二是多层次、广覆盖的市场体系更加完备。 纵深推进科创板、创业板改革，成功设立并高质量推进北交所建设，持续深化新三板改革，稳步发展结 构合理、功能互补的多层次股权市场。今年8月，A股市场总市值首次突破了100万亿元。交易所债券市 场产品日趋丰富，公募REITs、科创债、资产证券化等一些创新品种也在加快发展。全市场期货期权品 种达到157个，广泛覆盖了国民经济主要的产业领域，同时还设立了广期所，更好地促进绿色发展。 三是投资和融资相协调的市场功能不断健全。 近五年，交易所市场股债融资合计达到57.5万亿元，直接融资比重稳中有升，较"十三五"末提升了2.8个 百分点，达到了31.6%。资本市场服务科技创新跑出"加速度"，资本市场含科量进一步提升。近年来， 新上市企业九成以上都是科技企业或者科技含量比较高的企业。目前A股科技板块市值占比超过1/4，已 明显高于银行、非银金融、房地产行业市值合计占比。市值前50名公司当中科技企业从"十三五"末的18 家提升到当前的24家。同时，上市公司主动回报投资者的意识也明显的增强。这五年，上市公司通过分 红回购派发红包，合计达到10.6万亿元，比"十三五"增长超过八成，相当于同期股 ...

Group 1: Dividend Policy and Financial Performance - The company has maintained a fixed dividend policy since 2009, consistently paying HKD 0.35 per share, with a dividend payout ratio increasing from 44% in 2009 to 114% in 2024, and total dividends rising from HKD 2.3 billion to HKD 6.5 billion, reflecting a compound annual growth rate (CAGR) of 7.2% [1] - The projected net profit attributable to shareholders for 2025-2027 is estimated at HKD 5.848 billion, HKD 6.044 billion, and HKD 6.456 billion, representing year-on-year growth rates of 2.4%, 3.4%, and 6.8% respectively [1] Group 2: Hong Kong Gas Operations - The company is the sole gas supplier in Hong Kong, serving 2.04 million users by the end of 2024, achieving a penetration rate of 74% [2] - Despite a decline in gas consumption from 28,556 TJ to 27,159 TJ (a decrease of 4.9%) from 2013 to 2024, the company's EBITDA from Hong Kong operations increased from HKD 4.2 billion to HKD 5.8 billion, with a CAGR of 3.0% [2] - The company benefits from a price adjustment mechanism that allows for biannual rate increases, which helps maintain stable revenue despite consumption declines [2] Group 3: Mainland China Business Expansion - The company has expanded its mainland operations since 1994, covering 23 provincial regions, primarily in first and second-tier cities along the eastern coast and Chengdu-Chongqing area [3] - From 2019 to 2024, the gas sales volume grew at a CAGR of 7.3%, while the national apparent consumption volume grew at 7.0% [3] - The company is expected to benefit from a projected CAGR of 5.9% in national natural gas consumption from 2024 to 2030, with an anticipated increase in gas price differentials [3] Group 4: Business Diversification and Green Energy - The company is restructuring its extended business, which includes smart kitchens, insurance, and home safety, with significant market shares in Hong Kong but lower penetration in mainland China [4] - The company plans to integrate its extended business operations in mainland China and Hong Kong and is looking to attract strategic investors [4] - The company is also focusing on green energy initiatives, including green methanol, sustainable aviation fuel, and hydrogen, with production capacity expected to be released gradually from 2025 to 2028 [4] Group 5: Capital Expenditure and Cash Flow Management - Operating cash flow decreased slightly from HKD 10.5 billion to HKD 9.0 billion between 2021 and 2024, while capital expenditure reduced from HKD 10.2 billion in 2023 to HKD 6.0 billion in 2024 [5] - The company is optimizing non-core business operations and may pursue asset restructuring, which could improve free cash flow to cover annual fixed dividends of HKD 6.5 billion [5]

