就全球發售而言，招銀國際環球市場有限公司作為穩定價格操作人（「穩定價格操作人」）（或代 其行事的任何人士）可代表包銷商在上市日期後一段有限時間超額分配或進行交易以穩定或支 持H股市價在高於公開市場原本應有水平。然而，穩定價格操作人（或代其行事的任何人士）並 無責任進行任何該等穩定價格行動，而該等穩定價格行動一旦開始，將由穩定價格操作人（或 代其行事的任何人士）全權酌情進行，並可隨時終止。任何該等穩定價格行動須於香港公開發 售遞交申請截止日期後第30日（即2026年1月1日（星期四））終止。該等穩定價格行動（如採取） 可在所有獲准進行的司法權區進行，在各情況下均須遵守所有適用法律、規則及監管規定，包 括根據香港法例第571章《證券及期貨條例》項下制定的香港法例第571W章《證券及期貨（穩定 價格）規則》（經修訂）。 有意投資者務請注意，穩定價格期後，不可進行穩定價格行動以維持H股價格，而穩定價格期 於上市日期開始，並預期將於2026年1月1日（星期四）（即香港公開發售遞交申請截止日期後第 30日）屆滿。於該日後，不得採取進一步穩定價格行動，H股的需求可能會下降，H股價格因而 可能下跌。 香港交易及結算所有限公司 ...

Market Overview - The Hang Seng Index faced resistance at 27,381 points due to the Federal Reserve's hawkish stance on interest rate cuts, with expectations for 2026 cuts being lower than anticipated [2] - The recent meeting between the US and Chinese leaders resulted in a temporary easing of tensions, with the US suspending certain tariffs [2] - China's economy showed further signs of cooling in Q3, prompting a focus on domestic demand and technological self-reliance as outlined in the 14th Five-Year Plan [2] Company News - Alibaba's Qianwen App faced service interruptions during its public testing due to high user influx, marking its entry into the AI consumer market [8] - JD.com announced the launch of an independent app for its food delivery service, with a commitment to non-commercialization of its review platform [8] - Huawei is set to launch its Mate80 series and Mate X7 on November 25, indicating a significant product release [8] - XPeng Motors reported a narrowed adjusted loss of 150 million RMB in Q3, with delivery forecasts falling short of expectations [8] - Li Auto turned a profit of 150 million RMB in Q3, exceeding sales targets [8] - Trip.com Group's Q3 net profit surged 1.9 times year-on-year, driven by strong international business performance [8] Industry Insights - The Chinese automotive industry saw a significant increase in new energy vehicle exports, doubling year-on-year in October [7] - The cosmetics regulatory reform aims to enhance quality and safety standards by 2030, promoting industry innovation [7] - The silk industry is set for development with a focus on creating leading enterprises and enhancing export quality by 2028 [7] - The organic silicon industry is expected to discuss production cuts in an upcoming meeting, indicating potential supply adjustments [7] Financial Performance - The Hang Seng Index closed at 26,384, down 0.71% with a year-to-date increase of 31.53% [4] - Trip.com Group reported a net income of 19.89 billion RMB for Q3, reflecting a 15.53% year-on-year increase [8] - XPeng Motors' total revenue reached 20.38 billion RMB, marking a 102% year-on-year increase [8] - Li Auto's revenue for Q3 was 19.45 billion RMB, with a significant increase in vehicle deliveries [8] - Geely's Q3 profit rose by 59% year-on-year, with total revenue increasing by 26.35% [8]

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倚賴該等內容而引致的任何損失承擔任何責任。 Yum China Holdings, Inc. 百 勝 中 國 控 股 有 限 公 司 （於美利堅合眾國特拉華州註冊成立的有限公司） （股份代號：9987） 投資者日亮點 百勝中國控股有限公司（「本公司」）於2025年11月17日舉辦2025年投資者日活動。隨附請見關 於2025年投資者日亮點的新聞稿。 承董事會命 百勝中國控股有限公司 屈翠容 董事及首席執行官 香港，2025 年 11 月 17 日 於本公告日期，本公司董事會包括董事會主席及獨立董事胡祖六博士、執行董事屈翠容女士、非執行董事 Robert B. AIKEN 先生以及獨立董事 Mikel A. DURHAM 女士、 Edouard ETTEDGUI 先生、葛新女士、 David HOFFMANN 先生、盧蓉女士、邵 子力先生、汪洋先生、衛哲先生、張敏女士及朱曉靜女士。 百勝中國 2025 年投資者日：啟動「RGM 3.0」戰略，確立未來三 ...

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佈之內容概不 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 就 因 本 公 佈 全 部或其任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 Future Bright Holdings Limited 佳景集團有限公司* （於 百 慕 達 註 冊 成 立 之 有 限 公 司） 董 事 會 謹 此 提 醒 投 資 者，本 公 佈 所 載 資 料 及 經 營 數 據 均 以 本 集 團 之 未 經 審 核 管 理 賬 目 為 依 據，其 尚 未 經 本 公 司 核 數 師 審 閱、確 認 或 審 核，故 該 等 數 據 可 能 有 所 調 整，現 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 須 審 慎 行 事。 本公佈乃本公司根據香港聯合交易所有限公司證券上市規則第13.09條及香港 法例第571章證券及期貨條例第XIVA部 作 出。 * 僅供識別 – 1 – 根 據 其 未 經 審 核 管 理 賬 目，本 集 團 ...

