Core Viewpoint - The announcement from MTR Corporation (00066) regarding changes in the leadership of the Transport and Logistics Bureau indicates a transition in governance that may impact the company's strategic direction and operational oversight [1] Group 1: Leadership Changes - Mr. Cai Jieming will cease to serve as the Permanent Secretary of the Transport and Logistics Bureau starting from October 27, 2025, and will no longer be the alternate director for the non-executive director of the Transport and Logistics Bureau, Ms. Chen Meibao [1] - Mr. Qiu Zhuoheng will take over as the Permanent Secretary of the Transport and Logistics Bureau from November 17, 2025, and will become the alternate director for the non-executive director of the Transport and Logistics Bureau, Ms. Chen Meibao [1]

Core Points - 港铁公司 announced changes in its board structure related to the Transport and Logistics Bureau [1] Group 1 - 蔡杰铭 will no longer serve as the permanent secretary of the Transport and Logistics Bureau starting from October 27, 2025, and will also cease to be the alternate director for the non-executive director of the company [1] - 丘卓恒 will take over as the permanent secretary of the Transport and Logistics Bureau starting from November 17, 2025, and will become the alternate director for the non-executive director of the company [1]

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。 (1) 替任董事之退任 MTR CORPORATION LIMITED 香港鐵路有限公司 （「本公司」 ） （ 於香港成立之有限公司 ） (股份代號﹕ 66) 替任董事之變更 本公司宣布以下變更： 本公司宣布以下變更： 運輸及物流局局長是本公司的非執行董事，由香港特別行政區 （「香港 特區」）行政長官依據《香港鐵路條例》（香港法例第 556 章）委任。運 輸及物流局局長委任了 （其中包括 ） 運輸及物流局常任秘書長 為其替任 董事。 除上文另有披露外，於本公告日期，丘先生： 因 蔡傑銘先生 將 自 202 5 年 1 0 月 2 7 日起不再擔任 運輸及物流局常任秘書 長 ，因此自同日起 他 亦 將 不再為本公司非執行董事運輸及物流局局長 （陳 美 寶 女 士 ） 的替任董事 。 蔡先生 已確認 他 與本公司董事局 （「董事局」） 並無任何意見分歧，就上述有關他 退任本公司替任董事一事上，亦沒有其 他事 ...

Group 1 - Morgan Stanley raised its year-end targets for the MSCI Hong Kong Index (MXHK) to 13,000 and 14,000 points, with potential targets for 2026 of 14,366, 15,522, and 16,679 points, indicating potential increases of 8%, 16%, and 25% respectively [1] - The recovery trend in Hong Kong has been significant since 2023, with strong financial market performance and a stabilizing residential property market, making valuations attractive compared to historical levels and other markets [1] - Morgan Stanley maintains a positive outlook for Hong Kong for the next year, favoring stocks such as Hong Kong Exchanges and Clearing (00388), Futu Holdings (FUTU.US), Galaxy Entertainment (00027), MGM China (02282), Techtronic Industries (00669), China State Construction International (03311), Henderson Land Development (00012), and MTR Corporation (00066) [1] Group 2 - Year-to-date, the MSCI Hong Kong Index (MXHK) has returned 26% in USD terms, and its forecasted P/E ratio remains 0.3 standard deviations below the 10-year average, making Hong Kong the cheapest market in the Asia-Pacific region, excluding ASEAN [2]

Core Viewpoint - Morgan Stanley reports that the MSCI Hong Kong Index (MXHK) has returned 26% in USD terms year-to-date, indicating that Hong Kong remains one of the cheapest markets in the Asia-Pacific region, excluding ASEAN, with a forecasted P/E ratio still 0.3 standard deviations below the 10-year average [1] Group 1: Market Performance - The MXHK index's year-to-date return of 26% highlights a significant recovery trend in Hong Kong since 2023 [1] - The financial market performance in Hong Kong has been strong, and the residential property market is stabilizing [1] Group 2: Valuation and Forecast - Morgan Stanley has raised its year-end targets for MXHK to 13,000 and 14,000 points, assuming the index maintains or increases its P/E ratio relative to the past 10 years [1] - Potential targets for the end of 2026 are set at 14,366, 15,522, and 16,679 points, representing potential increases of 8%, 16%, and 25% respectively [1] Group 3: Investment Recommendations - The firm maintains a positive outlook for Hong Kong, expecting continued capital inflows, and has upgraded the telecommunications services sector to "overweight" [1] - Preferred stocks include Hong Kong Exchanges and Clearing (00388), Futu Holdings (FUTU.US), Galaxy Entertainment (00027), MGM China (02282), Techtronic Industries (00669), China State Construction International (03311), Henderson Land Development (00012), and MTR Corporation (00066) [1]