Core Viewpoint - Hong Kong and China Gas Company Limited has maintained a fixed dividend policy since 2009, with a consistent dividend payout of HKD 0.35 per share, leading to a significant increase in dividend payout ratio and total dividend amount over the years [1] Group 1: Dividend Policy and Financial Performance - The company has increased its dividend payout ratio from 44% in 2009 to 114% in 2024, with total dividends rising from HKD 2.3 billion to HKD 6.5 billion, reflecting a compound annual growth rate (CAGR) of 7.2% [1] - Forecasted net profit attributable to shareholders for 2025-2027 is expected to be HKD 58.48 billion, HKD 60.44 billion, and HKD 64.56 billion, representing year-on-year growth of 2.4%, 3.4%, and 6.8% respectively [1] Group 2: Hong Kong Gas Operations - The company is the sole gas supplier in Hong Kong, serving 2.04 million users with a penetration rate of 74% [2] - Despite a decline in gas consumption from 28,556 TJ to 27,159 TJ (a decrease of 4.9%) from 2013 to 2024, the company's EBITDA from Hong Kong operations has grown from HKD 4.2 billion to HKD 5.8 billion, with a CAGR of 3.0% [2] - The company benefits from a price adjustment mechanism that allows for biannual rate increases, which helps maintain stable revenue despite declining consumption [2] Group 3: Mainland China Operations - The company has expanded its mainland operations since 1994, covering 23 provincial regions, primarily in first and second-tier cities along the eastern coast and Chengdu-Chongqing area [3] - From 2019 to 2024, the gas sales volume has grown at a CAGR of 7.3%, aligning with the national consumption growth rate of 7.0% [3] - The company anticipates an increase in gas price differentials in mainland China, with projections of HKD 0.54, HKD 0.55, and HKD 0.58 per cubic meter for 2025-2027 [3] Group 4: Business Diversification and Green Energy - The company is restructuring its extended business segments, which include smart kitchens, insurance, and home safety, with significant market shares in Hong Kong but lower penetration in mainland China [4] - The company is also focusing on green energy initiatives, including green methanol, sustainable aviation fuel, and hydrogen, with production capacity expected to be released gradually from 2025 to 2028 [4] Group 5: Capital Expenditure and Cash Flow Management - Operating cash flow has slightly decreased from HKD 10.5 billion to HKD 9.0 billion between 2021 and 2024, while capital expenditure has reduced from HKD 10.2 billion in 2023 to HKD 6.0 billion in 2024 [5] - The company is optimizing non-core business operations and plans to introduce strategic investors to enhance its extended business segments [5] - Free cash flow is expected to gradually cover the annual fixed dividend of HKD 6.5 billion due to improved cash flow management and asset disposal strategies [5]

作者丨龚乐凡 陈文珊 股权激励是吸引和留住人才，推动公司增长的重要工具。对于准备赴港上市的企业，应该如何做好股权激励、防止"踩坑"？企业和高管会忽略哪些因素或面 临哪些自己并未察觉的问题，有哪些工具可以为企业所用？本文基于笔者服务赴港上市企业进行股权激励设计和安排的经验，总结归纳常见的问题，以飨读 者。 在资本市场的语境下，包括股权融资和上市，股权激励都是投资人以及资本评估一家企业的增长潜力、人才以及护城河、抗风险（例如"抗挖角"）能力的一 项重要评估指标。本文总结了六个主要方面的问题，包括股权激励工具错配问题，外管37号文登记问题，持股平台与架构设计问题，高昂税负及行权与财报 影响问题，招股书披露与联交所关注问题，跨境股权激励与争议解决问题。其中的不少问题都具有时间的敏感性，也就说，越晚发现，面临的风险越大，解 决的成本也越高，因此需要企业、创始人、董事会及早关注，采用严谨和专业的方式，结合法律、税务、监管的考量统筹加以筹划和设计。 1.中企赴港上市公司股权激励趋势看点 中国企业在A股、港股和美股三大资本市场，股权激励计划普及率持续上升，激励常态化趋势明显。2024年港股共有109家上市公司公告采纳股权激励 ...

Core Insights - China's service trade has shown steady growth, with service exports reaching 1.7 trillion yuan in the first half of the year, a 15% increase year-on-year, and accounting for 11.5% of total exports, up 0.7 percentage points from the previous year [1][4]. Group 1: Service Trade Growth - The total service trade import and export volume reached 3.9 trillion yuan in the first half of the year, reflecting an 8% year-on-year growth [1]. - Traditional service sectors such as transportation and travel have driven the growth, with transportation service exports at 418.5 billion yuan (up 23.9%) and travel service exports at 174.87 billion yuan (up 68.7%) [4]. - Knowledge-intensive service exports reached 865.04 billion yuan, growing by 7.8%, indicating a significant increase in international competitiveness [4]. Group 2: Global Value Chain (GVC) Dynamics - The role of service trade in the global value chain has become increasingly prominent, with high-value segments like R&D, finance, and logistics being essential components [2]. - The interaction between goods and service trade is reciprocal, with services supporting cross-border goods movement and vice versa [5]. Group 3: Future Opportunities and Policy Support - The global service trade is expected to grow, with the WTO projecting a 4% increase in global service exports by 2025 [6]. - China's service trade is anticipated to benefit from a supportive policy environment, with measures to enhance service export capabilities and digital trade initiatives [7][9]. - The focus on digital trade and high-level openness is expected to facilitate China's transition from a manufacturing hub to a service and innovation center [7][8].

