Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

香港地产股普涨，截至发稿，希慎兴业(00014)涨4.49%，报21.42港元；新鸿基地产(00016)涨3.27%，报 113.8港元；九龙仓置业(01997)涨3.23%，报26.2港元；恒隆集团(00010)涨2.04%，报16.5港元；长实集 团(01113)涨1.25%，报43.82港元。 消息面上，里昂研究报告指出，香港楼价出现复苏，部分新盘销售反应热烈，市场情绪乐观，推动发展 商股价年初至今亦上涨，预测楼价上升趋势将持续，但由于降息预期降温及香港按揭利率具韧性，预期 楼价升幅会较温和。而根据过往经验，当楼价增速减慢或市场情绪见顶时，地产股股价往往会出现回 调。里昂维持对2026年香港楼价增长5%的预测。 此外，根据花旗最新现修订2026年香港住宅楼价预测，由原来升3%上调至升8%，并预期2027年进一步 加速，进入多年以来的上升周期。该行预期，香港地产发展商在2026年上半年可领先，受惠于利润率、 盈利及NAV上行(目前营业利润率5–9%)，新盘成交量创6年新高，房价上升周期(估算房价每升1%，平 均可推动NAV 0.5%/盈利1.5%)，以及NAV折让收窄(现为52%，过往房价上升周期约40% ...

消息面上，里昂研究报告指出，香港楼价出现复苏，部分新盘销售反应热烈，市场情绪乐观，推动发展 商股价年初至今亦上涨，预测楼价上升趋势将持续，但由于降息预期降温及香港按揭利率具韧性，预期 楼价升幅会较温和。而根据过往经验，当楼价增速减慢或市场情绪见顶时，地产股股价往往会出现回 调。里昂维持对2026年香港楼价增长5%的预测。 此外，根据花旗最新现修订2026年香港住宅楼价预测，由原来升3%上调至升8%，并预期2027年进一步 加速，进入多年以来的上升周期。该行预期，香港地产发展商在2026年上半年可领先，受惠于利润率、 盈利及NAV上行(目前营业利润率5–9%)，新盘成交量创6年新高，房价上升周期(估算房价每升1%，平 均可推动NAV 0.5%/盈利1.5%)，以及NAV折让收窄(现为52%，过往房价上升周期约40%)。 智通财经APP获悉，香港地产股普涨，截至发稿，希慎兴业(00014)涨4.49%，报21.42港元；新鸿基地产 (00016)涨3.27%，报113.8港元；九龙仓置业(01997)涨3.23%，报26.2港元；恒隆集团(00010)涨2.04%， 报16.5港元；长实集团(01113)涨1.2 ...

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 | 截至月份: | 2025年12月31日 | 狀態: | 新提交 | | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | 公司名稱: | 恒隆集團有限公司 | | | | 呈交日期: | 2026年1月6日 | | | | I. 法定/註冊股本變動 不適用 | | | | | 備註： | | | | | 恒隆集團有限公司並無法定股本，及其股本並無股份面值。 | | | | FF301 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) | 00010 | 說明 | 不適用 | | | | | | | | 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 ...

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布的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公布全部或任何部分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。 於本公布日期，本公司董事會包括： 執行董事： 陳文博先生、盧韋柏先生及趙家駒先生 非執行董事： 陳樂宗先生、張家騏先生及陳仰宗先生 獨立非執行董事： 葉錫安先生、廖柏偉教授、徐立之教授、廖長江先生及陳秀梅女士 董事會召開日期 恒隆集團有限公司（「本公司」）謹定於2026年1月30日（星期五）舉行董事會會議， 藉以批准（其中包括）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，以及考慮派發末期股息之建議（如適用）。 承董事會命 公司秘書 馬婉華 香港，2026年1月2日 恒隆集團有限公司 HANG LUNG GROUP LIMITED （於香港註冊成立之有限公司） （股份代號﹕00010） ...

