Core Viewpoint - The Ministry of Finance has announced an extension of the loan interest subsidy policy for service industry operators until December 31, 2026, with specific provisions for loans issued between March 16, 2025, and December 31, 2025 [1][2]. Group 1: Policy Extension - The implementation period for the loan interest subsidy policy is extended to December 31, 2026 [1][2]. - Loans issued during the period from March 16, 2025, to December 31, 2025, will follow the guidelines set forth in the relevant policy documents [1][2]. - The possibility of further extending the policy after its expiration will be considered based on circumstances [1][2]. Group 2: Subsidy Details - The maximum loan amount eligible for interest subsidy in 2026 is set at 10 million yuan per borrower [1][2]. - The interest subsidy period is capped at one year, with an annual subsidy rate of 1% [1][2]. - The funding for the subsidy will be shared by the central government (90%) and provincial governments (10%) [1][2]. Group 3: Expanded Support Areas - The policy now includes three additional consumption sectors: digital, green, and retail, alongside the existing eight sectors [1][2]. - The digital sector corresponds to "Internet and related services" and "digital content services" as per the national economic industry classification [1][2]. - The green sector includes categories such as "property management" under energy-efficient and green building standards, "car rental," and "logistics services" that meet green criteria [1][2]. - The retail sector is defined according to the national economic industry classification under "retail industry" [1][2]. - The cultural and entertainment sector has been adjusted to exclude manufacturing sub-sectors as defined by specific industry codes [1][2].

Core Viewpoint - China Resources Vientiane Life (01209) shows a positive market response with a 3.94% increase in stock price, currently at HKD 43.76, with a trading volume of HKD 81.1269 million [1]. Group 1: Financial Projections - CICC forecasts a 20% to 25% year-on-year growth in retail sales for shopping centers in 2025, with same-store sales expected to increase by 10% to 15% [1]. - Daiwa Securities predicts a 12.2% year-on-year growth in core net profit for China Resources Vientiane Life in 2025, with revenue expected to grow by 6.8% [1]. Group 2: Business Segments - The property and office segments are expected to remain stable, with the basic property management business projected to maintain growth supported by active external expansion, with new contract amounts for the year expected to remain around RMB 1 billion, consistent with 2023-2024 [1]. - The value-added services segment is anticipated to face some pressure due to environmental factors, but the impact is considered manageable [1]. - Revenue from property management is expected to grow only by 1.4% due to a significant contraction in value-added service income, while revenue from commercial operations is estimated to grow by 16.8% driven by shopping center revenue growth [1].

Core Viewpoint - China Resources Vientiane Life (01209) has seen a stock price increase of over 3%, currently at 43.5 HKD with a trading volume of 59.64 million HKD, indicating positive market sentiment towards the company [1] Group 1: Financial Projections - CICC forecasts that China Resources Vientiane Life's retail sales in shopping centers will grow by 20% to 25% year-on-year in 2025, with same-store sales expected to increase by 10% to 15% [1] - DZH predicts a 12.2% year-on-year growth in core net profit for China Resources Vientiane Life in 2025, with revenue anticipated to rise by 6.8% [1] Group 2: Business Segments - The property and office segments of the company are expected to remain stable, with the basic property management business projected to maintain a new contract amount of approximately 1 billion RMB for the year, consistent with 2023-2024 [1] - The value-added services segment may face some pressure due to environmental factors, but the impact is considered manageable [1] - Revenue from property management is expected to grow only by 1.4% due to a significant contraction in value-added service income, while revenue from commercial operations is estimated to increase by 16.8% driven by growth in shopping center income [1]

Core Viewpoint - China Resources Mixc Lifestyle Services (01209) has seen a stock increase of over 3%, currently trading at HKD 43.5 with a transaction volume of HKD 59.64 million [1] Group 1: Financial Projections - CICC forecasts that the retail sales of shopping centers for China Resources Mixc Lifestyle will grow by 20% to 25% year-on-year in 2025, with same-store sales expected to increase by 10% to 15% [1] - Daiwa Capital Markets predicts a 12.2% year-on-year growth in core net profit for 2025, with revenue anticipated to rise by 6.8% [1] Group 2: Business Segments - The property and office segments are expected to remain stable, with the basic property management business projected to maintain a contract value of approximately RMB 1 billion for the year, consistent with 2023-2024 [1] - The value-added services segment may face some pressure due to environmental factors, but the impact is considered manageable [1] - Revenue from property management is expected to grow only by 1.4% due to a significant contraction in value-added service income, while commercial operations revenue is estimated to increase by 16.8% driven by shopping center revenue growth [1]

Group 1 - The Hang Seng Index opened down 0.07% and the Hang Seng Tech Index fell 0.22%, with AI application concepts showing a rebound while tech stocks like Baidu Group declined over 2% [1] Group 2 - Huatai Securities believes that the core factors driving the market rebound in the first quarter remain unchanged, including overall loose financial conditions, foreign capital inflow, upward revisions of profit expectations, and the attractiveness of Hong Kong stocks [2] - Tianfeng Securities indicates that the short-term rebound of Hong Kong stocks is supported by valuation recovery and improved sentiment, but the upward potential may be constrained by high overseas interest rates and limited rate cut expectations [2] - Guojin Securities expects that with the acceleration of domestic economic recovery and the shift towards loose monetary policy in major overseas economies, the valuation advantage of Hong Kong stocks will become more pronounced [2] Group 3 - Industrial Securities recommends prioritizing leading internet companies in the Chinese AI sector, anticipating a resonance of buying from both domestic and foreign investors [3] - The report suggests focusing on dividend assets in a low-interest-rate environment, highlighting opportunities in insurance, banking, energy, property management, and public utilities [3] - New consumption trends are emphasized, with three main lines of focus: traditional service-oriented consumption transformation, Z-generation consumption trends, and high-end consumption [3]