Core Viewpoint - The news article addresses the clarification issued by Cheung Kong Holdings regarding false rumors related to Li Ka-shing, specifically denying claims about his attendance at an event in London and alleged donations to Ukraine [1] Group 1: Rumors Clarification - Cheung Kong Holdings stated that the rumors about Li Ka-shing attending the opening of the "Li Ka-shing Center" in London are completely fabricated [1] - The company confirmed that the "Li Ka-shing Center" does not exist and that Li Ka-shing did not attend any such event in early September [1] - The claim regarding Li Ka-shing donating $500 million to Ukraine through a non-existent "Panama Fund" was also denied by the company [1] Group 2: Company Response - Cheung Kong Holdings urged media and the public not to believe or spread these unfounded rumors [1]

Group 1: Political Landscape - The approval rating for President Lee Jae-myung has risen to 56%, marking a 2.4 percentage point increase over the past week, reflecting a positive trend in public perception of his governance [1][2] - Lee Jae-myung's administration is characterized by a focus on restoring and stabilizing the government after the previous administration's turmoil, with a notable emphasis on direct communication with the public [2][5] Group 2: Economic Measures - The new government prioritizes economic recovery and has introduced basic income policies, distributing consumer vouchers ranging from 150,000 to 550,000 KRW (approximately 770 to 2800 RMB) to stimulate spending [4][5] - Recent economic indicators show a rebound, with the KOSPI index surpassing 3300 points, and small business sales increasing by 6.44% year-on-year during a recent four-week period [4][5] - The Bank of Korea has revised its GDP growth forecast for the year from 0.8% to 0.9%, with a reported 0.7% quarter-on-quarter growth in Q2, the highest since Q1 2024 [5][6] Group 3: Foreign Relations Challenges - President Lee faces complex diplomatic challenges, particularly in managing relations with the U.S., highlighted by recent tensions over the detention of Korean workers in the U.S. [7][8] - The U.S. has imposed tariffs and is requiring increased investment from South Korea, complicating the economic landscape for Korean companies operating in the U.S. [7][8] - Lee's initial foreign visits included Japan, aiming to foster better relations, but potential shifts in Japan's political landscape could complicate future diplomatic efforts [8][9]

Core Viewpoint - Recent rumors regarding Li Ka-shing's involvement in a new building in London and a donation to Ukraine have been confirmed as false by Cheung Kong Holdings [1] Group 1: Rumors and Clarifications - Li Ka-shing was rumored to have attended the opening of the "Li Ka-shing Center" in London, which does not exist [1] - The alleged "Panama Fund" through which Li Ka-shing supposedly donated $500 million to Ukraine is also non-existent [1] - Cheung Kong Holdings issued a statement urging media and the public not to believe or spread these unfounded rumors [1] Group 2: Financial Performance - Cheung Kong Holdings reported a revenue of approximately HKD 25.386 billion for the first half of the year, representing a year-on-year increase of 15.3% [1] - The company's profit attributable to shareholders was HKD 6.302 billion, showing a significant decline of nearly 27% compared to the previous year, primarily due to a substantial reduction in the valuation of investment properties [1]

Core Viewpoint - Recent rumors regarding Li Ka-shing's involvement in a new building in London and a donation to Ukraine have been confirmed as false by his company, Cheung Kong Holdings [2]. Group 1: Rumors and Clarifications - Reports claimed that Li Ka-shing attended the opening of the "Li Ka-shing Center" in London and donated $500 million to Ukraine through a Panama fund, both of which were denied by Cheung Kong Holdings [2]. - Cheung Kong Holdings stated that the mentioned "Li Ka-shing Center" does not exist and that the "Panama fund" is also fictional, urging media and the public not to spread these rumors [2]. Group 2: Financial Performance - On August 14, Cheung Kong Holdings reported a revenue of approximately HKD 25.386 billion for the first half of the year, representing a year-on-year increase of 15.3% [2]. - The company's attributable profit to shareholders was HKD 6.302 billion, showing a significant decline of nearly 27% year-on-year, primarily due to a substantial reduction in the valuation of investment properties [2].

近期，社交平台有消息称，近日香港首富李嘉诚亲自出席伦敦金融城"李嘉诚中心大楼"开幕式，以 及"李嘉诚通过巴拿马基金向乌克兰捐助了5亿美元"。 责编：叶舒筠 校对：赵燕 END 潜望系列深度报道丨股事会专栏丨投资小红书丨e公司调查丨时报会客厅丨十大明星私募访谈丨丨丨国 务院，批复同意！丨丨丨丨丨丨丨 9日，长江实业集团有限公司发布澄清通告，称有关消息纯属虚构。 上述通告称，谣传提及的"李嘉诚中心大楼"并不存在，李嘉诚亦没有在9月初到伦敦出席上述大楼之开 幕仪式。以及，谣传提及的"巴拿马基金"并不存在，李嘉诚亦没有透过上述基金向乌克兰捐款5亿美 元。 长江实业指出："以上两则消息完全出于虚假捏造，并无事实根据，本集团谨此呼吁各媒体及各界人士 切勿轻信或参与散播谣言。" 8月14日，长江集团发布了今年上半年业绩，报告期内，该公司收入约253.86亿港元，同比增长15.3%； 股东应占溢利为63.02亿港元，同比大幅下跌近27%，主要是受到投资物业估值大幅缩减的影响。 ...