Group 1 - The core point of the article highlights that southbound funds have increased their holdings in Wan Zhou International (00288.HK) by 806,000 shares on February 3, with a total net increase of 4.81 million shares over the last five trading days and 8.08 million shares over the last twenty trading days [1] - As of now, southbound funds hold 789 million shares of Wan Zhou International, representing 6.14% of the company's total issued ordinary shares [1] Group 2 - Wan Zhou International Limited primarily engages in the pork business and operates through three segments: meat products, pork, and others [1] - The meat products segment is involved in the production, wholesale, and retail of both low-temperature and high-temperature meat products [1] - The pork segment focuses on the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming [1] - The other segment includes poultry slaughtering and sales, as well as providing related products and services such as logistics, seasoning production, and financial services [1]

Core Viewpoint - The Hong Kong Dividend ETF (工银, 159691) experienced significant net redemptions, indicating a trend of outflow from this fund, which may reflect investor sentiment and market conditions [1][2]. Fund Performance - As of February 3, the latest scale of the Hong Kong Dividend ETF is 85.4 billion yuan, with a net outflow of 28.23 million yuan on that day, representing 0.33% of the previous day's scale [1]. - Over the past five days, the fund faced net redemptions totaling 68.26 million yuan, ranking 15th out of 212 in cross-border ETF net outflows [1]. - In the last ten days, the total net redemptions reached 202 million yuan, ranking 7th out of 212 [1]. - Over the past 20 days, the fund saw net redemptions of 332 million yuan, ranking 8th out of 212 [1]. Fund Size and Liquidity - The current share count of the Hong Kong Dividend ETF is 6.282 billion shares, with a scale of 85.4 billion yuan, showing a 3.80% decrease in shares and a 1.24% increase in scale since December 31, 2025 [2]. - The cumulative trading amount over the last 20 trading days is 6.501 billion yuan, with an average daily trading amount of 325 million yuan [2]. - Year-to-date, the cumulative trading amount is 7.151 billion yuan, with an average daily trading amount of 325 million yuan [2]. Fund Management - The current fund managers are Liu Weilin and He Shun, with Liu managing since March 30, 2023, achieving a return of 36.96%, while He is set to manage from May 30, 2024, with a return of 14.67% [2]. Top Holdings - The fund's top holdings include: - China National Offshore Oil Corporation (14.55% holding) - China Shenhua Energy (9.65% holding) - China Pacific Insurance (8.90% holding) - China Hongqiao Group (7.68% holding) - CLP Holdings (7.53% holding) - WH Group (7.36% holding) - Power Assets Holdings (6.21% holding) - Haier Smart Home (3.50% holding) - People's Insurance Company of China (3.42% holding) - CSPC Pharmaceutical Group (3.41% holding) [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 | | | 致：香港交易及結算所有限公司 公司名稱: 萬洲國際有限公司 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 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) | 00288 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 50,000,000,000 | USD | | 0.0001 | USD | | 5,000,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 50,000,000,000 | USD | | 0.0001 | USD | | 5,000,000 | 本月底法定/註冊股本總額： USD 5,000,000 ...

Core Viewpoint - Wan Cheng International (00288) shows signs of recovery in the Chinese market, with expected growth in packaged meat sales driven by the expansion of professional distributors and emerging retail channels [1] Group 1: Chinese Market Performance - The company’s sales in China are stabilizing, with a forecasted low single-digit growth in packaged meat sales by Q4 2025, benefiting from the expansion of distribution channels [1] - Average selling prices may slightly decline year-on-year due to the introduction of more affordable products, but profitability per ton is expected to remain stable due to lower pork costs [1] - Management aims for a mid-single-digit sales growth in 2026, supported by improved price differentials and product structure optimization [1] Group 2: U.S. Market Performance - The growth momentum in the U.S. market continues, with a reduction in hog farming capacity to 11.5 million heads expected to enhance profit margins [1] - Favorable pork prices, projected to rise by 9% in 2025, along with lower feed costs, are anticipated to support double-digit growth in operating profit for Q4 [1] - In 2026, moderate growth in packaged meat sales is expected, as pork remains a more affordable protein source compared to beef, with pricing power and product mix optimization likely to drive mid-single-digit growth in operating profit [1] Group 3: Earnings Forecast - Based on improved profit outlooks in the U.S. and Europe, the company’s earnings forecast for the fiscal year 2026 has been raised by 2% [1]

Core Viewpoint - Wan Zhou International (00288) shows signs of recovery in the Chinese market, with expected growth in packaged meat sales driven by the expansion of professional distributors and emerging retail channels [1] Group 1: Chinese Market Performance - The company is expected to achieve low single-digit growth in packaged meat sales by Q4 2025, which is an improvement compared to previous quarters [1] - Average selling prices may slightly decline year-on-year due to the introduction of more affordable products, but profitability per ton is expected to remain stable due to lower pork costs [1] - Management aims for mid single-digit sales growth in 2026, supported by improved price differentials and product structure optimization [1] Group 2: U.S. Market Performance - The growth momentum in the U.S. market continues, with a reduction in hog farming capacity to 11.5 million heads expected to enhance profit margins [1] - Favorable pork prices, projected to rise by 9% in 2025, along with lower feed costs, are anticipated to support double-digit growth in operating profit for Q4 [1] - In 2026, moderate growth in packaged meat sales is expected, as pork remains a more affordable protein source compared to beef; pricing power, product mix optimization, and ongoing efficiency improvements may drive mid single-digit growth in operating profit [1] Group 3: Earnings Forecast - Based on improved profit outlooks in the U.S. and Europe, the company's earnings forecast for the fiscal year 2026 has been raised by 2% [1]