Group 1 - The top three companies with the highest short-selling ratios are Cheung Kong (00001), CLP Holdings (00002), and Hong Kong and China Gas (00003), all reporting a short-selling ratio of 0.00% [1][2] - The top three companies by short-selling amount are also Cheung Kong (00001), CLP Holdings (00002), and Hong Kong and China Gas (00003), with amounts not specified [1][2] - The companies with the highest deviation values are Energy and Energy Global (01142), Hu Shang Ayi (02589), and China Shipbuilding Defense (00317), with deviation values of -0.41%, -0.41%, and -0.66% respectively [1][2] Group 2 - The top ten short-selling ratios include Cheung Kong (00001), CLP Holdings (00002), and Hong Kong and China Gas (00003), all at 0.00%, with significant negative deviation values [2] - The top ten short-selling amounts also feature Cheung Kong (00001), CLP Holdings (00002), and Hong Kong and China Gas (00003), all at 0.00% short-selling ratio and notable negative deviation values [2] - The top ten companies with the highest deviation values include Energy and Energy Global (01142), Hu Shang Ayi (02589), and China Shipbuilding Defense (00317), with deviation values indicating a decline compared to their average short-selling ratios over the past 30 days [2][3]

Group 1 - The core announcement is that Weber Lu, the CEO of Hang Lung Group, will retire by August 31, 2026, and the board is currently conducting a search for his successor [1][6] - Lu has been with Hang Lung since May 2018 and previously held significant positions at Procter & Gamble, Coca-Cola, and Citigroup, where he served for 18 years [3] - Lu currently holds 1,128,542 shares of Hang Lung Properties, representing 0.02% of the total issued shares, and 460,000 shares of Hang Lung Group, representing 0.03% of the total issued shares [5] Group 2 - Under the leadership of Chen Wenbo, who took over as chairman in April 2024, the company is transitioning from "heavy asset expansion" to "stock optimization" as part of the "Hang Lung V.3" strategy [6] - Lu expressed gratitude for the support from the board and highlighted the achievements during his tenure, including strengthening the brand and launching significant strategies [6] - The company has faced challenges due to the adjustment in the Chinese real estate market and a decline in luxury consumption, with rental income from mainland properties dropping by 2% to HKD 3.199 billion in the first half of 2025 [7]

Core Viewpoint - The announcement of CEO Lu Weibao's retirement by Hang Lung Group and Hang Lung Properties marks a significant transition to a new management era led by Chen Wenbo, amidst challenges in the real estate market and a strategic transformation towards optimizing existing assets [1][2][4]. Management Transition - Lu Weibao will retire by August 31, 2026, and will continue to provide advisory support to the group [1][4]. - This change follows the recent transition to a third-generation management team under Chen Wenbo, who took over from the long-serving chairman Chen Qizong in April 2024 [3][4]. - The management change is seen as a natural progression in the company's strategic shift from heavy asset expansion to optimizing existing assets [4][5]. Financial Performance and Market Challenges - Hang Lung's stock price has significantly declined from over HKD 18 per share in 2019 to around HKD 8, reflecting the pressures from structural adjustments in the industry and the company's strategic transformation [2][4]. - For the first half of 2025, rental income from mainland properties fell by 2% to HKD 3.199 billion, with operating profit also declining by 2% [4][14]. - The flagship Shanghai Hang Lung Plaza's occupancy rate dropped from a long-term 100% to 98%, with sales down by 8% [4][14]. Strategic Initiatives - The company has initiated a strategic response to market pressures, including a shift away from distinguishing between "high-end" and "sub-high-end" shopping categories, indicating a more flexible approach to customer adaptation [5][14]. - Recent operational data showed a 15% year-on-year increase in total tenant sales during the National Day holiday period, with some properties like Shanghai Port International achieving a 50% sales increase [5][15]. - The V.3 strategy, led by Chen Wenbo, aims to expand core business areas through a light-asset model, with significant projects underway in Shanghai, Hangzhou, and Wuxi [5][15]. Future Outlook and Challenges - The new management team faces challenges, including uncertain retail consumption growth and a competitive office market, with a 5% decline in office income reported for the first half of the year [6][14]. - The transition to a light-asset model involves substantial investment in property renovations, raising concerns about cost overruns and maintaining the high-end brand image while attracting new customer segments [6][16]. - The upcoming selection of Lu Weibao's successor will be critical for maintaining strategic continuity and addressing the multifaceted challenges facing the company [6][18].

