange is noted for its unique position benefiting from interconnectivity and interest rate cuts, while comprehensive groups like CITIC Limited show strong anti-cyclical capabilities [4].

Group 1 - The core viewpoint of the article highlights that the stock price fluctuations of COFCO Capital are influenced by multiple complex factors, including macroeconomic conditions, industry policies, market sentiment, and the company's fundamentals, leading to significant uncertainty [1] Group 2 - COFCO Capital's value creation is reflected in multiple dimensions, such as focusing on a pension finance strategy through COFCO Life, which aims to build an "insurance + health + pension" ecosystem [1] - COFCO Futures is developing its domestic brokerage, international business, and risk management sectors, with the establishment of a subsidiary in Singapore and clearing qualifications in Hong Kong effectively expanding its international business space [1] - COFCO Trust is concentrating on the integration of production and finance, as well as asset management transformation, constructing seven core business tracks including standard product asset management and securities service trusts, while empowering the group's industrial chain through innovative supply chain finance models and practicing social responsibility through charitable trusts [1] - The company will continue to empower its main business with finance and aims to reward investors' trust through solid operations in the future [1]

Core Viewpoint - The company emphasizes its commitment to enhancing intrinsic value through financial empowerment of its core business and actively exploring emerging fields such as pension finance, despite facing a significant decline in stock performance compared to the Shanghai Composite Index [1] Group 1: Company Performance - Over the past year, the Shanghai Composite Index increased by 18.41%, while the company's stock price decreased by 13.64%, resulting in a lag of approximately 32.05 percentage points [1] Group 2: Strategic Focus - The company is focusing on a multi-dimensional value construction strategy, with key initiatives including: - Zhongying Life's focus on a pension finance strategy, creating an "insurance + health + pension" ecosystem [1] - Zhongliang Futures' development of domestic brokerage, international business, and risk management, with successful expansion into international markets through its Singapore subsidiary and Hong Kong clearing qualifications [1] - Zhongguo Trust's emphasis on integrating production and finance, transitioning to asset management, and innovating supply chain finance models to empower the group's industrial chain [1] Group 3: Management Compensation - The management's compensation is strictly aligned with corporate governance norms and is linked to performance and strategic objectives [1] Group 4: Future Commitment - The company will continue to focus on financial empowerment of its core business and aims to reward investor trust through solid operational performance [1]

Core Viewpoint - The article highlights the transformation of the oyster industry in Rushan, Shandong, showcasing its growth into a modern marine industry with an annual output value exceeding 10 billion yuan, driven by quality, branding, and financial support [1][8]. Group 1: Industry Overview - Rushan is recognized as the "Hometown of Chinese Oysters," with a bustling scene of fishing boats and workers at the docks, emphasizing the importance of fresh seafood in the local economy [1]. - The oyster processing industry in Rushan is characterized by a standardized production process, ensuring high quality and efficiency, especially during peak seasons like the Spring Festival [2][6]. - The geographical advantages of Rushan, including clean waters and nutrient-rich rivers, contribute to the unique quality of Rushan oysters, which are rich in protein and trace elements [4]. Group 2: Quality and Certification - The certification of organic oysters is crucial for accessing high-end markets and enhancing profit margins, although the process is stringent and requires thorough third-party verification [3]. - The brand value of Rushan oysters reached 19.385 billion yuan in 2023, making it the top geographical indication oyster brand in China [4]. Group 3: Industry Chain and Economic Impact - The oyster industry in Rushan has developed a complete industrial chain covering seven key areas, with a total cultivation area of 600,000 mu and an annual output of 500,000 tons, leading to a total industry value of 11.8 billion yuan [6]. - The industry not only serves domestic high-end markets but also exports to 15 countries and regions, including Japan and Malaysia, establishing itself as a global seafood brand [6]. Group 4: Financial Support and Innovation - Financial services play a significant role in the growth of the oyster industry, with local banks offering specialized loans to support modern farming practices and equipment upgrades [7]. - Innovative financial products, such as carbon credit financing and insurance-linked credit models, are being explored to further support the oyster industry [7]. Group 5: Future Prospects - The integration of technology, standards, branding, and finance is creating a robust ecosystem for the oyster industry, enabling it to thrive and expand its market presence [8]. - The success of Rushan oysters exemplifies the potential of combining traditional agriculture with modern financial and technological advancements, contributing to the broader narrative of agricultural modernization in China [8].