Core Viewpoint - The report from Credit Lyonnais indicates that the year 2026 will be filled with catalysts for Hong Kong conglomerates, with Chow Tai Fook (00659), Jardine Matheson, and First Pacific (00142) expected to experience the most catalysts [1] Industry Summary - The industry is projected to see a 5% growth in recurring earnings by 2026, supported by a weak US dollar, which creates favorable conditions [1] - The likelihood of dividend cuts is considered low, supporting a year-on-year growth of 3% in industry dividends for 2026 [1] Company Summary - Chow Tai Fook and Cheung Kong (00001) are identified as top picks due to their attractive risk-return profiles, with target prices set at HKD 8.8 and HKD 61 respectively, both rated as "Outperform" [1] - First Pacific, Swire Properties (00019), and Jardine Matheson are also viewed positively, with target prices of HKD 8.2 and HKD 74, both rated as "Outperform" [1]

里昂发表研究报告指，对于香港综合企业而言，2026年仍将充满催化剂。在等待催化剂的过程中，投资 者应该可以透过股息获得理想的回报，因预期行业2026年经常性盈利将有5%增长，加上美元疲弱形成 顺风，而削减股息的可能性较低，支持2026年行业股息额按年增长3%。选股方面，该行首选周大福创 建及长和，因其风险回报最具吸引力，分别予目标价8.8港元及61港元，均获"跑赢大市"评级。另外， 该行亦看好第一太平、太古A及怡和，前两者目标价为8.2港元及74港元，均获"跑赢大市"评级。 ...

2025年12月30日，公司收到深投控出具的《关于终止协议转让深物业A部分股份的告知函》。获悉经各 方协商一致，现决定终止深投控向东方资产协议转让公司5.00%股份事宜。 格隆汇12月30日丨深物业A(000011.SZ)公布，公司控股股东深圳市投资控股有限公司（下称"深投控"） 与中国东方资产管理股份有限公司（下称"东方资产"）于2024年6月28日签署了《股份转让协议》。深 投控拟通过协议转让的方式向东方资产转让其持有的公司29,799,000股无限售流通普通股股份（占公司 总股本的5.00%）以及由此所衍生的所有股东权益，具体内容详见公司于2024年6月29日在《证券时 报》和巨潮资讯网上披露的《关于公司控股股东协议转让公司部分股份暨权益变动的提示性公告》（公 告编号：2024-28号）。 ...

Core Viewpoint - The article expresses concern that the "long peace" lasting 80 years since World War II may be coming to an end, highlighting the fragility of global peace and the need for strategic imagination and national determination from the United States to maintain it [1][2]. Group 1: Factors Threatening Long Peace - Five key factors are identified as threats to the long peace, including severe political division within the U.S. regarding global order maintenance and military overreach exemplified by wars in Afghanistan and Iraq [2]. - The changing balance of power among major nations challenges U.S. dominance, while economic globalization has weakened America's relative economic advantage and ability to control other nations [2]. - A historical amnesia regarding the complexities of preventing war is noted, as those who experienced major conflicts are fading, leading to a lack of sensitivity towards the risks of war [2]. Group 2: Mechanisms Supporting Long Peace - Nuclear weapons and their deterrent effect are highlighted as a primary mechanism preventing major power wars, with the concept of "nuclear peace" emerging since their introduction [4]. - The end of the imperial era post-World War II led to an increase in sovereign states, complicating international relations and reducing the dominance of hegemonic powers [5]. - Economic globalization has created interdependent market systems, fostering cooperation among nations and reducing the likelihood of conflict [6]. - Technological advancements have enhanced interaction and cooperation among states, shifting the dynamics of international relations [6]. - Social media has created an immediate information environment that emphasizes ethical considerations, softening the approach to conflict resolution [6]. Group 3: Implications of U.S. Strategic Shifts - The U.S. is showing signs of isolationism and strategic retrenchment, which could impact its ability to provide international public goods and maintain global order [7]. - The tension between a changing world and rigid worldviews poses a significant threat to peace, necessitating a reevaluation of U.S. foreign policy and alliances [7]. - Economic development and equitable distribution are essential for sustaining world peace, as globalization has created wealth disparities that need to be addressed [8].

