投资组合的投资目标为通过货币市场基金、首次公开发售(IPO)配售、大宗交易及私人投资公开股票 (PIPE)等方式，以期实现资本增值。投资组合最多可将全数资产集中投资于一间或多间目标公司的股 份。 公司同意就管理人向公司提供全权委託投资组合投资管理服务委任管理人，而管理人同意接受该委任。 星盛商业(06668)发布公告，于2026年1月9日，公司与管理人订立全权委托投资管理协议，据此，公司 同意委任管理人，而管理人同意接受委任为管理人，以管理人身份向公司提供全权委託投资管理服务。 总投资额预计不多于2亿港元，将使用公司现时可用的现金储备，且管理人获授权代表公司管理投资组 合。 根据公司的资金政策，公司持续设法通过对不同资产类别的投资扩大离岸资金，并已认购多种财富累积 工具。公司与管理人订立全权委託投资管理协议，合理有效地利用集团暂时闲置的现金，可以提高集团 的整体资本报酬率，为核心业务提供资金支持。根据全权委托投资管理协议，公司可按其要求灵活撤回 自投资组合任何或全部有关投资。上述种种有助公司从其海外现金盈余获取潜在收入，同时保持其流动 资金状况，从而更好地支持核心业务的发展。 ...

根据公司的资金政策，公司持续设法通过对不同资产类别的投资扩大离岸资金，并已认购多种财富累积 工具。公司与管理人订立全权委託投资管理协议，合理有效地利用集团暂时闲置的现金，可以提高集团 的整体资本报酬率，为核心业务提供资金支持。根据全权委托投资管理协议，公司可按其要求灵活撤回 自投资组合任何或全部有关投资。上述种种有助公司从其海外现金盈余获取潜在收入，同时保持其流动 资金状况，从而更好地支持核心业务的发展。 公司同意就管理人向公司提供全权委託投资组合投资管理服务委任管理人，而管理人同意接受该委任。 投资组合的投资目标为通过货币市场基金、首次公开发售(IPO)配售、大宗交易及私人投资公开股票 (PIPE)等方式，以期实现资本增值。投资组合最多可将全数资产集中投资于一间或多间目标公司的股 份。 智通财经APP讯，星盛商业(06668)发布公告，于2026年1月9日，公司与管理人订立全权委托投资管理协 议，据此，公司同意委任管理人，而管理人同意接受委任为管理人，以管理人身份向公司提供全权委託 投资管理服务。总投资额预计不多于2亿港元，将使用公司现时可用的现金储备，且管理人获授权代表 公司管理投资组合。 ...

Core Insights - The Vanguard Dividend Appreciation ETF (VIG) offers a solution for investors seeking dividend income, especially in a market characterized by record performance and increased risk-taking [2][4]. Dividend Growth and Capital Appreciation - In October, VIG paid a dividend of $0.8647 per share, requiring investors to own 155 shares to generate $500 in annual income, translating to an investment of $32,000 based on the price on December 11 [4]. - Over the past decade, VIG's dividend has increased by 82%, enhancing the income stream for shareholders, while the ETF's price has appreciated by 188% during the same period [5]. ETF Composition and Concentration - The Vanguard Dividend Appreciation ETF consists of 338 total stocks, providing broad diversification; however, the top 10 positions represent 34% of the portfolio's assets, indicating a degree of concentration [7].

Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) announced the establishment of a limited partnership to acquire a 42.469% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. This acquisition aligns with the company's development strategy and aims to enhance capital appreciation opportunities [1][2]. Group 1: Partnership Agreement - The partnership agreement involves GCL-Poly's subsidiaries, including GCL Suzhou and GCL Xuzhou, along with partners Xinda and Xinsong, to form a limited partnership with a total capital of RMB 2.064 billion [1]. - GCL Suzhou and Xinda will contribute RMB 760 million and RMB 1.3 billion, respectively, while the general partners will contribute smaller amounts, with GCL Xuzhou contributing RMB 150,000 [1]. Group 2: Target Company Overview - The target company, established in 2021, focuses on the research, development, manufacturing, and sales of granular silicon and related renewable energy businesses [2]. - GCL-Poly currently holds a 57.531% stake in the target company through its subsidiaries, which will continue to be a non-wholly-owned subsidiary post-acquisition [2]. Group 3: Financial Implications - The total consideration for the acquisition will be RMB 2.01 billion, and the financial performance of the target company will continue to be consolidated into GCL-Poly's financial statements [2]. - The establishment of the limited partnership and the acquisition are expected to provide significant investment opportunities for the group, aligning with its strategic goals [2].

