Core Insights - UBS reports that the office market in mainland China faces challenges due to ample supply, while there are clear signals indicating a recovery in the Hong Kong office market [1] - UBS believes that the Grade A office market in Central Hong Kong is nearing its bottom as supply is expected to decrease between 2026 and 2027, which will benefit stocks with Grade A office business in Hong Kong [1] Summary by Category Hong Kong Office Market - The recovery of the Hong Kong office market is expected to continue benefiting companies such as Swire Properties (01972), Swire Pacific Ltd A (00019), Land Lease, Hysan Development (00014), and Henderson Land Development (00012) [1] - UBS indicates that the Grade A office market in Central Hong Kong is approaching a bottom due to a decrease in supply expected in the coming years [1] Shanghai Office Market - According to CBRE data, Shanghai office rents decreased by 0.8% quarter-on-quarter in Q3 [1] - The supply of office space in Shanghai increased by 116,000 square meters due to the completion of two new buildings, while net absorption rose by 6.7% to 100,000 square meters [1] - UBS anticipates that 820,000 square meters of new supply will enter the Shanghai market in the next six months, and due to ample supply in the next two years, office rents in Shanghai are expected to continue declining next year [1]

Core Viewpoint - UBS reports indicate that there are more clear signals suggesting a recovery in the Hong Kong office market, particularly in the Central district, with a projected decline in supply from 2026 to 2027 [1] Group 1: Market Recovery - The Grade A office market in Central Hong Kong is nearing a bottom, according to UBS [1] - The recovery in the office market is expected to benefit stocks with Grade A office business in Hong Kong, including Swire Properties, Swire Pacific, Land Lease, Hysan Development, and Henderson Land [1]

Core Viewpoint - The outlook for Hong Kong conglomerates in the coming year remains positive, with several catalysts expected to drive growth, including a projected 5% increase in recurring profits by 2026 and support from a weaker US dollar [1] Summary by Category Profit Growth - The forecast indicates a 5% growth in recurring profits for Hong Kong conglomerates by 2026 [1] Dividend Expectations - Anticipated dividend payouts for the next year are expected to increase by approximately 3% year-on-year, providing a reasonable return for investors during the waiting period for catalysts [1] Valuation and Returns - Current valuations show Hong Kong conglomerates trading at about a 32% discount to their net asset value per share, with a projected dividend yield of 4.6% for 2026, slightly above the ten-year average of 4.5% [1] Preferred Stocks - The top stock picks include Cheung Kong (00001) and Chow Tai Fook (00659), with target prices raised to HKD 61 and HKD 9.6 respectively, as they present the most attractive risk-return profiles [1] - Other favorable stocks include First Pacific (00142) and Swire Properties A (00019), with target prices set at HKD 8.2 and HKD 74 respectively, all rated as "outperform" [1]

