Investment Rating - The report assigns an "Overweight" rating to the industry, indicating a positive outlook for investment opportunities in the non-bank financial sector [5][14]. Core Insights - The report highlights that the non-bank sector is currently underweight by 3.08 percentage points, despite an increase in holdings during the fourth quarter of 2025. It emphasizes the potential for profit improvement and low valuations in non-bank stocks due to the influx of household funds into the market [3][5]. - The report notes a significant increase in the allocation to the insurance sector, with the proportion rising from 1.03% to 2.13%, while the insurance index saw a substantial increase of 23.42% in the fourth quarter [5][8]. - The report suggests that the brokerage sector has also received increased allocations, with public fund holdings rising from 0.85% to 1.08%, although it remains underweight by 2.30 percentage points [5][8]. Summary by Sections Non-Bank Sector - The non-bank sector remains underweight overall by 3.08 percentage points, with a positive outlook for long-term capital inflows and wealth management opportunities [5][8]. - Specific recommendations include increasing holdings in companies such as Jiufang Zhituo Holdings, Tonghuashun, Guoxin Securities, and others, as they are expected to benefit from the ongoing market dynamics [5][8]. Insurance Sector - The insurance sector's allocation has increased significantly, with a focus on low-valuation stocks as capital continues to flow into the market. The report recommends increasing holdings in China Life, Ping An, and China Pacific Insurance [5][8]. Brokerage Sector - The brokerage sector has seen a rise in public fund holdings, with notable increases in individual stocks like CITIC Securities and Huatai Securities. The report suggests that the retail business share is likely to improve, making these stocks attractive [5][8]. Financial Technology and Diversified Finance - The report indicates a decrease in the allocation to diversified finance and financial technology sectors, but highlights potential investment opportunities in companies like Lakala and Yuexiu Financial Holdings due to ongoing policy support and technological advancements [5][8].

Group 1 - The company, China Everbright Holdings (00165.HK), announced that it will hold a board meeting on March 26, 2026, to approve the annual results for the year ending December 31, 2025, and to consider the proposal for the final dividend distribution, if any [1]

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：165） 董事會會議日期 中國光大控股有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將 於 2026 年 3 月 26 日（星期四）舉行董事會會議，以（其中包括）批准本公司及其 附屬公司截至 2025 年 12 月 31 日止年度之全年業績及考慮建議派發末期股息（若 有）。 承董事會命 中國光大控股有限公司 温劍瑩 公司秘書 中國光大控股有限公司 CHINA EVERBRIGHT LIMITED 香港，2026 年 1 月 23 日 於本公告日期，本公司的董事為： 執行董事： 非執行董事： 林 春先生 （總裁） 潘劍云先生 安雪松先生 蘇 揚博士 于法昌先生 （主席） 秦洪元博士 獨立非執行董事： 林志軍博士 羅卓堅先生 黃俊碩先生 楊許丹青博士 ...

Core Viewpoint - ST Ningke (600165.SH) expects a significant net loss for the year 2025, indicating ongoing financial challenges for the company [1] Financial Projections - The company anticipates a net profit attributable to shareholders of between -100 million yuan and -75 million yuan for the year 2025 [1] - The expected net profit, after deducting non-recurring gains and losses, is projected to be between -450 million yuan and -360 million yuan for the same period [1]

消息面上，昨日午后有报道称，强脑科技据悉以保密形式提交香港IPO申请。据国泰海通研报，光大控 股近年来投资典型案例就包括强脑科技。研报指出，在基金管理领域，光大控股重点投资科技领域公 司，自21年以来，新成立基金全部面向高科技领域，深邃产业观察能力将为公司提供丰厚回报。财务投 资方面，众多投资标的成为行业领军企业，如长江存储、Circle、第四范式、商汤、恒翼生物等，覆盖 科技各领域，公司众多优质投资项目逐渐进入收获期。 中国光大控股(00165)涨超6%，昨日午后曾拉涨逾3%。截至发稿，涨6.1%，报10.96港元，成交额1.77亿 港元。 ...