Core Viewpoint - The announcement of CEO Lu Weibao's retirement by Hang Lung Group and Hang Lung Properties marks a significant transition as the company enters a new era under the leadership of Chen Wenbo, the third-generation successor, amidst ongoing challenges in the real estate market and a strategic transformation towards optimizing existing assets [5][7][14]. Group 1: Management Transition - Lu Weibao will retire by August 31, 2026, and will continue to provide advisory support to the group [5][14]. - This change follows the retirement of former chairman Chen Qizong in 2024, indicating a shift to a management team led by Chen Wenbo [5][7]. - The transition is seen as a natural progression in the company's strategic transformation, with Lu having laid the groundwork for the "V.3" strategy [7][14]. Group 2: Strategic Transformation - The "V.3" strategy aims to shift from heavy asset expansion to optimizing existing assets, responding to the challenges posed by the real estate market and luxury consumption decline [7][10]. - The company has begun to adapt its operational logic by no longer distinguishing between "high-end" and "mid-range" shopping centers, indicating a more flexible approach to market demands [8][10]. - Recent operational data shows a 15% increase in total tenant sales for mainland properties during the National Day holiday, with significant sales growth in key locations [8][9]. Group 3: Market Challenges - Hang Lung's rental income from mainland properties fell by 2% to HKD 31.99 billion in the first half of 2025, with flagship projects experiencing a decline in occupancy rates [8][9]. - The office market remains under pressure, with a 5% drop in income from mainland office buildings in the first half of the year [10]. - The company faces challenges in balancing the introduction of new retail concepts while maintaining its high-end positioning to avoid losing its existing customer base [10][13]. Group 4: Future Outlook - The selection of Lu Weibao's successor will be closely watched, as the new CEO's ability to uphold strategic consensus and navigate multiple challenges will be crucial for the company's transformation [14]. - The core value of prime commercial locations remains a significant asset, supported by favorable policies and consumer potential in new first-tier cities [13][14]. - The successful execution of the "V.3" strategy and the management transition will be pivotal for restoring investor confidence and achieving sustainable growth [13][14].

Core Viewpoint - The announcement of CEO Lu Weibao's retirement by Hang Lung Group and Hang Lung Properties marks a significant transition as the company enters a new management era led by Chen Wenbo, amidst ongoing challenges in the real estate sector and a strategic shift towards optimizing existing assets [2][5]. Group 1: Management Transition - Lu Weibao will retire by August 31, 2026, and will continue to provide advisory support to the group [2]. - The transition follows the retirement of former chairman Chen Qizong in 2024, indicating a shift to a third-generation management team centered around Chen Wenbo [5]. - Chen Wenbo, who has been rapidly implementing the "Hang Lung V.3" strategy, is expected to lead the company through its transformation from "heavy asset expansion" to "asset optimization" [5][9]. Group 2: Financial Performance and Market Challenges - Hang Lung Properties reported a 2% decline in rental income from mainland properties to HKD 31.99 billion for the first half of 2025, with flagship project Shanghai Hang Lung Plaza's occupancy rate dropping from 100% to 98% [8]. - The company's stock price has halved from over HKD 18 in 2019 to around HKD 8, reflecting significant market pressure [5][8]. - The retail sector has faced compounded challenges since 2021, with a notable decline in luxury consumption impacting the company's performance [8]. Group 3: Strategic Shifts - The company has announced a strategic shift, no longer distinguishing between "high-end" and "mid-range" shopping centers, indicating a more flexible approach to market demands [8]. - Chen Wenbo's leadership has seen the acquisition of long-term rental projects in key cities, expanding retail space while focusing on existing assets rather than new city expansions [9][10]. - The V.3 strategy aims to leverage core business districts' value while addressing the need for renovation and modernization of older properties [10][13]. Group 4: Future Outlook and Challenges - The new management team faces challenges including uncertain retail growth and a competitive office market, with a 5% decline in office income reported for the first half of 2025 [9][10]. - The transition to a light-asset model will require significant investment in property renovations, posing risks related to cost overruns and project timelines [10]. - The ability of the new CEO to maintain strategic continuity and effectively respond to market dynamics will be crucial for the company's transformation and investor confidence [12][14].