Core Insights - The article highlights the participation of Swire Group at the China International Import Expo, showcasing its various enterprises and innovative practices in the Chinese market [1] Company Overview - Swire Group's subsidiaries, including Swire Properties, Swire Coca-Cola, Cathay Pacific, and Hong Kong Aircraft Engineering Company (HAECO), are prominently featured at the expo [1] - HAECO is recognized as a leading global provider of aircraft maintenance, repair, and overhaul (MRO) services, with a significant focus on the Asia-Pacific region [2][4] Market Opportunity - The Chinese aircraft maintenance market has grown from 639.7 billion yuan in 2019 to 786 billion yuan in 2023, with projections to reach 1,251 billion yuan by 2030, indicating a compound annual growth rate (CAGR) of approximately 6.18% from 2024 to 2028 [2][4] - The demand for regional maintenance centers is increasing due to the significant rise in flights and cargo routes in the Asia-Pacific region [4] Strategic Development - HAECO is strategically positioned with bases in Hong Kong and Xiamen, allowing it to offer comprehensive MRO services, including airframe, engine, and component maintenance [4] - The construction of the world's largest single-span aircraft maintenance hangar at Xiamen Xiang'an Airport is a key initiative for HAECO's expansion in the Chinese market [4][5] Sustainability Initiatives - HAECO is committed to sustainability, aiming for net-zero emissions by 2050, and plans to utilize green technologies, including solar energy, in its new facilities [6][7] - The company has received LEED Platinum certification for its new hangar, marking it as a leading environmentally friendly facility in the aviation maintenance sector [6] Competitive Advantage - HAECO's focus on innovation and green practices is seen as a competitive advantage, with a strong emphasis on high-quality service standards that meet the demands of international clients [7] - The company serves a global clientele, with 90%-95% of its customers being international, including major airlines from Hong Kong, the United States, Japan, and Europe [7]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session of the Communist Party of China emphasizes the country's strategic determination, focusing on building a modern industrial system and expanding institutional openness, which provides a fertile ground for foreign investment in China [2][8]. Group 1: Company Participation in the Expo - Swire Group participated in the China International Import Expo for the second time, showcasing its diverse businesses including Swire Properties, Swire Coca-Cola, Cathay Pacific, and others, highlighting innovative practices in China [2][3]. - The interactive exhibition space of 400 square meters utilized digital multimedia technology to illustrate the vitality of "new consumption," allowing visitors to engage with various innovative experiences [2][3]. Group 2: Innovation and Transformation - The exhibition also highlighted Swire's exploration in intelligent and green transformation, showcasing applications of robotics and AI in aircraft maintenance and the future operations of its maintenance base [3]. - Swire Coca-Cola presented a case study on the seamless integration of digital technology in its new Zhengzhou factory, set to be operational by October 2025, demonstrating advancements in factory operations [7]. Group 3: Economic Insights - The long-term positive trend of the Chinese economy is attributed to four foundational advantages: an optimized business environment, a large domestic market, a complete modern industrial system, and a high-quality talent pool [8]. - The recent developments at the expo, including the establishment of a section for least developed countries, reflect China's commitment to openness and inclusivity, resonating with Swire's business philosophy [4][5]. Group 4: Future Outlook - Swire Group aims to continuously innovate and upgrade its products and services to meet the evolving demands of Chinese consumers, focusing on experience, quality, and content [9]. - The company is also exploring new business areas such as healthcare, with its Shanghai Deda Cardiovascular Hospital being the first wholly foreign-owned specialized hospital in China, enhancing medical quality and service standards [10].

Core Viewpoint - The participation of Swire Group at the China International Import Expo (CIIE) emphasizes its long-term commitment to the Chinese market through innovative practices and contributions to high-quality and sustainable development [1][4]. Group 1: Exhibition Highlights - Swire Group showcased its subsidiaries, including Swire Properties, Swire Coca-Cola, Cathay Pacific, Swire Marine, and the Port Machinery Group, under the theme "Lean and Innovative" [1]. - The exhibition featured a 400-square-meter interactive booth utilizing digital multimedia technology to illustrate the vitality of "new consumption" [3]. - Visitors experienced immersive interactions, such as a VR experience of Cathay Pacific's cabin space and a model of the Xi'an Taikoo Li project, highlighting the integration of historical culture and modern commerce [3]. Group 2: Innovation and Sustainability - The booth demonstrated Swire's exploration in digitalization, intelligence, and green transformation, showcasing applications of robotics and AI in aircraft maintenance [3]. - Swire Marine introduced its low-carbon solutions and logistics capabilities connecting China with Pacific island nations and Belt and Road markets [3]. - The exhibition presented various case studies reflecting Swire's commitment to sustainable development and the green transformation of industries [3]. Group 3: Future Commitment - Swire Group aims to combine its century-old craftsmanship with excellent operational principles, focusing on new opportunities in digitalization, intelligence, and green development [4]. - The company positions itself as a witness, participant, and beneficiary of China's modernization, contributing to high-quality development and sustainable future [4].

