Core Viewpoint - Citigroup forecasts that WH Group's operating profit will see low to mid-single-digit growth by Q4 2025, with slight declines in China, flat performance in the US and Mexico, and high double-digit growth in Europe [1] Group 1: Financial Projections - The bank anticipates WH Group's operating profit for 2026 will achieve mid to high single-digit growth, driven by a turnaround in China from loss to profit due to sales growth [1] - The US and Mexico operations are expected to see mid to high single-digit growth due to efficiency improvements, while Europe is projected to grow between 10% to 20% from both sales and efficiency enhancements [1] Group 2: Valuation and Ratings - Citigroup believes WH Group's valuation remains attractive, with a forecasted price-to-earnings ratio of 8.8 times for 2026 and a dividend yield of 6.8% [1] - The bank maintains a "Buy" rating on WH Group, raising the target price from HKD 8.7 to HKD 9.5 [1]

Core Viewpoint - The Hong Kong Consumption ETF (159735) has seen significant net inflows, indicating growing investor interest in the fund and the underlying consumer sector in Hong Kong [1][2]. Group 1: Fund Performance - As of January 14, the Hong Kong Consumption ETF (159735) recorded a net subscription of 4.8298 million yuan, ranking 27th out of 208 in cross-border ETF net inflows for the day [1]. - The fund's latest size is 814 million yuan, up from 802 million yuan the previous day, reflecting a 0.60% increase in net inflow relative to the previous day's size [1]. - Over the past five days, the fund has accumulated a net subscription of 69.8219 million yuan, ranking 28th out of 208 in cross-border ETF net inflows [1][2]. Group 2: Fund Details - The Hong Kong Consumption ETF (159735) was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [2]. - The fund's latest share count is 1.007 billion shares, with a year-to-date increase of 9.46% in shares and a 12.08% increase in size compared to December 31, 2025 [2]. - The fund has a total trading volume of 922 million yuan over the last 20 trading days, averaging 46.0913 million yuan per day [2]. Group 3: Holdings and Composition - Major holdings in the Hong Kong Consumption ETF include Alibaba (19.54%), Tencent (16.59%), and Pop Mart (7.99%), among others, with the total market value of these holdings detailed [3]. - The ETF tracks the Hong Kong Consumption CNY index (931455), and its performance is compared with another fund, Hong Kong Consumption (513590), which has a smaller size and negative net subscriptions [3].

Core Viewpoint - The Hong Kong Consumption ETF (159735) has seen significant net inflows, indicating growing investor interest in the fund and the underlying consumer sector in Hong Kong [1][2]. Group 1: Fund Performance - As of January 12, the Hong Kong Consumption ETF (159735) recorded a net subscription of 28.1 million CNY, ranking 16th out of 207 in cross-border ETF net inflows for the day [1]. - The fund's latest size is 792 million CNY, up from 759 million CNY the previous day, reflecting a 3.70% increase in net inflow relative to the prior day's size [1]. - Over the past five days, the fund has accumulated a net subscription of 48.1 million CNY, ranking 25th out of 207 in cross-border ETF net inflows [1]. Group 2: Fund Details - The Hong Kong Consumption ETF (159735) was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [2]. - The fund's latest share count is 980 million, with a year-to-date increase of 6.52% in shares and a 9.16% increase in size compared to December 31, 2022 [2]. - The fund has a total trading volume of 901 million CNY over the last 20 trading days, with an average daily trading volume of 45.1 million CNY [2]. Group 3: Holdings and Composition - Major holdings in the Hong Kong Consumption ETF (159735) include Alibaba (19.54%), Tencent (16.59%), and Pop Mart (7.99%), among others, with total holdings reflecting a diverse exposure to the consumer sector [3]. - The ETF tracks the Hong Kong Consumption CNY Index (931455), and its performance is compared with another ETF, Hong Kong Consumption (513590), which has a smaller size of 230 million CNY [3].

