Group 1 - The chairman Li Yao and vice chairman Ding Huanhuan have been removed from the executive list on the official website of Rongtong Property Insurance Co., Ltd. [2] - The solvency report for the third quarter of 2025 still lists Li Yao and Ding Huanhuan as holding their respective positions, with Li Yao serving as chairman since September 20, 2022, and Ding Huanhuan as vice chairman since December 12, 2023 [3]. - Rongtong Property Insurance was approved to commence operations in January 2022, with a registered capital of 3 billion yuan and is headquartered in Shanghai [3]. Group 2 - As of the end of the third quarter of 2025, the core solvency adequacy ratio of Rongtong Property Insurance is 629.87%, which represents a decrease of 51.73 percentage points compared to the previous period [3]. - The comprehensive solvency adequacy ratio stands at 635.84%, reflecting a decline of 52.21 percentage points from the previous quarter [3]. - The company attributes the decline in solvency ratios primarily to the increase in minimum capital requirements for non-life insurance business risks [3].

Core Viewpoint - The conversation between the Pakistani Deputy Prime Minister and Foreign Minister Dar and Iranian Foreign Minister Amir-Abdollahian focused on the current situation in Iran and the overall regional dynamics, emphasizing the need for peace and stability in the region [1] Group 1 - The Pakistani Foreign Minister expressed a desire for the region to maintain peace and stability [1] - Both parties agreed on the importance of keeping communication open regarding mutual concerns [1] - The call highlighted the necessity for all involved parties to exercise calm and restraint to prevent further escalation of tensions [1]

Group 1 - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 128.695, up 0.15% from the previous close in Hong Kong; Tencent Holdings closed at HKD 612.833, down 0.76% [2] - Tencent Holdings reported a latest price of HKD 617.500, with a decrease of HKD 4.500 or 0.72%; its ADR price is HKD 612.833, reflecting a decline of HKD 4.667 [3] - HSBC Holdings had a latest price of HKD 128.500, increasing by HKD 0.300 or 0.23%; its ADR price is HKD 128.695, showing a slight increase of HKD 0.195 [3] Group 2 - Other notable stocks include China Construction Bank at HKD 7.830, down 0.25%, and Xiaomi Group at HKD 37.100, down 2.01% [3] - AIA Group saw a decline of HKD 1.300 or 1.53%, closing at HKD 83.550; its ADR price is HKD 83.075, down HKD 0.475 [3] - Meituan-W closed at HKD 100.000, down 0.79%, while JD.com saw a decrease of HKD 1.500 or 1.30%, closing at HKD 113.600 [3]

Core Viewpoint - The report indicates that the Watsons Group, a subsidiary of CK Hutchison, plans to pursue a dual listing in Hong Kong and London, potentially completing this by the second quarter, with an estimated valuation of approximately $30 billion and a fundraising target of $2 billion [1] Group 1 - The dual listing could result in a valuation for Watsons that is significantly higher than the current valuation used by Bank of America for CK Hutchison's net asset value for the fiscal year 2026 [1] - Bank of America maintains a "Buy" rating on CK Hutchison, anticipating stable performance for the fiscal year 2025 and viewing the current valuation as attractive [1] - The target price for CK Hutchison is set at HKD 62, reflecting the company's proactive approach to unlocking value [1]

格隆汇1月15日｜据路透引述两位知情人士指，长和寻求安排旗下零售子公司屈臣氏集团在香港及伦敦 上市，最快第二季完成，目标IPO估值300亿美元(约合2340亿港元)。消息人士称，长和开始评估投资者 对屈臣氏集团IPO的兴趣，争取不迟于今年中完成双重上市，但具体时间表尚未确定。据悉，长和选定 瑞银和高盛安排屈臣氏在香港和伦敦IPO。此外，消息人士称，持有屈臣氏集团25%权益的新加坡淡马 锡正寻求在IPO阶段退出投资。 ...

据媒体援引知情人士报道，长和(00001)寻求分拆屈臣氏集团在中国香港和伦敦两地双重上市，目标估 值约300亿美元(约2340亿港元)。知情人士称，长和已开始评估屈臣氏集团首次公开募股(IPO)的投资者 意愿，力争在年中前完成双重上市，但具体时间表尚未最终确定。上周已有媒体消息指，长和已选择由 高盛及瑞银推进屈臣氏集团的IPO。 去年11月就曾有市场消息表示，长和已启动分拆屈臣氏集团上市的计划，有传将于香港和英国双重上 市，预计集资多达20亿美元(约156亿港元)。若进程顺利，有望成为港股近年来最大消费零售IPO之一。 知情人士透露，持有屈臣氏集团25%股份的淡马锡寻求在IPO阶段退出投资。 长和系于2014年以57亿美元向新加坡主权财富基金淡马锡出售屈臣氏集团25%股份，谋求在适当时候把 零售部门上市，但因疫情、新股市场疲弱等原因而一再延后。目前长和持有屈臣氏集团约75%股份。 ...