Core Viewpoint - The announcement by Huali Co., Ltd. regarding the acquisition of a 19% stake in Shenghui Clean by its subsidiary for HKD 47.5 million has raised regulatory concerns due to unusual stock price movements prior to the announcement [1][4] Group 1: Stock Price Movements - Both Huali Co., Ltd. and Shenghui Clean experienced significant stock price increases before the acquisition announcement, with Huali hitting the daily limit and Shenghui rising by 26.19% [1] - The trading volume of Huali Co., Ltd. on the day of the announcement was HKD 385 million, while Shenghui Clean only recorded a trading volume of approximately HKD 16 million, indicating a "small amount driving a large amount" phenomenon [2] Group 2: Acquisition Pricing Concerns - The acquisition price represents a substantial discount of approximately 87% compared to Shenghui Clean's market value of HKD 393 million for the 19% stake, raising questions about the reasonableness of the pricing [3] - The acquisition price is below Shenghui Clean's historical lowest price and its net asset value per share, categorizing it as a "broken net" acquisition [3] Group 3: Regulatory Response - The regulatory authorities have requested Huali Co., Ltd. to disclose specific timelines and participant details related to the acquisition, as well as to conduct a self-examination of recent trading records of relevant parties to verify any potential insider information leaks [4] - The incident highlights a broader issue in the capital market regarding the perception of acquisitions as positive news, often leading to pre-announcement stock price movements that may indicate insider trading [3][4]

公告称，集团与融创集团订立该等债务清偿协议， 可使集团得以收回融创集团到期应付的部分应收款 项， 有利于化解集团应收账款风险， 且不会对集团现金流及流动性产生任何不利影响。 集团审慎选择 具备可销售性的物业， 并考虑利用在管项目积累的市场信息资源加快目标物业的销售。 智通财经APP讯，融创服务(01516)公布，于2026年1月19日，公司若干附属公司与融创集团若干公司订 立一系列债务清偿协议， 据此， 融创集团将向集团转让若干停车位或房产， 以结清融创集团应付而未 付集团的等额款项。该等债务清偿协议的对价合计约人民币2,626.14万元。 ...

Group 1 - The company Yongsheng Services (01995) announced a share buyback plan, intending to repurchase 200,000 shares at a total cost of HKD 36.9 million [1] - The buyback price is set between HKD 1.84 and HKD 1.85 per share [1]

Core Insights - Shenzhen Holdings (00604.HK) announced significant business progress for Q4 2025, highlighting achievements in both urban comprehensive operations and real estate development. Urban Comprehensive Operations - The company has received recognition for its operational capabilities, with its subsidiary, Deep Industry Operations, being awarded "2025 Leading Brand in Property Service Quality" and ranking 15th in the "2025 Guangdong-Hong Kong-Macao Greater Bay Area Property Service Power Top 100" list, the highest among state-owned enterprises in Shenzhen [2] - Deep Industry Operations has successfully introduced high-end retail brands and innovative concepts, such as the first "Shanghai Tang" in South China and a flagship store featuring humanoid robots, showcasing a dual breakthrough in luxury and technology [3] - The company has accelerated its asset-light expansion strategy, successfully securing commercial projects like the China Merchants Bank Global Headquarters and signing technical service agreements for serviced apartments, enhancing its project reserve and market recognition [4] Real Estate Development - The company has actively adjusted its marketing strategies to promote sales amid market fluctuations, achieving an unaudited contract sales amount of approximately 3.473 billion RMB and a sales area of about 189,663 square meters in Q4 2025 [5] - The company has maintained strict control over project timelines to ensure high-quality delivery, with several projects, including Shanghai Shen'an Shangju and Shenzhen Shenye Yinying Tower, successfully completed and delivered on schedule [5] - In 2025, the company completed 16 phased projects with a total construction area of approximately 1.545 million square meters, continuing to provide high-quality products to the market [5]

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，概不對因本公告全部或任何部份內容 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。 （於香港註冊成立之有限公司） （股份代號：00604） 二零二五年第四季度主要業務進展 深圳控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）向本公司 股東提供隨附二零二五年第四季度主要業務進展的新聞稿（「新聞稿」）。 新聞稿所載列的資料是根據本集團內部資料匯總編制而成，該等資料尚未經核數 師審核或審閱，因此僅供投資者參考。 本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 深圳控股有限公司 主席 王昱文 香港，二零二六年一月十九日 於本公告日期，董事會由七位董事組成，其中王昱文先生、蔡潯女士、嚴中宇先生及史 曉梅女士為本公司執行董事，而李偉強先生、黃友嘉博士及宮鵬教授為本公司獨立非執 行董事。 [請即時發放] (2026 年 1 月 19 日- 香港) 深圳控股有限公司(「深圳控股」或「集團」；香港聯 交所上市編號：604.HK) 宣佈 2025 年第四季度主要業務進展。 城 ...