WH Group (0288.HK) Conference Call Summary Company Overview - **Company**: WH Group - **Industry**: Consumer & Leisure - **Date of Call**: January 9, 2026 Key Takeaways 1. 4Q25 Performance - **China Business**: - Packaged meat business expected to see low single-digit percentage (LSD%) volume growth with stable unit profits - Fresh pork anticipated to experience a small year-over-year (yoy) profit decline due to intense competition and weak demand - Hog segment projected to incur a small loss in 4Q25 - Poultry segment showed recovery, registering million USD profits - **US Business**: - Strong performance driven by solid hog production - Management incentives expenses reduced by USD 20-30 million, contributing to significant operating profit (OP) growth - **Europe Business**: - Gradual improvements noted with strong profit growth attributed to packaged meat business and USD 20 million savings at headquarters [2][7][10][12] 2. 2026 Outlook - **China Business**: - Management confident in achieving mid-single-digit percentage (MSD%) yoy volume growth for packaged meat, supported by new channels - Improved profitability expected across fresh meat, hog production, and poultry production - **US Business**: - Healthy OP growth anticipated, driven by resilient hog production and better pricing strategies in packaged and fresh meat - **Europe Business**: - Management targets double-digit percentage (DD%) yoy OP growth, with fewer external challenges and slight improvements in fresh hog and hog production [2][10][12] 3. Dividend Payout Policy - Management optimistic about long-term shareholder returns, planning to increase the recurring payout ratio from a baseline of 50% due to strong past performance and a healthy balance sheet [2][15] 4. Financial Projections - **Revenue Forecast**: - 2025: USD 25.94 billion - 2026: USD 27.84 billion - **EBITDA Forecast**: - 2025: USD 3.16 billion - 2026: USD 3.25 billion - **EPS Forecast**: - 2025: USD 0.11 - 2026: USD 0.12 - **P/E Ratio**: - 2025: 6.2x - 2026: 8.9x - **Dividend Yield**: - 2025: 9.1% - 2026: 6.7% [20] 5. Risks and Challenges - **US Business Risks**: - Potential slowdown in economic activity affecting consumer spending and demand - Margin pressures from increased promotional spending and higher raw material costs - **China Business Risks**: - Volatility in live hog prices and inflation risks in commodities - Food safety issues could impact consumer trust and financials negatively [18][19] 6. Strategic Initiatives - **Emerging Channels**: - 20% of sales volume in 2025, with a growth rate of approximately 30% yoy - Focus on innovative products and collaborations with membership retailers like Sam's Club and Costco - **CAPEX Plans**: - Management expects USD 150-200 million CAPEX for normalization in the US and USD 400-450 million in Europe [11][13][17] 7. M&A Activity - Acquisition of German packaged meat producer Wolf announced in October 2025, aimed at increasing profitability through existing supply chain synergies [17] Conclusion WH Group is positioned for healthy growth in 2026 across its business segments, with a strong focus on shareholder returns and strategic initiatives to enhance profitability. However, the company faces several risks that could impact its performance, particularly in the US and China markets.

Core Viewpoint - The Huabao S&P Hong Kong Stock Connect Low Volatility Dividend ETF (159220) has shown a slight decline in its closing price and has experienced a modest increase in its scale since the end of 2025, indicating stable performance in a volatile market [1]. Group 1: Fund Performance - As of January 7, 2025, the fund closed down by 0.50% with a trading volume of 20.57 million yuan [1]. - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1]. - The fund's latest share count is 512 million, with a total scale of 311 million yuan, reflecting a 0.00% increase in shares and a 0.98% increase in scale since December 31, 2025 [1]. Group 2: Trading Activity - Over the last 20 trading days, the cumulative trading amount for the fund reached 716 million yuan, with an average daily trading amount of 35.78 million yuan [1]. Group 3: Fund Management - The current fund managers are Yang Yang and Hu Yijiang, both of whom have managed the fund since its inception on April 29, 2025, achieving a return of 20.30% during their tenure [2]. Group 4: Top Holdings - The fund's top holdings include Jiangxi Copper Co. (3.33%), Hang Lung Properties (3.17%), China Shenhua Energy (3.10%), and others, with their respective market values and share counts detailed [3].

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 FF301 第 1 頁 共 10 頁 v 1.1.1 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1月5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 | ...

Core Viewpoint - The conference highlighted the positive growth trajectory of Shuanghui's meat products business, emphasizing innovation and digital transformation as key drivers for future success in 2026 [4][6]. Group 1: Company Performance - In 2025, Shuanghui achieved good development in sales, revenue, and profit due to its industrial chain advantages and resilient channel layout [4]. - The meat products sector has seen steady improvement in sales since Q2 2025, supporting the company's stable growth amid challenging market conditions [6]. Group 2: Strategic Initiatives - Shuanghui plans to enhance its channel and terminal services through organizational, product, channel, and model innovations to achieve breakthrough progress in 2026 [4]. - The company aims to implement a "Four Modernizations" strategy, focusing on professional reforms and accelerating digital transformation [6]. Group 3: Market Trends and Product Development - The company is aligning its product development with current market consumption trends, with a focus on new product launches [11]. - The 2026 strategy includes a commitment to industrialization, diversification, internationalization, and digitalization to adapt to market changes and enhance competitiveness [22]. Group 4: Recognition and Collaboration - The conference recognized outstanding distributors with awards for various categories, highlighting the importance of collaboration in achieving market success [10]. - Discussions during the event focused on market trends, channel strategies, and product sales, aiming to enhance market competitiveness through practical dialogue [18].

