Core Viewpoint - UBS research report identifies WH Group (00288) as a top industry pick for the past two years due to its unique integrated operating model, which includes packaged meat products, fresh pork, and pig farming, with diversified operations across China, the US, and Europe [1] Group 1 - UBS raises the target price for WH Group from HKD 8.5 to HKD 11 and reiterates a "Buy" rating [1] - The company is expected to enter a phase of lower earnings volatility, benefiting from a more stable outlook for US pig prices and a strategic shift towards higher-margin packaged meat products, which will enhance earnings visibility and shareholder returns [1] Group 2 - UBS has adjusted WH Group's earnings per share forecasts for 2025 and 2026 upwards by 1% and 4% respectively, anticipating year-on-year growth of 7% and 4% [1]

Group 1 - The Hong Kong Consumption ETF (159735) closed down 0.58% on February 24, with a trading volume of 75.27 million yuan [1] - The fund was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of February 13, 2023, the fund's latest share count was 1.09 billion shares, with a total size of 937 million yuan, reflecting an 18.49% increase in shares and a 29.01% increase in size year-to-date [1] Group 2 - The current fund manager is Li Yixuan, who has managed the fund since its inception, with a return of -14.04% during the management period [2] - Major holdings in the fund include Pop Mart (10.42%), Yum China (9.09%), Anta Sports (7.76%), Nongfu Spring (6.50%), and others, with respective market values and share counts detailed [2] - The fund's recent trading activity shows a cumulative trading amount of 2.004 billion yuan over the last 20 trading days, averaging 100 million yuan per day [1]

Core Viewpoint - Wan Cheng International (00288) has been identified as a preferred stock by UBS due to its unique integrated operating model, which includes packaged meat products, fresh pork, and pig farming across China, the US, and Europe [1] Group 1: Financial Performance and Projections - UBS has raised its earnings per share forecasts for Wan Cheng International by 1% and 4% for 2025 and 2026 respectively, expecting annual growth of 7% and 4% [1] - DBS noted that the reduction of pig farming capacity to 11.5 million heads will enhance profit margins, supported by favorable pork prices projected to rise by 9% in 2025 and lower feed costs [1] Group 2: Business Strategy and Market Outlook - The company is expected to enter a phase of lower earnings volatility, benefiting from a more stable outlook for US pig prices and a strategic shift towards higher-margin packaged meat products [1] - In 2026, the volume of packaged meat sales is anticipated to grow moderately, as pork remains a more affordable protein source compared to beef, with pricing power, product mix optimization, and ongoing efficiency improvements likely to drive mid-single-digit growth in operating profit [1]

Core Viewpoint - Wan Cheng International (00288) is experiencing a stock price increase, currently up 2.51% to HKD 10.2, with a trading volume of HKD 65.43 million. UBS has identified the company as a preferred stock due to its unique integrated operating model, which includes packaged meat products, fresh pork, and pig farming across China, the US, and Europe. The company is expected to enter a phase of lower earnings volatility, benefiting from stable US pig prices and a strategic shift towards higher-margin packaged meat products, which will enhance profitability and shareholder returns [1]. Group 1 - UBS has raised its earnings per share forecasts for Wan Cheng International by 1% and 4% for 2025 and 2026, respectively, anticipating annual growth of 7% and 4% [1]. - DBS previously noted that streamlining pig farming capacity to 11.5 million heads will help improve profit margins, alongside favorable pig prices (expected to rise by 9% in 2025) and lower feed costs, supporting double-digit growth in operating profit for Q4 2025 [1]. - In 2026, packaged meat sales are expected to grow moderately, as pork remains a more affordable protein source compared to beef, with pricing power, product mix optimization, and ongoing efficiency improvements likely to drive mid-single-digit growth in operating profit [1].