Group 1 - The APEC 'China Year' has officially commenced, with the China Council for the Promotion of International Trade (CCPIT) taking over the hosting rights for the 2026 APEC Business Leaders Summit and the APEC Business Advisory Council (ABAC) from South Korea [1] - APEC is the highest-level economic cooperation mechanism in the Asia-Pacific region, focusing on trade and investment liberalization and regional economic integration [1] - The ABAC, consisting of 63 representatives from 21 economies, is the only permanent institution representing the business community within the APEC framework [1] Group 2 - The 2026 ABAC annual activity plan has been unanimously approved, with four meetings scheduled in Jakarta (February), Mexico City (April), Thailand (July), and Shenzhen (November) to formulate policy recommendations for the APEC leaders [2] - In addition to organizing ABAC activities, the CCPIT is also actively promoting the preparations for the 2026 APEC Business Leaders Summit [2]

Group 1 - Qi Bin, the Deputy Director of the Hong Kong Liaison Office, is reported to have returned to Beijing after only one year in office, with Zhang Yong, former Vice President of China Ocean Shipping Group, set to replace him and manage economic work, particularly the stalled sale of the Panama port by CK Hutchison Holdings [1][4] - Zhang Yong's appointment is significant as he is expected to handle the sale of 43 global ports, including the Panama port, which is a critical transaction involving the interests of the Chinese state [2][5] - Zhang Yong has a strong background in economics and international law, holding multiple advanced degrees and having participated in drafting the "14th Five-Year Plan" [2][6] Group 2 - China Ocean Shipping Group is the largest shipping enterprise in China and plays a key role in the sale of global port operations by CK Hutchison Holdings, which announced a $22.8 billion deal with a consortium led by BlackRock in March [3][7] - The transaction has attracted central government scrutiny due to its implications for national interests and security, leading to an antitrust review [3][7]

Core Insights - The sale of the ports at both ends of the Panama Canal by Li Ka-shing has encountered complications as China has shifted its demands from merely participating in the acquisition to seeking control, leading to a stalemate in negotiations [1] - The BlackRock-TiL consortium is willing to invest a total enterprise value of $22.8 billion to acquire this significant port asset package, indicating a strategic judgment regarding capital and resources [3] - The asset package includes key strategic ports, specifically Balboa and Cristobal, which are crucial to the Panama Canal, a vital trade route for 3%-6% of global maritime trade [5][8] Company and Industry Summary - The transaction represents a significant restructuring for Hutchison Ports, which aims to optimize its asset structure and is expected to generate over $19 billion in cash proceeds after adjustments [12] - Hutchison Ports has held the concession rights for the two Panama ports since 1997, with the rights extended to 2047, highlighting the long-term strategic value of these assets [14] - In 2023, Hutchison Ports ranked sixth globally in terms of throughput, achieving a throughput of 43 million TEUs, with continued growth in volume and profitability across various ports [16] - The Panama Canal's operational stability is critical for global trade, especially for China, which leads in shipbuilding and holds a significant position in the global shipping market [18] - The ownership of the Panama Canal remains with Panama, and Hutchison Ports only holds operational rights, emphasizing that the sale is a commercial transaction and does not alter sovereignty [22] - The geopolitical landscape is influencing investment logic, with the U.S. government showing renewed interest in the Panama Canal, which complicates the transaction [24][26] - The sale is viewed as a strategic adjustment by Hutchison Ports to avoid entanglement in international political issues while optimizing its asset portfolio [28] - Following the announcement, Hutchison's stock price surged over 21%, reflecting market optimism regarding this strategic shift [30] - The transaction is indicative of a broader trend in global capital flows, where investments in critical infrastructure are increasingly balancing commercial value with geopolitical risks [32][34] - The sale serves as a signal in the international capital market, emphasizing the need for a balance between profit and risk management in the current global landscape [36]

Group 1 - The company, Nanfang Glass (南玻Ａ), currently does not have any glass products applied in the aerospace field [1]

每经AI快讯，长和(00001.HK)午后跌超4%，暂领跌蓝筹。截至发稿，长和跌4.16%，报53港元，成交额 2.8亿港元。 ...

消息面上，据财经杂志援引媒体报道称，如果中国远洋海运集团有限公司坚持要获得多数股权，美国贝 莱德集团和瑞士地中海航运公司正在考虑放弃从长和手中购买港口的交易。此前，已有报道称，中远海 运在长和港口买方财团中的具体权益和股权比例是各方谈判的焦点之一。《财经》就谈判进展询问交易 所涉贝莱德、TiL、地中海航运、中远海运等，截至发稿均未获置评。 长和(00001)午后跌超4%，暂领跌蓝筹。截至发稿，跌4.16%，报53港元，成交额2.8亿港元。 ...