智通财经APP获悉，据媒体援引知情人士报道，长和(00001)寻求分拆屈臣氏集团在中国香港和伦敦两地 双重上市，目标估值约300亿美元(约2340亿港元)。知情人士称，长和已开始评估屈臣氏集团首次公开 募股(IPO)的投资者意愿，力争在年中前完成双重上市，但具体时间表尚未最终确定。上周已有媒体消 息指，长和已选择由高盛及瑞银推进屈臣氏集团的IPO。 去年11月就曾有市场消息表示，长和已启动分拆屈臣氏集团上市的计划，有传将于香港和英国双重上 市，预计集资多达20亿美元(约156亿港元)。若进程顺利，有望成为港股近年来最大消费零售IPO之一。 知情人士透露，持有屈臣氏集团25%股份的淡马锡寻求在IPO阶段退出投资。 长和系于2014年以57亿美元向新加坡主权财富基金淡马锡出售屈臣氏集团25%股份，谋求在适当时候把 零售部门上市，但因疫情、新股市场疲弱等原因而一再延后。目前长和持有屈臣氏集团约75%股份。 ...

Core Viewpoint - CK Hutchison Holdings (长和) is advancing its plan to spin off its retail subsidiary, Watsons Group, aiming for a dual listing in Hong Kong and London with an estimated valuation of approximately $30 billion [1][2] Group 1: Company Overview - Watsons Group operates over 17,000 stores across 31 markets globally, including chains in mainland China, Hong Kong, the UK (Superdrug), and Germany (Rossmann) [1] - The retail segment of Watsons Group reported total revenue of HKD 98.84 billion (approximately RMB 90.2 billion) for the first half of 2025, reflecting a year-on-year growth of about 8% [1] - However, revenue in China totaled HKD 6.666 billion (approximately RMB 6.1 billion), showing a year-on-year decline of approximately 3% [1] Group 2: Expansion Plans - Watsons Group plans to open around 1,000 new stores in 2026, investing HKD 3.8 billion in store expansion, upgrades, retail technology, and supply chain optimization [2] - The initiative aims to expand its global business network and enhance the integration of online and offline channels through a digital platform [2] Group 3: Market Context and Strategic Considerations - The IPO plan for Watsons Group has faced delays due to the pandemic and a weak new stock market in recent years, but the current market conditions in Hong Kong are favorable for IPOs [2] - The company aims to raise $2 billion through the IPO, which will strengthen its financial foundation and support strategic transformation [3] - For CK Hutchison, promoting the dual listing of Watsons Group is a key strategy to unlock the value of its core quality assets [3]

智通财经APP讯，深康佳A(000016.SZ)发布公告，经公司财务部初步测算，预计2025年年度归属于上市 公司股东的净利润为负值，公司2025年年度经营业绩将出现亏损。 ...

Investment Rating - The report maintains an optimistic outlook for global economic growth in 2026, projecting a growth rate of 2.8%, which is above the market consensus of 2.5% [2] Core Insights - The report highlights that the global economic growth in 2026 will benefit from a loose financial environment, reduced policy uncertainty, AI investments, and fiscal stimulus from tax and spending legislation passed in 2025 [1][2] - It emphasizes the resilience of the Indian economy, forecasting a GDP growth rate of 6.7% for 2026, which is higher than global consensus expectations [10] - The report notes that China needs to find new growth engines beyond real estate and expand into emerging markets outside the U.S., with actual export growth expected to remain at 5% to 6% annually [6][14] Summary by Sections Global Economic Outlook - The global economic growth is expected to exceed market consensus, driven by a favorable financial environment and AI investments [1][2] - Inflation pressures in emerging markets are anticipated to ease, aided by falling oil prices and reduced food price pressures [1] U.S. Economic and Policy Outlook - The Federal Reserve is expected to lower interest rates twice in the first half of 2026, supported by fiscal stimulus from the 2025 tax and spending legislation [3][2] Asian Economic Conditions - The report expresses optimism about the overall economic situation in Asia, with median and average growth rates around 5% [4] - It highlights strong performance in AI chip exports from China and India, which is expected to exceed market consensus [4] China’s Economic Transition - China is projected to maintain a 5% to 6% annual growth in actual exports, with a current account surplus expected to rise to 4.2% of GDP [6][14] - The "14th Five-Year Plan" focuses on integrating AI with manufacturing and modern industrial infrastructure, indicating a sustained investment in AI technologies [15] Japan’s Economic Outlook - Japan's growth rate is forecasted at 0.8% for 2026, supported by rising wages and easing inflation [7] - The Bank of Japan may accelerate interest rate hikes, with a potential increase of 25 basis points in July 2026 [7] India’s Economic Trends - India is expected to show strong resilience with a projected GDP growth rate of 6.7% for 2026, driven by rural and urban consumption recovery [10][12] - The Reserve Bank of India has implemented measures to support economic growth, including interest rate cuts and liquidity measures [9]