Core Viewpoint - UBS has identified WH Group as one of its top industry picks over the past two years due to its unique integrated operating model, which includes packaged meat products, fresh pork, and pig farming, with a diversified business presence across China, the United States, and Europe [1] Group 1 - The company is expected to enter a phase of lower earnings volatility, benefiting from a more stable outlook for U.S. hog prices and a strategic shift towards higher-margin packaged meat products, which will enhance earnings visibility and shareholder returns [1] - UBS has raised its earnings per share forecasts for WH Group for 2025 and 2026 by 1% and 4% respectively, anticipating annual growth rates of 7% and 4% [1] - The target price for WH Group has been increased from HKD 8.5 to HKD 11, with a reiterated "Buy" rating [1]

Group 1 - The core point of the article highlights that southbound funds have reduced their holdings in Wan Zhou International (00288.HK) by 2.4 million shares on February 23, with a total net reduction of 3.1252 million shares over the last five trading days [1] - Over the past 20 trading days, there have been 11 days of net reductions by southbound funds, totaling 3.1959 million shares [1] - As of now, southbound funds hold 783 million shares of Wan Zhou International, accounting for 6.09% of the company's total issued ordinary shares [1] Group 2 - Wan Zhou International Limited primarily engages in the pork business as an investment holding company [1] - The company operates through three segments: the meat products segment, which involves the production, wholesale, and retail of both low-temperature and high-temperature meat products; the pork segment, which handles the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming; and the other segment, which deals with poultry slaughtering and sales [1] - The other segment also provides supporting products and services, including logistics, production of seasonings and natural casings, manufacturing and selling packaging materials, operating financial and real estate companies, food retail chains, and trading of biomedical materials and meat-related products [1]

Core Viewpoint - The company, Wan Zhou International, will hold a board meeting on March 24, 2026, to consider and approve its annual performance for the year ending December 31, 2025, and to discuss the potential distribution of annual dividends, if any [1] Group 1 - The board meeting is scheduled for March 24, 2026 [1] - The meeting will focus on the annual performance for the year ending December 31, 2025 [1] - The company will also consider the distribution of annual dividends during the meeting [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，概不就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。 主席 萬隆 香港，二零二六年二月二十三日 於本公告日期，本公司執行董事為萬隆先生、郭麗軍先生、 萬宏偉先生及馬相傑先生； 本公司非執行董事為焦樹閣先生；及本公司獨立非執行董事為黃明先生、劉展天先生及 周暉女士。 董事會會議日期 萬洲國際有限公司（「本公司」）董事會（「董事會」）謹此公佈，本公司將於二零 二六年三月二十四日（星期二）舉行董事會會議，藉以（其中包括）考慮及批准本公 司及其附屬公司截至二零二五年十二月三十一日止年度業績，以及考慮派發年度股息 （如有）。 承董事會命 萬洲國際有限公司 WH Group Limited 萬 洲 國 際 有 限 公 司 （於開曼群島註冊成立的有限公司） (股份代號：288) ...

Group 1 - The core point of the news is that southbound funds have increased their holdings in Wan Zhou International (00288.HK) by 694,800 shares on February 13, 2026, with a total net increase of 1,479,300 shares over the last five trading days [1] - Over the past 20 trading days, southbound funds have reduced their holdings on 11 days, resulting in a total net decrease of 3,347,900 shares [1] - As of now, southbound funds hold 786 million shares of Wan Zhou International, accounting for 6.12% of the company's total issued ordinary shares [1] Group 2 - The company operates primarily in the pork business through three segments: meat products, pork, and others [2] - The meat products segment is involved in the production, wholesale, and retail of both low-temperature and high-temperature meat products [2] - The pork segment engages in the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming [2]

Core Viewpoint - The Hong Kong Consumption ETF (159735) has shown positive growth in both share count and fund size since the beginning of the year, indicating increased investor interest and market activity [1][2]. Group 1: Fund Performance - As of February 12, 2023, the Hong Kong Consumption ETF has a total share count of 1.09 billion and a total size of 941 million yuan [1]. - The fund's share count has increased by 18.49% and its size has grown by 29.67% since December 31, 2022, when the share count was 920 million and the size was 726 million yuan [1]. Group 2: Trading Activity - The cumulative trading amount for the Hong Kong Consumption ETF over the last 20 trading days is 1.973 billion yuan, with an average daily trading amount of 98.67 million yuan [1]. - In the year to date, the cumulative trading amount over 30 trading days is 2.655 billion yuan, with an average daily trading amount of 88.51 million yuan [1]. Group 3: Fund Management - The current fund manager of the Hong Kong Consumption ETF is Li Yixuan, who has managed the fund since its inception on May 25, 2021, with a return of -12.98% during the management period [2]. - The fund's top holdings include Pop Mart, Yum China, Anta Sports, Nongfu Spring, WH Group, Haier Smart Home, Shenzhou International, Midea Group, Li Ning, and Mengniu Dairy, with varying ownership percentages [2].