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之內容概不 負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 PUXING ENERGY LIMITED 普星能量有限公 司 普星能量有限公 司 （於開曼群島註冊成立的有限公司） （股份代號：90） 補充公告 認購HASHKEY HOLDINGS LIMITED股權 茲提述日期為二零二五年七月九日之自願性公告（「該自願性公告」），內容有 關普星能量有限公司（「本公司」，連同其附屬公司統稱「本集團」）認購HashKey Holdings Limited（「HashKey」）股權之事宜。除文義另有所指外，本公告所用詞 彙與該自願性公告所定義者具有相同涵義。董事會謹此向股東及潛在投資者 提供以下補充資料。 有關認購事項之補充資料 HashKey之持股比例： 代價基準 在同意認購事項之認購價前，董事會已委聘獨立估值機構對HashKey每單位A 系列優先股之市場價值進行評估。 該估值乃根據國際估值準則採用市場法進行。收益法被認為不適用，因其需 依賴對估值結果高度敏感之主觀 ...

Report Information - Report date: October 20, 2025 [3] - Report title: Full Variety Spread Daily Report [3] Core Data Summary Ferrous Metals - **Silicon Iron (SF601)**: Spot price 5558, futures price 5430, basis 128, basis rate 2.36%, historical quantile 73.10% [1] - **Silicon Manganese (SM601)**: Spot price 5718, historical quantile 65.20% [1] - **Rebar (RB2601)**: Spot price 3200, futures price 3037, basis 66, basis rate 2.06%, historical quantile 66.70% [1] - **Hot - Rolled Coil (HC2601)**: Spot price 3270, futures price 3204, historical quantile 46.10% [1] - **Iron Ore (I2601)**: Spot price (equivalent price) 832, futures price 771, basis 61, basis rate 7.91%, historical quantile 49.60% [1] - **Coke (J2601)**: Spot price (equivalent price) 1676, futures price 1603, basis - 73, basis rate - 4.38%, historical quantile 26.49% [1] - **Coking Coal (JM2601)**: Spot price (equivalent price) 1257, futures price 1179, basis 78, basis rate 6.62%, historical quantile 45.50% [1] Non - Ferrous Metals - **Copper (CU2512)**: Spot price 84775, futures price 84390, basis 385, basis rate 0.46%, historical quantile 82.08% [1] - **Aluminum (AL2512)**: Spot price 20950, futures price 20910, basis 40, basis rate 0.19%, historical quantile 68.12% [1] - **Alumina (AO2601)**: Spot price 2921, futures price 2800, basis 121, historical quantile 60.13% [1] - **Zinc (ZN2511)**: Spot price 21815, futures price 21780, basis - 35, basis rate - 0.16%, historical quantile 52.29% [1] - **Tin (SN2511)**: Spot price 281000, futures price 280750, basis 250, basis rate 0.09%, historical quantile 57.70% [1] - **Nickel (NI251)**: Spot price 121550, futures price 121160, basis 390, basis rate 0.32%, historical quantile 76.87% [1] - **Stainless Steel (SS2512)**: Spot price 13170, futures price 12630, basis 540, basis rate 4.28%, historical quantile 92.25% [1] - **Lithium Carbonate (LC2511)**: Spot price 75700, futures price 73350, basis - 2350, basis rate - 3.10%, historical quantile 23.12% [1] - **Industrial Silicon (SI2511)**: Spot price 9350, futures price 920, historical quantile 61.14% [1] Agricultural Products - **Soybean Meal (M2601)**: Spot price 2870, futures price 2868, basis 2, basis rate 0.07%, historical quantile 35.00% [1] - **Soybean Oil (Y2601)**: Spot price 8410, futures price 8256, basis 154, basis rate 1.87%, historical quantile 32.10% [1] - **Palm Oil (P2601)**: Spot price 9308, futures price 9230, basis - 78, basis rate - 0.84%, historical quantile 7.00% [1] - **Rapeseed Meal (RM601)**: Spot price 2470, futures price 2306, basis 164, basis rate 7.11%, historical quantile 74.00% [1] - **Rapeseed Oil (Ol601)**: Spot price 10160, futures price 9861, basis 299, basis rate 3.03%, historical quantile 80.30% [1] - **Corn (C2601)**: Spot price 2130, futures price 2117, basis 13, basis rate 0.61%, historical quantile 49.80% [1] - **Corn Starch (CS2511)**: Spot price 2550, futures price 2374, basis 176, basis rate 7.41%, historical quantile 83.10% [1] - **Live Hogs (LH2601)**: Spot price 11670, futures price 11250, basis - 420, basis rate - 3.60%, historical quantile 30.90% [1] - **Eggs (JD2511)**: Spot price 3000, futures price 2805, basis 195, basis rate 6.95%, historical quantile 