智通财经APP获悉，中国光大控股(00165)涨超6%，昨日午后曾拉涨逾3%。截至发稿，涨6.1%，报10.96 港元，成交额1.77亿港元。 消息面上，昨日午后有报道称，强脑科技据悉以保密形式提交香港IPO申请。据国泰海通研报，光大控 股近年来投资典型案例就包括强脑科技。研报指出，在基金管理领域，光大控股重点投资科技领域公 司，自21年以来，新成立基金全部面向高科技领域，深邃产业观察能力将为公司提供丰厚回报。财务投 资方面，众多投资标的成为行业领军企业，如长江存储、Circle、第四范式、商汤、恒翼生物等，覆盖 科技各领域，公司众多优质投资项目逐渐进入收获期。 ...

Core Viewpoint - *ST Ningke (600165.SH) has been granted a court ruling to terminate its restructuring process, leading to the removal of the delisting risk warning for its stock [1] Group 1: Company Actions - The company applied to the Shanghai Stock Exchange on January 1, 2026, to revoke the delisting risk warning [1] - The Shanghai Stock Exchange agreed to revoke the delisting risk warning on January 12, 2026, while continuing to implement other risk warnings [1] - The stock will be suspended for one day starting January 13, 2026, and will resume trading on January 14, 2026, with the new abbreviation "ST Ningke" [1] Group 2: Trading Conditions - The stock will continue to trade on the risk warning board, with a daily price fluctuation limit of 5% [1]

Core Viewpoint - The company *ST Ningke (600165.SH)* has been granted a court ruling to terminate its restructuring process, which has led to the removal of the delisting risk warning for its stock [1] Group 1: Company Actions - The company applied to the Shanghai Stock Exchange on January 1, 2026, to revoke the delisting risk warning [1] - The Shanghai Stock Exchange agreed to revoke the delisting risk warning on January 12, 2026, while continuing to implement other risk warnings [1] - The company's stock will be suspended for one day starting January 13, 2026, and will resume trading on January 14, 2026 [1] Group 2: Stock Information - The stock's trading will remain on the risk warning board, with a daily price fluctuation limit of 5% [1] - The stock's name will change from "*ST Ningke" to "ST Ningke" [1]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00165 | 說明 | | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | | 1,685,253,712 | | 0 | | 1,685,253,712 | | 增加 / 減少 (-) | | | | | | | | | | 本月底結存 | | | | 1,685,253,712 | | 0 | | 1,685,253,712 | 第 2 頁 共 10 頁 v 1.1.1 | 截至月份: | 2025年12月31日 | 狀態: 新提交 | | --- | --- | --- | | ...

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), COSCO Shipping Holdings (01919), and Heng Rui Medicine (01276), with short ratios of 19.04%, 17.09%, and 15.18% respectively [1][2] - The companies with the largest absolute increase in short positions are Zhaoyan New Drug (06127), Lens Technology (06613), and China Everbright Holdings (00165), with increases of 2.08%, 1.68%, and 1.46% respectively [1][2] - The companies with the largest absolute decrease in short positions are ZTE Corporation (00763), Nuo Cheng Jian Hua (09969), and Yi Mai Tong (02192), with decreases of -3.12%, -2.21%, and -1.70% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include Vanke Enterprises (02202) at 19.04%, COSCO Shipping Holdings (01919) at 17.09%, and Heng Rui Medicine (01276) at 15.18% [2] - The companies with the most significant increase in short ratios include Zhaoyan New Drug (06127) from 3.50% to 5.57%, Lens Technology (06613) from 3.07% to 4.75%, and China Everbright Holdings (00165) from 2.04% to 3.51% [2] - The companies with the most significant decrease in short ratios include ZTE Corporation (00763) from 17.63% to 14.51%, Nuo Cheng Jian Hua (09969) from 5.19% to 2.97%, and Yi Mai Tong (02192) from 3.06% to 1.36% [2][3]