香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本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。 Anhui Haimacloud Technology Co., Ltd. 安徽海馬雲科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向安徽海馬雲科技股份有限公司（「本公司」）、其保薦人、獨家整體協調人、顧 問及包銷銀團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前， 本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意 投資者務請僅依據與香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股章程的文本將 於發售期內向公眾人士刊發 ...

Market Overview - The Hang Seng Index closed at 25,220.02 points, down 615 points or 2.4% on the day, with a year-to-date increase of 25.72%[4] - The total turnover was HKD 285.70 billion, an increase of 16.6% compared to the previous day[6] - The technology index fell by 3.21%, with a year-to-date increase of 20.76%[4] Sector Performance - The financial index decreased by 2.12%, with a year-to-date increase of 14.41%[4] - The property index dropped by 2.45%, with a year-to-date increase of 8.70%[4] - The utility index fell by 0.91%, with a year-to-date increase of 21.09%[4] Key Company Updates - Kingsoft Cloud (3896.HK) reported a revenue of RMB 2.478 billion for Q3, up 31.4% year-on-year, with adjusted net profit turning positive at RMB 287.33 million[14] - AI business revenue for Kingsoft Cloud surged by 120% year-on-year, significantly boosting EBITDA margin from 9.8% to 33.4%[14] - Meituan (not mentioned in detail) and other tech stocks faced selling pressure, with notable declines in share prices[6] Economic Indicators - The U.S. 10-year Treasury yield decreased to 4.0633%, reflecting a decline of 50.57 basis points year-to-date[24] - The U.S. dollar index stood at 100.28, down 7.56% year-to-date[24] Investment Recommendations - Kingsoft Cloud is recommended for purchase at around HKD 6.00, with a target price of HKD 6.60 and a stop-loss at HKD 5.50[16] - Investors are advised to monitor the psychological support level of 25,000 points for the Hang Seng Index, as a breach could lead to further declines[10]

Market Overview - The US stock market showed signs of recovery, with the Dow Jones Industrial Average rising by 144 points or 0.31% [10] - Gold prices reached a new high, increasing by 1.37% to $4,151.61 per ounce due to heightened demand for safe-haven assets [9] - Oil prices continued to rise, intensifying inflationary pressures and drawing market attention to energy costs [9] - The yield on 10-year US Treasury bonds rose to 4.004%, indicating a shift in capital flows [9] - The South Korean won depreciated significantly, hitting a six-month low as the central bank downplayed interest rate cuts [9] Economic Data - The Eurozone's services PMI for October is estimated at 51.2, while the UK's manufacturing PMI is at 46.6 [18] - The US consumer price index for September showed a year-on-year increase of 3.10% [18] - New home sales in the US for September were reported at 708,000, reflecting an 11.50% month-on-month decline [18] Key Company Analysis - Ganfeng Lithium (1772) is experiencing a positive market sentiment due to rising lithium carbonate futures, with expectations for long-term growth driven by new production lines and projects [20] - New Energy (2688) reported a revenue of RMB 55.673 billion for the first half of 2025, a year-on-year increase of approximately 2% [20] - Cathay Pacific (293) saw a significant increase in passenger numbers, reaching nearly 2.2 million in September, a 21% year-on-year growth, indicating a recovery in demand [20] - Las Vegas Sands Corp. (LVS) exceeded expectations with Q3 revenue of $3.33 billion, a 24% increase from the previous year, driven by strong performance in Singapore and Macau [22] Investment Strategies - The report suggests a focus on sectors such as AI, renewable energy, and high-dividend blue-chip stocks for long-term investment opportunities [9] - The market is seeing a rotation of funds, with a positive outlook on Chinese banks, insurance, and technology leaders [9]