48.00% [1] - **Cotton (CF601)**: Spot price 13335, futures price 1182, basis 14517, basis rate 8.86%, historical quantile 79.80% [1] - **Sugar (SR601)**: Spot price 5810, futures price 5412, basis 398, basis rate 7.35%, historical quantile 70.60% [1] - **Apples (AP601)**: Spot price 8625, futures price 8600, basis - 25, basis rate - 0.29%, historical quantile 16.20% [1] - **Red Dates (CJ601)**: Spot price 11420, futures price 9600, basis - 1820, basis rate - 15.94%, historical quantile 19.30% [1] Energy and Chemicals - **Paraxylene (PX601)**: Spot price 6432, futures price 6292, basis 140, basis rate 2.20%, historical quantile 12.40% [1] - **PTA (TA601)**: Spot price 4402, futures price 4330, basis - 72, basis rate - 2.04%, historical quantile 20.00% [1] - **Ethylene Glycol (EG2601)**: Spot price 4075, futures price 4003, basis 72, basis rate 1.05%, historical quantile 75.10% [1] - **Polyester Staple Fiber (PF512)**: Spot price 6290, futures price 6036, basis 254, basis rate 2.20%, historical quantile 74.10% [1] - **Styrene (EB2511)**: Spot price 6495, futures price 6483, basis 12, basis rate 0.97%, historical quantile 75.10% [1] - **Methanol (MA601)**: Spot price 2272, futures price 2272, basis 0, basis rate 0.0%, historical quantile 53.90% [1] - **Urea (UR601)**: Spot price 1602, futures price 1560, basis - 42, basis rate - 2.25%, historical quantile 5.40% [1] - **LLDPE (L2601)**: Spot price 6975, futures price 6874, basis 101, basis rate 1.86%, historical quantile 56.80% [1] - **PP (PP2601)**: Spot price 6565, futures price 6551, basis 14, basis rate 0.21%, historical quantile 48.10% [1] - **PVC (V2601)**: Spot price 4688, futures price 4600, basis 88, basis rate 1.88%, historical quantile 32.50% [1] - **Caustic Soda (SH601)**: Spot price 2593.8, futures price 2344, basis 249.8, basis rate 5.41%, historical quantile 70.90% [1] - **LPG (PG2512)**: Spot price 4498, futures price 4220, basis 278, basis rate 6.21%, historical quantile 47.80% [1] - **Asphalt (BU2601)**: Spot price 3380, futures price 3135, basis 245, basis rate 7.25%, historical quantile 93.40% [1] - **Butadiene Rubber (BR2512)**: Spot price 11000, futures price 10925, basis 75, basis rate 0.68%, historical quantile 61.40% [1] - **Glass (FG601)**: Spot price 1095, futures price 1072, basis 23, basis rate 2.10%, historical quantile 66.59% [1] - **Soda Ash (SA601)**: Spot price 1209, futures price 1154, basis 55, basis rate 4.77%, historical quantile 18.90% [1] - **Natural Rubber (RU2601)**: Spot price 14695, futures price 14250, basis - 445, basis rate - 3.12%, historical quantile 73.33% [1] Financial Futures - **Stock Index Futures**: - **IF2512.CFE**: Spot price 4514.2, futures price 4485.2, basis - 29, basis rate - 0.65%, historical quantile 13.90% [1] - **IH2512.CFE**: Spot price 2967.8, futures price 2963, basis - 4.8, basis rate - 0.16%, historical quantile 35.10% [1] - **IC2512.CFE**: Spot price 6863.2, futures price 7016.1, basis - 152.9, basis rate - 2.23%, historical quantile 0.50% [1] - **IM2512.CFE**: Spot price 7020.8, futures price 7185.5, basis - 164.7, basis rate - 2.35%, historical quantile 7.80% [1] - **Treasury Bond Futures**: - **2 - year Treasury Bond (TS2512)**: Spot price 102.37, futures price 99.94, basis - 0.02, basis rate - 0.02%, historical quantile 20.00% [1] - **5 - year Treasury Bond (TF2512)**: Spot price 105.72, futures price 99.39, basis - 0.04, basis rate - 0.04%, historical quantile 21.80% [1] - **10 - year Treasury Bond (T2512)**: Spot price 108.10, futures price 100.19, basis 0.05, basis rate 0.09%, historical quantile 21.10% [1] - **30 - year Treasury Bond (TL2512)**: Spot price 129.31, futures price 114.48, basis 0.28, basis rate 0.25%, historical quantile 37.50% [1]