Group 1 - The Hong Kong government announced the appointment of Jin Zepai as the new chairman of the MTR Corporation, effective January 1, 2026, for a term of three years until December 31, 2028 [1] - The outgoing chairman, Au Yeung Pak Kwan, has served since July 2019 and has made significant contributions to the company [3] - The MTR Corporation plays a crucial role in Hong Kong's transportation, carrying over 5 million passengers daily [3] Group 2 - Jin Zepai expressed his honor in being appointed and aims to lead the MTR Corporation in its continued development [3] - The Transport and Logistics Bureau Secretary, Chen Meibao, emphasized the importance of innovative technology to enhance safety, efficiency, and reliability in the railway system [3] - The new chairman is expected to uphold the mission of the MTR Corporation in contributing to Hong Kong's development and integration with the mainland [3]

| | | 審核及 | | | | 環境及 | 財務及 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 執行 委員會 | 風險 委員會 | 提名 委員會 | 薪酬 委員會 | 工程 委員會 | 社會責任 委員會 | 投資 委員會 | 科技 顧問小組 | | 董事局成員 | | | | | | | | | | 非執行董事 | | | | | | | | | | 歐陽伯權 博 士 | | | M | M | | C | | | | (主 席 ) | | | | | | | | | | 許正宇 (財經事務及庫務局局長 ) | | | | M | | | M | | | 運輸及 物 流 局局長 | | | M | | | | | | | (陳美寶) | | | | M | | | | | | 發展局常任秘書長 (工 務 ) | | | | | M | | | M | | (劉俊傑 ) | | | | | | | | | | 運輸署署長 (李頌恩 ) | | M | | | | M | | | | 獨立非執行董事 | | | | | | | ...

Group 1 - The current CEO of MTR Corporation, Dr. Jacob Kam, has been appointed as a non-executive director, effective after his term as CEO ends on January 1, 2026 [1] - Dr. Kam will also be appointed as the chairman of the company, with a term from January 1, 2026, to December 31, 2028 [1] - Alongside his role as chairman, Dr. Kam will chair the Environmental and Social Responsibility Committee and be a member of the Nomination Committee and the Remuneration Committee [1] Group 2 - Dr. Ouyang Bo-kwan will step down as chairman after his term ends on December 31, 2025, and will also resign from his positions as a director and committee member [1] - Independent non-executive director Mr. Wong Kwan-man has been appointed as a member of the Finance and Investment Committee, effective from October 14, 2025, and will no longer serve on the Audit and Risk Committee [1]

Group 1 - The current CEO of MTR Corporation, Dr. Jin Zepai, has been appointed as a non-executive director, effective after his term as CEO ends on January 1, 2026 [1] - Dr. Jin will also be appointed as the chairman of the company, with a term from January 1, 2026, to December 31, 2028 [1] - Alongside his role as chairman, Dr. Jin will chair the Environmental and Social Responsibility Committee and be a member of the Nomination Committee and the Remuneration Committee [1] Group 2 - Dr. Ouyang Boquan will step down as chairman after his term ends on December 31, 2025, and will also resign from his positions as director and committee member [1] - Independent non-executive director Mr. Huang Guanwen has been appointed as a member of the Finance and Investment Committee, effective from October 14, 2025, and will no longer serve on the Audit and Risk Committee [1]

格隆汇10月14日丨港铁公司(00066.HK)宣布：(1)现任行政总裁金泽培博士已获委任为公司非执行董 事，该任命将于其担任行政总裁的任期届满后生效，届时他亦将不再担任执行总监会成员，上述所有变 更将于2026年1月1日生效；(2)根据《章程细则》第117(a)条，财政司司长法团已知会公司，金博士将获 委任为公司主席，任期将会自2026年1月1日起至2028年12月31日止（包括首尾两日）；(3)在金博士成 为公司主席的同时，他亦会成为公司环境及社会责任委员会主席、提名委员会成员以及薪酬委员会成 员；(4)欧阳伯权博士将会在其任期于2025年12月31日届满后退任主席一职，并将退任公司董事、环境 及社会责任委员会主席、提名委员会成员以及薪酬委员会成员；及(5)公司独立非执行董事黄冠文先生 已获董事局委任为公司财务及投资委员会成员，并同时不再担任公司审核及风险委员会成员，自2025年 10月14日起生效。 ...