Core Viewpoint - GCL-Poly Energy Holdings Limited (协鑫科技) announced a partnership agreement to establish a limited partnership for acquiring a 42.469% stake in Inner Mongolia Xinyuan Silicon Material Technology Co., Ltd. [1][2] Group 1: Partnership Agreement - The partnership agreement involves GCL-Poly's subsidiaries, including GCL Suzhou and Xinda, contributing a total of RMB 20.64 billion to the limited partnership [1] - GCL Suzhou will contribute RMB 7.60 billion, while Xinda will contribute RMB 13 billion [1] - The ordinary partners, including Xinseng, Anyi, and GCL Xuzhou, will contribute RMB 1 million, RMB 1.5 million, and RMB 1.5 million respectively [1] Group 2: Acquisition Details - The total consideration for the acquisition will be RMB 20.10 billion, with subsequent agreements to be established between the limited partnership and Hongyuan Green Energy and Tibet Ruihua [1] - Following the acquisition, the target company will remain a non-wholly-owned subsidiary of GCL-Poly, with its financial performance continuing to be consolidated into the group's financial statements [2] Group 3: Strategic Alignment - The establishment of the limited partnership and the acquisition aligns with the group's development strategy and presents a significant investment opportunity for capital appreciation [2]

Core Insights - The fear of outliving savings is a significant concern for retirees, with 64% of U.S. adults prioritizing this fear over death [1] - Some retirees, driven by this fear, tend to underspend, potentially accumulating more wealth than they had at retirement [2] Underspending Behavior - Retirees are generally advised to withdraw no more than 4% of their assets annually, but many withdraw significantly less; a 2024 Prudential Financial study found that married 65-year-olds with at least $100,000 in assets withdrew an average of 2.1%, which is about half the recommended rate [3] - The challenge of breaking long-standing frugal habits and the tendency for delayed gratification contribute to this underspending behavior [4] Spending Trends in Retirement - Longevity and inflation risks lead many retirees to adopt conservative spending habits; a 2024 Transamerica Center survey revealed that 50% of retirees reported decreased spending, while only 11% indicated an increase [5] - This frugality can result in retirees ending up with more money than they started with; for example, a retiree with $1 million who withdraws only 2% while their assets grow at 6% annually could see their wealth increase significantly [6] Wealth Accumulation Potential - At a 6% growth rate, a $1 million investment could potentially grow to over $2 million in approximately 18 years, which aligns closely with the average life expectancy and retirement age in America [7]

Report Summary 1. Reported Industry Investment Rating No information provided in the document. 2. Core Viewpoints The report mainly presents the results of a research on Xinhan New Materials, covering the company's basic information, research institutions, and answers to investors' questions about the company's operations, including project progress, cash management, product sales, investment purposes, R & D directions, and the impact of trade protection measures [16][23][28]. 3. Summary by Directory 3.1 Research Basic Situation - Research object: Xinhan New Materials [16] - Industry: Chemical raw materials [16] - Reception time: September 12, 2025 [16] - Listed company reception personnel: Chairman and General Manager Yan Liuxin, Financial Controller Wang Zhongyan, Board Secretary Li Xiangfei, Independent Director Huang Hefa [16] 3.2 Detailed Research Institutions - Institutions: Investors who participated in the company's 2025 semi - annual performance briefing online [19] 3.3 Main Content Data - **Project Progress**: The equipment of the third workshop of the 8000 - ton project is being installed and is expected to reach the intended use state and be put into production in December 2025 [23] - **Cash Management**: The company's cash management is mainly used to purchase cash management products with high safety, good liquidity, and a maximum term of no more than twelve months, such as RMB structured deposits and time deposits [24] - **Foreign Exchange Hedging**: The company did not actually carry out specific foreign exchange hedging business during the reporting period and plans to conduct it within the board - authorized limit according to exchange rate fluctuations [26] - **Product Sales**: The sales of the company's main products such as medical and agricultural intermediates, DFBP, and photoinitiators have all increased to varying degrees [27] - **Investment Purpose**: The company invests in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology to layout fields related to its main business, achieve industrial synergy and capital appreciation, and strengthen its influence in the special engineering plastics field [28] - **R & D Direction**: The company's main R & D direction is focused on the R & D and process improvement of aromatic ketone core products, including special engineering plastic core raw materials and cosmetic raw materials [28] - **Product Situation**: The penetration rate of the company's HAP product as a cosmetic raw material is gradually increasing, and the HDO production line is under construction. The HDO product can be directly used as a cosmetic raw material with moisturizing and bactericidal effects [30] - **Trade Protection Impact**: The company will closely monitor international market trends, actively explore new international markets, develop new products, and expand the domestic market to reduce the impact of export business risks [30] - **Medical and Agricultural Intermediate Business**: The company's medical and agricultural intermediate products have a large variety. After the new workshop of the 8000 - ton project is put into operation, new customers and markets are developed, resulting in rapid growth [30]