Core Viewpoint - Singapore's Government Investment Corporation (GIC) has accused NIO of inflating revenue and profits through its partnership with Wuhan Weinan Battery Asset Co., leading to investment losses for GIC, which has drawn market attention [1] Group 1: Stock Market Reaction - On October 16, NIO's Hong Kong stock price initially dropped nearly 13%, closing down 8.99%. The following day, NIO's stock opened over 5% higher and ultimately closed up 2.17% at HKD 50.35 per share, with a total market capitalization of HKD 122.9 billion [1] - NIO's U.S. stock opened down nearly 8% on the same day but quickly rebounded, closing up 0.15% [1] Group 2: Background of the Allegations - The lawsuit initiated by GIC is not related to NIO's recent operational performance but traces back to a short-selling report by Grizzly Research published in June 2022 [2] - The report accused NIO of exaggerating revenue and net profits through Wuhan Weinan, claiming that NIO misrepresented the number of battery asset management business (BaaS) orders [2] Group 3: NIO's Response and Support from Financial Institutions - NIO responded promptly to the allegations in the Grizzly report, stating that the claims lacked factual basis and contained misleading conclusions. An independent internal review was conducted, confirming that all allegations were unfounded [3] - Major financial institutions, including Deutsche Bank, Morgan Stanley, JP Morgan, and Daiwa Capital, released reports supporting NIO, stating that Grizzly's concerns were based on misunderstandings of the BaaS model [3] Group 4: GIC's Litigation History - GIC, managing over USD 100 billion, has a history of initiating lawsuits against publicly listed companies, claiming investment losses. Notable companies previously sued by GIC include Qualcomm, Merck, and BP [3]

Group 1 - The recent surge in gold prices, surpassing $4300, is driven by a combination of macroeconomic factors, including expectations of interest rate stability and increased demand for safe-haven assets amid economic slowdown and geopolitical risks [2][5] - The global stock market is experiencing a rebalancing of risk preferences, with investors shifting from high-valuation sectors to defensive assets such as banks, energy, and utilities, while still finding opportunities in growth sectors like AI and robotics [3][6] - The relationship between gold and the stock market is evolving, with both potentially rising together due to a combination of liquidity expectations and the need for diversification in investment portfolios [5][8] Group 2 - The A-share market is showing signs of structural differentiation, with stable performance in cyclical, financial, and consumer sectors, while technology growth sectors are experiencing increased volatility [6] - There is a cautious yet active market sentiment, with institutional interest in sectors like computing power, energy, and high-end manufacturing, indicating a shift from emotion-driven to logic-driven investment strategies [6][8] - The recent rise in gold prices reflects a significant revaluation of risk in global markets, highlighting the ongoing changes in macroeconomic variables such as interest rates and monetary policy [5][8]

