专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会举行，中国社会科学院学部委员、国家金融与发展实验室理事长、中国资本 市场学会学术委员会主任李扬主旨演讲《中国金融结构正在发生积极变化》。 李扬表示，大力发展资本市场是"十五五"金融改革的重点之一。当前，中国经济已经基本结束了过去40 余年不断扩大增量的发展路径，进入了存量调整为主的时代。并购是存量调整的主要载体和手段。 并购作为一种重要的企业战略行为，已成为上市公司实现快速成长和转型升级的核心动力。2024年9月 24日，中国证监会发布《关于深化上市公司并购重组市场改革的意见》（简称"并购六条"），明确提出 鼓励上市公司通过并购重组实现转型升级。 这一政策的出台，为上市公司并购提供了更加宽松的政策环境，也为新一轮经济周期的启动注入了强大 动力。 附演讲PPT： C MILD 国 标题 1. 社会融资结构的变化 NIFO 日 22463 1.2 融资结构变化在货币供给结构上的映射 货币供给M2持续增长, MI 相对增长更快，表明 ...

截至月份: 2025年11月30日 狀態: 新提交 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 致：香港交易及結算所有限公司 公司名稱: 長江和記實業有限公司 呈交日期: 2025年12月1日 I. 法定/註冊股本變動 | 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) | 00001 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 1 HKD | | 8,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 8,000,000,000 | HKD | | 1 HKD | | 8,000,000,000 | 本月底法定/註冊股本總額： HKD 8,00 ...

出品I下海fallsea 胡不知 2025年11月的香港中环，长江集团中心49楼的会议室里，一场关乎亚洲零售巨头命运的讨论已持续数 周。当长江和记实业（00001.HK）高层最终敲定屈臣氏集团的上市方案时，窗外的维多利亚港正泛起 微光——这家拥有184年历史的零售标杆，将在2026年上半年踏上香港与英国双重上市的征程，计划募 资20亿美元的消息，很快通过财经媒体的版面传遍全球资本市场。 对李嘉诚家族而言，这绝非一次简单的资本运作。在长和系近年持续剥离非核心资产、聚焦基建与电讯 主业的背景下，将旗下最核心的零售资产推向资本市场，既是为集团现金流注入强心剂的"救赎之举"， 更是为屈臣氏开启独立发展通道的"野心布局"。从1841年广州的小药房起步，到如今全球拥有超1.6万 家门店的健康美妆零售巨头，屈臣氏的上市之路，映射着传统零售企业在消费变革与资本浪潮中的挣扎 与突围。 "这是长和系资本腾挪的关键一步，也是屈臣氏摆脱增长困境的必经之路。"香港资深投行人士陈锦兴在 接受虎嗅采访时直言，"20亿美元募资只是表面数字，背后是李氏家族对零售资产估值重构、区域战略 调整以及行业趋势判断的多重考量。" 长和系的"现金焦虑"： ...

Core Viewpoint - The European Union's antitrust regulators are set to investigate the acquisition of a significant portion of the global port business of CK Hutchison Holdings by BlackRock and MSC, particularly focusing on the Spanish segment of the deal [1] Group 1: Regulatory Investigation - The investigation may lead regulators to require concessions from BlackRock and MSC for the transaction to be approved [1] - The European Commission will conclude its preliminary review of the deal by December 10, after which a full investigation will commence [1] Group 2: Transaction Details - The deal involves MSC's subsidiary Terminal Investment Limited Holding (TiL) and BlackRock jointly acquiring control of CK Hutchison's operations at the Port of Barcelona [1] - CK Hutchison plans to sell 80% of its $22.8 billion port business, which spans 43 ports across 23 countries [1] Group 3: Market Dynamics - There have been reports since July about China COSCO Shipping Group's interest in joining the acquisition consortium, with implications that if COSCO cannot participate, China may not regulate the approval of the transaction [1]

Core Insights - Uzbekistan is significantly advancing its construction materials industry to meet the rising demand driven by rapid population growth and infrastructure needs [1][4] Group 1: Project Overview - The government plans to implement 112 construction materials projects with a total investment of $2.4 billion, expected to create 13,500 jobs [1][4] - These projects will focus on key materials such as PVC pipes, fittings, decorative stones, and construction glass [5] - An additional five strategic projects are planned, with an investment of approximately $110 million, bringing the total project scale to $3.5 billion [6] Group 2: Industry Growth and Employment - Over the past eight years, Uzbekistan's population has increased by 6 million, leading to rapid expansion in residential, road, and social infrastructure [8] - During this period, 210 million square meters of residential and non-residential buildings were constructed, including 565,000 apartments, a tenfold increase compared to previous years [9] - The construction materials industry has grown fourfold, with projected transaction volume reaching approximately $4.45 billion and export value of $1.1 billion by 2025 [10] Group 3: Challenges and Export Potential - Despite significant growth, the industry faces challenges related to quality standards, logistics, and market expansion [11] - Uzbekistan plans to export nine types of construction materials to 26 countries, targeting neighboring markets valued at over $4 billion [12] Group 4: Research and Development Initiatives - The country has over 1 billion tons of kaolin reserves and plans to implement 40 deep processing projects for kaolin with a total investment of $515 million, training 460 technical professionals to reduce reliance on imported ceramics [13] - Energy efficiency is prioritized, with energy audits conducted for 34 enterprises to save fuel consumption, aiming to increase the proportion of energy-efficient building materials to 25% by 2025 and 35% by 2030 [13] - Research funding will be approximately $252,000 for construction materials science, with digital and AI technologies expected to reduce production costs by 5% to 10% [13]