Core Viewpoint - The eighth China International Import Expo (CIIE) showcases Swire Group's commitment to the Chinese market through innovative practices in various sectors, emphasizing high-quality and sustainable development [1][4]. Group 1: Exhibition Highlights - Swire Group's exhibition theme is "Lean and Innovative," featuring subsidiaries such as Swire Properties, Swire Coca-Cola, Cathay Pacific, Swire Machinery, and Swire Shipping [1]. - The interactive booth spans 400 square meters, utilizing digital multimedia technology to illustrate the vibrancy of "new consumption" [3]. - Visitors can experience the integration of historical culture and modern commerce through the Xi'an Taikoo Li project model and enjoy an immersive experience of Cathay Pacific's cabin space using VR technology [3]. Group 2: Innovation and Sustainability - Swire Group demonstrates its exploration in digitalization, intelligence, and green transformation, showcasing applications of robotics and AI in aircraft maintenance [3]. - The Swire Shipping segment introduces its route layout and low-carbon solutions, highlighting innovative logistics services connecting China with Pacific island nations and Belt and Road markets [3]. - The exhibition presents specific cases that reflect Swire's commitment to sustainable development and long-term planning in promoting industrial green transformation [3]. Group 3: Future Commitment - Swire Group aims to combine its century-old craftsmanship with excellent operational principles, focusing on new opportunities in digital, intelligent, and green industrial development [4]. - The company positions itself as a witness, participant, and beneficiary of China's modernization, continuously injecting sustainable momentum into high-quality development [5].

Core Viewpoint - China is continuously expanding its openness, providing certainty in the current global landscape, which is crucial for multinational enterprises [1][3]. Group 1: Investment and Business Expansion - Swire Group is increasing its investment in China, evidenced by its expansion in commercial real estate, construction of green intelligent factories, and world-class aircraft maintenance facilities [3][4]. - The company is actively exploring new market opportunities in response to the evolving demands of Chinese consumers, particularly in healthcare and urban renewal [4]. Group 2: Innovation and Technology - At the recent China International Import Expo, Swire Group showcased innovations such as the Xi'an Taikoo Li project, which integrates traditional architecture with modern commercial spaces, and advanced digital maintenance technologies in aviation [3][4]. - The company emphasizes the importance of "new quality productivity" in the aviation maintenance sector, reflecting its commitment to technological advancement [3]. Group 3: Future Vision - Swire Group's future vision includes being a provider of quality living, a participant in China's modernization, and a practitioner of win-win cooperation under China's high-level opening-up policy [4][5]. - The company aims to deepen its integration into China's development landscape while responding to consumer expectations for high-quality living [5].

1. 已落成投資物業 辦公樓物業 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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 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。 SWIRE PACIFIC LIMITED 太古股份有限公司 (於香港註冊成立的有限公司) (股份代號：00019 及 00087) SWIRE PROPERTIES LIMITED 太古地產有限公司 (於香港註冊成立的有限公司) (股份代號：01972) 公告 太古地產有限公司 二零二五年第三季度 營運數據滙報 本滙報載述太古地產有限公司二零二五年第三季度若干營運數據資料。有關資料 乃根據內部管理紀錄編製，並未經外聘核數師審核或審閱。 | 租金調幅 (1) | 主要物業 | 租用率 | 租用面積 | 最新租金 | ( | 2025 | 截至 | 年 | ( | 巿值 | ) | (新簽訂或 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...

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告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 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。 SWIRE PACIFIC LIMITED 太古股份有限公司 (於香港註冊成立的有限公司) (股份代號：00019 及 00087) SWIRE PROPERTIES LIMITED 太古地產有限公司 (於香港註冊成立的有限公司) (股份代號：01972) 公告 太古地產有限公司 二零二五年第三季度 營運數據滙報 本滙報載述太古地產有限公司二零二五年第三季度若干營運數據資料。有關資料 乃根據內部管理紀錄編製，並未經外聘核數師審核或審閱。 1. 已落成投資物業 辦公樓物業 | 租金調幅 (1) | 主要物業 | 租用率 | 租用面積 | 最新租金 | ( | 2025 | 截至 | 年 | ( | 巿值 | ) | (新簽訂或 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- ...