Core Viewpoint - The 10th Huashang Cultural Festival will be held on October 29 in Shangqiu, aiming to create a platform for global Chinese merchants to connect with the national unified market, emphasizing the historical roots of commercial civilization in the region [1][2]. Group 1: Festival Overview - The festival has evolved from a local cultural event to a globally recognized cultural celebration since its inception in 2006 [1]. - The theme "Gathering at the Source of Yin Shang, Integrating into the Big Market" reflects both a historical tribute to commercial roots and a contemporary focus on market integration [1][2]. Group 2: Strategic Importance of Shangqiu - Shangqiu is positioned as a key node in the "Belt and Road" initiative and a core area for high-quality development in the Yellow River Basin, benefiting from multiple strategic opportunities [2][3]. - The city aims to leverage its unique geographical advantages and industrial foundation to contribute to the construction of a national unified market [3][4]. Group 3: Financial Support Activities - A financial support event will take place on October 28, focusing on "Financial Empowerment and Industry-Finance Coordination" to connect financial institutions with local industries [6][9]. - The event aims to facilitate diverse financial services and promote high-quality regional economic development by linking financial capital with local特色产业 [6][9]. Group 4: Industry Development Strategies - Shangqiu is focusing on building a logistics network, enhancing agricultural supply stability, and nurturing competitive niche industries to support its economic growth [7][8]. - The city is also promoting cultural and tourism integration to stimulate domestic demand and create new economic scenarios [8]. Group 5: Event Activities - The festival will feature a series of activities, including cultural performances, academic exchanges, and business events, aimed at showcasing Shangqiu's unique charm and fostering industry collaboration [10][11]. - Specific exhibitions, such as the Refrigeration Equipment Expo and Shoe Industry Expo, will highlight local industry strengths and facilitate project signings [10].

Core Viewpoint - TBEA Co., Ltd. is enhancing its industrial layout through the acquisition of a majority stake in Yangzhou Shuguang Cable Co., Ltd. for approximately 946 million yuan, aiming to increase its market share in high-end cable products for nuclear power and rail transit [1][5][6]. Group 1: Acquisition Details - TBEA's wholly-owned subsidiary, TBEA Electric Equipment Group, signed a share transfer agreement to acquire about 74.19% of Shuguang Cable, totaling approximately 946 million yuan [1][5]. - Shuguang Cable, established in April 1990, specializes in the production and sale of high-voltage and medium-voltage cables, with a focus on nuclear power and rail transit applications [5][6]. - The acquisition is expected to enhance TBEA's competitiveness in the cable market and expand its scale in the cable industry [6][7]. Group 2: Financial Performance - In the first half of 2025, TBEA reported a net profit of nearly 3.2 billion yuan, showing a year-on-year increase [3][10]. - TBEA's cumulative profit since its listing 28 years ago amounts to approximately 64.8 billion yuan [4][11]. - Shuguang Cable's financials indicate a healthy performance, with revenues of 2.236 billion yuan and 985 million yuan for 2024 and the first half of 2025, respectively [6]. Group 3: Industry Position - TBEA is recognized as a leading enterprise in China's power transmission and transformation industry, particularly in ultra-high voltage and high voltage direct current transmission [8][9]. - The company operates in four main sectors: power transmission and transformation, new energy, energy, and new materials, leveraging synergies across these industries [2][9]. - TBEA's strategic focus on technological innovation has led to significant advancements, with 2,888 valid patents, including 880 invention patents, as of mid-2025 [10].

Group 1: Commodity Market Overview - Domestic commodity futures showed significant divergence in performance from October 13 to October 17, with precious metals, black metals, and base metals leading gains, while energy, chemicals, and agricultural products experienced collective declines [1] - In the energy and chemical sector, fuel oil fell by 5.54% and crude oil by 6.34% for the week; in the black metal sector, iron ore dropped by 3.02%, while coking coal and coking rose by 1.55% and 0.57% respectively [1] - Precious metals saw substantial increases, with Shanghai gold rising by 10.90% and silver by 10.53% [1] Group 2: Oil Market Dynamics - The oil market faced multiple bearish pressures, with WTI crude futures dropping below $80 and Brent crude near $82 per barrel; domestic crude oil prices fell by 12.41% [2] - OPEC+ continued its production increase plan, adding 137,000 barrels per day, while U.S. shale oil production showed resilience, slightly increasing to 13.636 million barrels per day [2][3] - Demand weakened significantly, with U.S. refinery utilization dropping by 6.7 percentage points to 85.7%, and Chinese refinery rates also declining [2] Group 3: Livestock Market Trends - Domestic live pig futures continued to decline, with the main contract dropping 3.87% to a three-month low, driven by slow market sentiment and increased outflow from large-scale farms [4] - The supply side remains robust, with the number of breeding sows at 40.38 million, indicating a sufficient long-term supply base [4][5] - Despite expectations for improved demand due to cooler temperatures, actual sales have not met expectations, leading to continued price pressure [4][5] Group 4: Economic Indicators - In September, the Consumer Price Index (CPI) fell by 0.3% year-on-year, while the Producer Price Index (PPI) saw a year-on-year decline of 2.3%, although the rate of decline narrowed compared to previous months [7][8] - The core CPI, excluding food and energy, rose by 1.0%, marking the first increase in 19 months, driven by improved performance in industrial consumer goods [8] - Exports in September grew by 8.3% year-on-year, with a cumulative export growth of 6.1% for the first three quarters, indicating a recovery in trade despite challenges with U.S. exports [11][12]