Core Viewpoint - Southbound funds reduced their holdings in WH Group Limited (00288.HK) by 1.5343 million shares on February 2, while experiencing net increases in holdings on 2 out of the last 5 trading days, totaling a net increase of 1.7537 million shares [1] Group 1: Southbound Fund Activity - Over the last 20 trading days, WH Group has seen net increases in holdings from southbound funds on 11 days, with a total net increase of 1.6021 million shares [1] - As of now, southbound funds hold 788 million shares of WH Group, representing 6.14% of the company's total issued ordinary shares [1] Group 2: Company Overview - WH Group Limited is primarily engaged in the pork business and operates through three segments [1] - The meat products segment is involved in the production, wholesale, and retail of both chilled and frozen meat products [1] - The pork segment handles the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, as well as pig farming [1] - The other segment is engaged in poultry slaughtering and sales, along with providing related products and services such as logistics, seasoning production, packaging materials manufacturing, and operating financial and real estate companies [1]

Group 1 - The Hong Kong Dividend ETF (ICBC, 159691) closed down 3.71% on February 2, with a trading volume of 472 million yuan [1] - The fund was established on March 30, 2023, with an annual management fee of 0.45% and a custody fee of 0.07% [1] - As of January 30, 2024, the fund's latest share count was 6.306 billion, with a total size of 8.691 billion yuan, reflecting a 3.43% decrease in shares and a 3.03% increase in size since December 31, 2025 [1] Group 2 - The current fund managers are Liu Weilin and He Shun, with Liu managing since March 30, 2023, achieving a return of 39.18%, while He is set to manage from May 30, 2024, with a return of 16.38% [2] - The fund's top holdings include China National Offshore Oil Corporation (14.55%), China Shenhua Energy (9.65%), and China Pacific Insurance (8.90%), among others [2][3]

Core Viewpoint - The Invesco Great Wall Hong Kong Stock Connect Dividend Low Volatility ETF (159569) experienced a decline of 2.81% on February 2, 2024, with a trading volume of 56.36 million yuan [1] Fund Overview - The fund was established on August 14, 2024, with an annual management fee of 0.50% and a custody fee of 0.08% [1] - As of January 30, 2025, the fund had 343 million shares outstanding and a total size of 478 million yuan, showing a 1.72% decrease in shares and a 2.60% increase in size compared to December 31, 2024 [1] Liquidity Analysis - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 690 million yuan, with an average daily trading amount of 34.49 million yuan [1] - Since the beginning of the year, the ETF has seen a cumulative trading amount of 726 million yuan over 21 trading days, with an average daily trading amount of 34.58 million yuan [1] Fund Management - The current fund managers are Gong Lili and Wang Yang, with Gong managing the fund since August 29, 2024, achieving a return of 45.41%, while Wang has managed it since August 13, 2025, with a return of 3.51% [2] Top Holdings - The ETF's top holdings include: - China COSCO Shipping (8.86% of holdings) - Orient Overseas International (7.48%) - Yanzhou Coal Mining (5.65%) - Seaspan Corporation (4.52%) - Yancoal Australia (4.46%) - WH Group (3.76%) - China Shenhua Energy (3.63%) - Far East Horizon (3.39%) - CNOOC (3.27%) - Sinopec (3.26%) [2][3]

Group 1 - The core viewpoint of the report indicates that WH Group (万洲国际) is experiencing stabilization in the Chinese market with a recovery in sales, expecting low single-digit growth in packaged meat sales by Q4 2025, driven by the expansion of professional distributors and emerging retail channels [1] - The average selling price may see a slight year-on-year decline due to the introduction of more affordable products, but profitability per ton is expected to remain stable due to lower pork costs [1] - For 2026, management aims for mid-single-digit sales growth, supported by improved price differentials and product mix optimization to drive profit growth [1] Group 2 - In the U.S. market, momentum continues with a reduction in hog farming capacity to 11.5 million heads, which is expected to enhance profit margins, alongside favorable pork prices projected to rise by 9% in 2025 and lower feed costs, supporting double-digit growth in operating profit for Q4 [1] - In 2026, packaged meat sales are expected to grow moderately, as pork remains a more affordable protein source compared to beef; pricing power, product mix optimization, and ongoing efficiency improvements may drive mid-single-digit growth in operating profit [1] - The firm has raised its earnings forecast for FY2026 by 2% based on improved profit outlooks in the U.S. and Europe [1]

Core Viewpoint - DBS has released a report indicating that WH Group (00288) is experiencing stabilization in the Chinese market with a recovery in sales, projecting low single-digit growth in packaged meat sales by Q4 2025, primarily due to the expansion of professional distributors and emerging retail channels [1] Summary by Category Chinese Market - WH Group's sales are recovering in China, with expectations of low single-digit growth in packaged meat sales by Q4 2025, benefiting from the expansion of professional distributors and new retail channels [1] - Average selling prices may slightly decline year-on-year due to the introduction of more affordable products, but profitability per ton is expected to remain stable due to lower pork costs [1] - Management aims for mid-single-digit sales growth in 2026, supported by improved price differentials and product structure optimization to drive profit growth [1] US Market - The momentum in the US market continues, with a reduction in hog farming capacity to 11.5 million head aiding profit margin improvement [1] - Favorable pork prices (projected to rise by 9% in 2025) and lower feed costs are expected to support double-digit growth in operating profit for Q4 [1] - Packaged meat sales may see moderate growth in 2026, as pork remains a more affordable protein source compared to beef; pricing power, product mix optimization, and ongoing efficiency improvements are likely to drive mid-single-digit growth in operating profit [1] - The profit outlook for 2026 has been revised upward by 2% based on improved profit prospects in the US and Europe [1]