Market Overview - China's gold bar consumption increased by 25% in the first three quarters[3] - The Hang Seng Index closed at 26,649 points, up 407 points or 1.6% on the previous day, with a total turnover of HKD 214.788 billion, a daily increase of 2.5%[6] - The Dow Jones Industrial Average rose by 381 points or 0.81%, closing at 47,368 points, driven by hopes of ending the U.S. government shutdown[6] Index Performance - The Hang Seng Index year-to-date performance is up 30.82%[5] - The Technology Index decreased by 1.80% on the previous day but has a year-to-date increase of 30.64%[5] - The Financial Index has a year-to-date increase of 19.27%[5] Commodity Prices - New York gold futures closed at USD 4,009.80, up 0.47% year-to-date increase of 52.28%[5] - Brent crude oil closed at USD 63.63, with a year-to-date decrease of 14.56%[5] Company Highlights - Alibaba (9988.HK) rose by 2.1%, Tencent (700.HK) by 2.4%, and Meituan (3690.HK) by 1.3%[6] - The company Tongda Group (698.HK) plans to invest RMB 10 million in various wealth management products, expecting annual returns between 1.95% and 3.09%[7] Technical Analysis - The Hang Seng Index successfully broke through the October 30 high of 26,588 points, indicating a potential continuation of the upward trend as long as it holds above 26,000 points[10]

Market Overview - The report highlights a significant increase in layoffs in the US, with approximately 153,000 job cuts announced in October, marking a year-on-year surge of 175.3% [9][12] - The Dow Jones Industrial Average experienced a drop of 398 points, while the Nasdaq fell by 445 points, indicating a broader market correction [9][12] - Despite cautious consumer sentiment, holiday sales in the US are projected to exceed $1 trillion, setting a new record [12] Investment Strategy - The report suggests maintaining a long-term investment strategy despite short-term market corrections, emphasizing the potential of Asian and emerging markets as mid to long-term investment highlights [10] - Structural products are recommended to mitigate downside risks amid short-term uncertainties and potential market pullbacks [10] Key Company Analysis - Alibaba's latest quarterly report shows revenue growth year-on-year, driven by strong performance in cloud services and AI applications, although slightly below expectations [23] - Shanghai Electric reported a revenue of 82.276 billion RMB for the first three quarters of 2025, reflecting a year-on-year growth of 7.4% [23] - New China Life Insurance achieved a net profit of 32.9 billion RMB for the first three quarters of 2025, a year-on-year increase of 59%, benefiting from a recovering equity market [23] Economic Data - China's foreign exchange reserves stood at $3.33 trillion as of October, with exports growing at an annual rate of 2.8% [21] - The US unemployment rate for October was reported at 4.4%, with a decrease of 20,000 in non-farm payrolls [21] - Taiwan's exports increased by 31.6% year-on-year in October, indicating strong trade performance [21]

Market Overview - The Hang Seng Index is expected to fluctuate around 26,000 points due to a hawkish stance from the Federal Reserve and ongoing uncertainties in the US-China trade relations [2] - The third quarter economic data from mainland China indicates further cooling, with a focus on expanding domestic demand and promoting technological self-reliance [2] Macro Focus - The Federal Reserve's direction for December rate cuts remains uncertain, with concerns about inflation among next year's voting members [4] - The Bank of England maintained its interest rate at 4%, with expectations for a potential rate cut in December [10] - Japan's major labor union is pushing for a 6% wage increase in the upcoming negotiations [10] Company News - Hua Hong Semiconductor (1347) reported a 43% decline in profit for the last quarter, but its fourth-quarter gross margin guidance exceeded expectations [11] - Uni-President China (0220) achieved a net profit of 2.01 billion RMB in the first three quarters, a year-on-year increase of 23.1% [11] - Da Jia Le (0341) anticipates a 65-70% drop in half-year profit due to a challenging market environment [11] - Great Wall Entertainment (1060) expects its mid-term net profit to exceed 500 million RMB, driven by strong performance in its Aliyu business [11] - Xiaomi (1810) has seen a 53% increase in short positions from institutional clients, indicating a bearish sentiment towards the stock [11] - Nissan (7201.JP) is selling its Yokohama headquarters for over $600 million as part of a 20-year leaseback agreement [11] - Xpeng Motors (2026) aims to achieve positive free cash flow by 2028, contingent on fleet expansion [11] - New World Development (0200) reported a 1.7 times increase in net income for the last quarter, attributed to improved performance in both gaming and non-gaming operations [11] Sector Insights - The insurance sector is benefiting from strong investment returns in the third quarter due to robust A-share performance [7] - AI concept stocks are gaining traction as mainland China accelerates the application of "Artificial Intelligence+" [7] - Coal stocks are expected to see upward price momentum for thermal coal [7]