Group 1: Company Operations and Developments - The construction of the third workshop for the 8000-ton project is currently underway, with equipment installation in progress and expected to be operational by December 2025 [2] - The company is focusing its cash management on high-security, high-liquidity products, including structured deposits and time deposits, with a maximum term of twelve months [2] - The company has not yet implemented specific foreign exchange hedging activities but is monitoring exchange rate fluctuations closely [3] Group 2: Product Performance and Market Strategy - Sales of key products such as pharmaceutical intermediates, DFBP, and photoinitiators have shown varying degrees of growth [3] - Investments in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology aim to enhance synergy with the company's main business and strengthen its influence in the specialty engineering plastics sector [3] - The company is concentrating its R&D efforts on core products related to aromatic ketones and process improvements, with specific advancements to be disclosed in the annual report [3] Group 3: Market Challenges and Adaptations - The company is actively exploring new international markets to mitigate risks associated with U.S. tariffs and trade protection measures affecting exports [4] - The pharmaceutical intermediates segment is expected to become a significant growth driver following the new workshop's production capacity expansion [4]

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，並明確表示概不就因本公告全部或任何部 分內容所產生或因依賴該等內容而引致的任何損失承擔任何責任。 New Gonow Recreational Vehicles Inc. 新吉奧房車有限公司 （於開曼群島註冊成立的有限公司） （股份代號：0805） 變更所得款項用途 臨時偏離所得款項用途 及 須予公佈交易 茲提述新吉奥房车有限公司（「本公司」，連同其附屬公司，統稱「本集團」）內容有關 全球發售且日期為2024年12月31日之招股章程（「招股章程」）及本公司於2025年4月 28日刊發之截至2024年12月31日止年度的年報（「2024年年報」）。除本公告另有定義 外，本公告內所用詞彙與招股章程及2024年年報所界定者具有相同涵義。 變更全球發售所得款項用途 全球發售所得款項之原定用途 誠如招股章程及2024年年報所披露，全球發售所得款項淨額（「所得款項淨額」）約為 253.4百萬港元，原擬用於招股章程所載之用途（「所得款項原定用途」）： – 1 – . 約63.3%，或160.4百萬港元，用於建立新生 ...

Group 1 - The core logic of private equity investment is to discover and cultivate value, focusing on high-growth potential companies with unique business models, strong technological barriers, and vast market space [1][4] - A case study in the AI sector illustrates how a leading PE firm helped a startup in industrial inspection algorithms grow from tens of millions to over a billion in revenue within three years through capital and resource infusion [2][4] - The ultimate goal of private equity investment is capital appreciation, achieved through precise pricing, resource integration, and post-investment operational refinement [4][5] Group 2 - Successful private equity investment relies on a deep collaboration between investors and companies, characterized by strategic consensus, resource complementarity, and shared risk [6][7][8] - Investors and management teams work together to create growth roadmaps, as seen in a case where a PE firm helped a restaurant chain expand from 50 to 200 locations while reducing ingredient costs by 12% [6] - The private equity market in China is projected to exceed 15 trillion yuan by the end of 2024, with over 100,000 companies receiving investment, highlighting its role in driving innovation in the real economy [9]