Investment Rating - The report maintains a "Weaker than the market" investment rating for the U.S. stock market [1] Core Insights - The U.S. stock market shows initial signs of recovery, with the S&P 500 rising by 1.6% and the Nasdaq by 2.1% [3] - Among 22 sectors, 20 experienced capital inflows, with significant inflows into semiconductor products and equipment (+$46.6 billion) and automotive and automotive parts (+$22.5 billion) [4] - Earnings expectations for the S&P 500 constituents have been adjusted upward by 0.4%, with notable increases in banking (+1.7%) and semiconductor products and equipment (+1.0%) [5] Summary by Sections Price Trends - The S&P 500 increased by 1.6%, while the Nasdaq rose by 2.1% [3] - The automotive and automotive parts sector saw the highest increase at +6.1%, followed by media and entertainment (+4.0%) and food and staples retailing (+3.6%) [3] Capital Flows - Estimated capital inflow for S&P 500 constituents was +$91.7 billion this week, up from +$12.5 billion the previous week [4] - The semiconductor products and equipment sector led with a capital inflow of +$46.6 billion [4] Earnings Forecast - The earnings per share (EPS) forecast for the S&P 500 has been raised by 0.4% this week [5] - The banking sector saw the largest upward revision in earnings expectations at +1.7% [5]

Core Insights - In September, the consumer price index (CPI) in Anhui Province increased by 0.3% month-on-month, maintaining the same growth rate as the previous month [1][2] - Year-on-year, the CPI shifted from flat to an increase of 0.3%, with the core CPI (excluding food and energy) rising by 1.9% [1][3] - For the first nine months of the year, the average CPI in Anhui Province rose by 0.2% compared to the same period last year [1] Month-on-Month Analysis - The food prices rose by 1.2%, with the increase being 0.2 percentage points higher than the previous month, contributing approximately 0.23 percentage points to the CPI increase [2] - Fresh vegetable prices surged by 10.6%, significantly higher than the seasonal average increase of 8.7%, driven by increased consumer demand due to holidays [2] - Pork prices decreased by 2.6% due to accelerated market supply from pig farms [2] Year-on-Year Analysis - Year-on-year, the CPI in Anhui Province increased by 0.3%, with food prices declining by 4.6%, although the decline was less severe than the previous month [3] - Fresh vegetable prices saw a significant drop of 16.6%, while beef prices increased by 7.3% [3] - Pork prices continued to decline, with a year-on-year decrease of 21.0%, marking an increase in the rate of decline compared to the previous month [3]

Core Insights - The annual meetings of the International Monetary Fund (IMF) and World Bank are taking place in Marrakech, Morocco, with the participation of Moroccan officials [1] - Morocco has deepened its collaboration with the IMF and World Bank since hosting the meetings in 2023, securing significant financing for development projects [1] Group 1: Financing and Projects - Morocco has received over $28 billion from the International Bank for Reconstruction and Development (IBRD) for 215 ongoing projects by the end of 2025, focusing on infrastructure, social security, and climate resilience [1] - The IBRD offers loans at lower costs compared to commercial loans, with interest rates ranging from 5% to 6% [1] - The International Finance Corporation (IFC) has invested nearly $200 million in Morocco's agriculture, financial services, green energy, and earthquake recovery projects, providing financing to private enterprises [1][2] Group 2: Risk Management and Conditions - The Multilateral Investment Guarantee Agency (MIGA) provides political and sovereign risk guarantees to investors, with Morocco paying millions annually for these assurances [2] - The IMF approved a $1.3 billion project under the Resilience and Sustainability Trust (RST) for Morocco in September 2023, which includes policy conditions for reforms in electricity, subsidies, and public-private partnerships [2][3] - The IMF will conduct three reviews of Morocco's reform progress, with the final loan disbursement scheduled for March 2025 [2][3]