Group 1 - The article discusses the analysis of various derivative products related to specific stocks, focusing on options and warrants, to help investors understand their choices when considering investments in these products [1][4][5] - The first stock analyzed is China Construction Bank (00939), which has shown a price recovery, with a current resistance level at 7.71 HKD, and a target price of 8 HKD requiring a breakthrough of this resistance [3][4] - For products with exercise prices around 8 HKD, there are several options available, with a range of leverage from 5.7 to 6.2 times, and implied volatility between 24.9% and 27% [4][5] Group 2 - The second stock discussed is Kuaishou (01024), which has recently stabilized after a decline, showing a predominance of buy signals with 10 buy signals against 3 sell signals [8][9] - There are limited options for near-the-money products, with only one suitable product in the 70-75 HKD range, while more options exist for products with exercise prices around 88 HKD, which are set to expire in July 2026 [8][9] - The products with an exercise price of 88 HKD have an implied volatility of around 53% and a premium range of 30.3% to 31.5% [9][10] Group 3 - The third stock is Mixue Ice Cream (02097), which has seen a significant price increase recently, but the technical signals indicate a sell recommendation with 9 sell signals against 5 buy signals [13][14] - The available products are limited, with the closest exercise price at 508 HKD showing a high out-of-the-money percentage of 14.4%, and other options at 530 HKD with a 19.5% out-of-the-money percentage [13][14] - It is suggested that investors wait for more suitable products with lower out-of-the-money percentages before making a decision [14] Group 4 - The fourth stock analyzed is New China Life Insurance (01336), which has shown a price increase from 40.46 HKD to 52.75 HKD, with a current resistance level at 56.8 HKD [15][18] - There are limited product options available, with only one in-the-money product and four out-of-the-money products with exercise prices around 55-56 HKD, showing leverage between 2.2 to 2.4 times [18][19] - The implied volatility for these products varies significantly, with some reaching up to 82.1%, indicating a need for careful selection based on volatility and premium differences [19] Group 5 - The fifth stock is Jiangxi Copper (00358), which has experienced a decline, but some investors believe it may rebound [22][23] - There are both in-the-money and out-of-the-money products available, with in-the-money products showing leverage between 3.9 to 4.1 times, which is considered favorable [22][23] - The article emphasizes that in-the-money products can be competitive and should be considered alongside out-of-the-money options [23] Group 6 - The sixth stock discussed is GAC Group (02238), which has shown a strong price performance but has limited suitable derivative product options available [24][27] - Investors are advised to either wait for better product offerings or consider investing directly in the stock due to the lack of attractive derivative products [27]

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。 Jiumaojiu International Holdings Limited 九毛九國際控股有限公司 （於開曼群島註冊成立的有限公司） （股份代號：9922） 自願公告 2025年第三季度最新營運表現 本公告乃由九毛九國際控股有限公司（「本公司」，連同其附屬公司，統稱為「本集 團」）自願作出，旨在知會本公司股東及潛在投資者本集團2025年第三季度的未經 審核主要營運數據。 按品牌劃分的餐廳數量 截至2025年9月30日 主要品牌顧客人均消費 （人民幣元） (2) | 止三個月 | | --- | | 太二（僅限自營） | 74 | | --- | --- | | －中國內地 | 66 | | －其他區域 | 155 | | 慫火鍋 | 100 | | 九毛九（僅限自營） | 58 | 主要品牌同店日均銷售額變動（同比）(3) | 太二 | 530 | | --- | --- | | －自營 | 50 ...

Market Performance - The Hang Seng Index (HSI) fell by 448 points or 1.7%, closing at 25,441 points[1] - The Hang Seng Tech Index dropped by 222 points or 3.6%, ending at 5,923 points[1] - The total market turnover for the day was HKD 398.91 billion[1] Economic Indicators - The People's Bank of China conducted a 91 billion RMB reverse repurchase operation at a steady rate of 1.4%[1] - The RMB/USD central parity rate was adjusted down by 14 points to 7.1021[1] A-Share Market - The Shanghai Composite Index closed at 3,865 points, down 24 points or 0.6%, with a turnover of 1.21 trillion RMB[1] - The Shenzhen Component Index fell by 336 points or 2.5%, closing at 12,895 points, with a turnover of 1.37 trillion RMB[1] - The ChiNext Index decreased by 122 points or 4%, ending at 2,955 points, with a turnover of 603.4 billion RMB[1] Corporate Developments - Shandong Gold (01787.HK) expects a net profit of 3.8 to 4.1 billion RMB for the first three quarters, an increase of 1.73 to 2.03 billion RMB, representing a growth of 83.9% to 98.5%[3] - Mixue Ice City (02097.HK) announced the acquisition of a 53% stake in Fresh Beer Fu Lu Jia for a total price of 297 million RMB, expanding its business into alcoholic beverages[3] - Pony AI Inc. plans to issue up to 102 million shares for overseas listing on the Hong Kong Stock Exchange[3]