Group 1 - BlackRock, Inc. reduced its holdings in CK Hutchison Holdings Limited (stock code: 00001.HK) by 461,500 shares at an average price of HKD 53.3843 per share, amounting to approximately HKD 24.637 million [1][2] - Following the reduction, BlackRock's total holdings in CK Hutchison decreased to 191,086,841 shares, representing a holding percentage drop from 5.00% to 4.99% [1][2]

Core Viewpoint - CK Hutchison Holdings is planning a dual listing for its subsidiary Watsons Group in Hong Kong and the UK in the first half of 2026, aiming to raise approximately $2 billion (about HKD 15.5 billion) and potentially achieving a valuation exceeding $30 billion (approximately RMB 212.39 billion) [1][2]. Group 1 - Watsons Group was founded in Hong Kong in 1841 and is a well-known international health and beauty retail group [2]. - The group was acquired by Li Ka-shing in 1981 and has since expanded aggressively, particularly in the Chinese market, acquiring several international beauty brands [2]. - As of the first half of 2025, Watsons contributed HKD 98.84 billion in total revenue to the retail segment of CK Hutchison, representing a year-on-year growth of 8%, with EBITDA reaching HKD 7.974 billion, up 12% [2]. Group 2 - Despite overall growth, Watsons' business in China faced challenges, with total revenue declining by 3% and a net reduction of 145 stores, alongside a 1.0% drop in same-store sales [2]. - The company operates over 17,000 stores across 31 markets, serving more than 6 billion customers annually through both offline and online platforms [2].

Group 1 - The core point of the article is that CK Hutchison Holdings is planning a dual listing for its subsidiary, Watsons Group, in Hong Kong and the UK in the first half of 2026, aiming to raise approximately $2 billion (about HKD 15.5 billion) [1][2] - If the IPO process goes smoothly, Watsons Group's valuation is expected to exceed $30 billion, making it one of the largest consumer retail IPOs in Hong Kong in recent years [1] - Watsons Group, founded in 1841 in Hong Kong, is a well-known international health and beauty retail group and has been a core retail business of CK Hutchison since its acquisition in 1981 [1][2] Group 2 - According to CK Hutchison's financial report for the first half of 2025, Watsons contributed total retail revenue of HKD 98.84 billion, a year-on-year increase of 8%, with EBITDA reaching HKD 7.974 billion, up 12% [2] - The total number of global stores reached 16,935, and the number of loyal members surpassed 175 million, with exclusive product sales accounting for 36% of total sales [2] - However, Watsons' business in China faced challenges, with total revenue declining by 3% and a net reduction of 145 stores, alongside a 1.0% decrease in same-store sales [2]

Core Viewpoint - Watsons is restarting its dual listing plan in Hong Kong and the UK after 11 years, aiming to raise up to $2 billion, with an expected valuation of $30 billion, leveraging the recovery of the Hong Kong stock market for transformation [1] Group 1: Listing Plan Details - The IPO is planned for the first half of 2026, with a maximum fundraising target of $2 billion (approximately 14.213 billion RMB) [1] - This is not Watsons' first attempt at listing; a previous plan in late 2013 was shelved due to market conditions and other factors [2] - The current IPO could become one of the largest consumer retail IPOs in Hong Kong in recent years [2] Group 2: Market Context - The revival of the listing plan is closely linked to the recovery of the Hong Kong stock market, with new stock financing in Hong Kong reaching HKD 216 billion (approximately 197.23 billion RMB) in the first ten months of 2025, more than doubling from the previous year [3] - The Hang Seng Index has seen a year-to-date increase of approximately 29%, indicating a resurgence in market enthusiasm for tech and consumer companies [3] Group 3: Competitive Landscape - If successful, Watsons will compete with other retail entities such as Sa Sa International in Hong Kong and THG listed in London [4] - The global beauty retail market is currently under pressure, necessitating Watsons to demonstrate the effectiveness of its transformation strategy [4] - The specifics of the dual listing timeline and equity structure remain undisclosed, with the market closely monitoring further developments [4]

Core Viewpoint - The Beijing Municipal Committee has proposed the development of high-precision and advanced industries as part of the 15th Five-Year Plan, emphasizing the enhancement of traditional industries and the growth of emerging sectors [1] Group 1: Industry Development - The plan aims to strengthen the foundation of the real economy by promoting the quality upgrade of key industries and expanding the advantages of clusters in new-generation information technology and healthcare [1] - New industries such as artificial intelligence, advanced green energy, and low-carbon environmental protection will be cultivated [1] Group 2: Innovation and Technology - The implementation of an industrial innovation project is proposed to facilitate the large-scale application of new technologies, products, and scenarios [1] - Strategic emerging industries like integrated circuits, robotics, smart manufacturing, and aerospace technology will be accelerated [1] Group 3: Future Industry and Risk Management - The plan includes mechanisms for increasing investment in future industries and sharing risks, focusing on new growth points such as sixth-generation mobile communication, quantum technology, biomanufacturing, and brain-computer interfaces [1] - A comprehensive safety risk assessment, early warning, and response mechanism will be established around key industrial chains to enhance the resilience and security of supply chains [1] Group 4: Quality and Brand Building - There is an emphasis on improving the domestic substitution of key equipment, software, processes, and materials to enhance the supply security of strategic resources [1] - Strengthening quality and brand construction is highlighted as a crucial aspect of the development strategy [1]