Core Insights - Southbound funds increased their holdings in WH Group Limited (00288.HK) by 19.44 million shares on December 18, indicating strong investor interest [1] - Over the past five trading days, there has been a cumulative net increase of 108 million shares, with southbound funds increasing their holdings on 5 out of those 5 days [1] - In the last 20 trading days, there has been a cumulative net increase of 125 million shares, with southbound funds increasing their holdings on 15 out of those 20 days [1] - Currently, southbound funds hold 748 million shares of WH Group, representing 5.82% of the company's total issued ordinary shares [1] Company Overview - WH Group Limited primarily engages 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 focuses on the slaughtering of live pigs, wholesale and retail of fresh and frozen pork, and pig farming [1] - The other segment is engaged in poultry slaughtering and sales, as well as providing related products and services, including logistics, seasoning production, and packaging materials [1]

Group 1 - China Petroleum & Chemical Corporation (Sinopec) launched a special action to enhance the market value of its listed companies during an investor communication event held on December 16 [1] - The action aims to improve investment value and increase shareholder returns through three main aspects: enhancing governance efficiency, improving the return system, and optimizing capital layout [1][2] - The governance efficiency will focus on management enhancement, strategic development planning, capital operation, and talent development in the capital market [1] - The return system will emphasize quality information disclosure, investor relations management, and a stable cash dividend policy, along with share buybacks to enhance shareholder returns [1] - The capital layout optimization will involve mergers and acquisitions, equity financing, and adjustments to the industrial layout to enhance the overall market value of listed companies during the 14th Five-Year Plan period [1] Group 2 - The event included executives from nine listed companies under Sinopec, as well as representatives from state-owned securities regulatory agencies, central enterprises, and financial institutions [2] Group 3 - The U.S. stock market saw the Dow Jones Industrial Average and S&P 500 decline for three consecutive days, while large tech stocks mostly rose [3] - The Dow Jones fell by 302.3 points to close at 48,114.26, a decrease of 0.62%, and the S&P 500 dropped by 16.25 points to 6,800.26, a decline of 0.24% [3] - The Nasdaq Composite Index increased by 54.05 points to 23,111.46, a rise of 0.23%, with Tesla reaching a historic high [3] Group 4 - The European Union is preparing to propose easing emissions regulations for new cars, effectively abolishing the ban on internal combustion engines, allowing manufacturers to slow down the rollout of electric vehicles [4] - This move aligns the EU's policies more closely with the U.S., where former President Trump is rolling back automotive efficiency standards [4] - Ford has announced a $19.5 billion charge related to its electric vehicle business overhaul due to the profitability challenges faced by global automakers [4] Group 5 - The Ministry of Commerce of China announced that starting December 17, 2025, anti-dumping duties will be imposed on imported pork and pork products from the EU for a period of five years [5] - The anti-dumping duties will be calculated based on the customs-determined taxable price of the imported goods [5] Group 6 - China Energy Engineering Corporation announced that the first phase of the world's largest green hydrogen and ammonia integrated project, the Zhongnengjian Songyuan Hydrogen Energy Industrial Park, has officially commenced operations [6][7] Group 7 - Kangfeng Biotechnology received approval from the National Medical Products Administration for its anti-reflux system, enhancing the diversity of its product portfolio [8] Group 8 - Hansoh Pharmaceutical entered into a licensing agreement with Glenmark for the commercialization of Amivantamab, a treatment for non-small cell lung cancer [9] - The agreement includes upfront payments and potential milestone payments exceeding $1 billion, along with tiered royalties on net sales in the licensed regions [9] Group 9 - Shandong High Holding signed an EPC contract for a wind farm project in Guangxi, marking its active integration into the clean energy sector [10] Group 10 - MMG Australia Limited and Minmetals North-Europe signed a sales agreement for Rosebery concentrate, covering 100% of production for 2026 and 2027, with an expected annual output of approximately 6,000 dry metric tons [11] Group 11 - China General Nuclear Power Corporation announced the commencement of full construction for the Ningde Unit 6 nuclear reactor, marking a significant milestone in its development [12] Group 12 - Daqi Pharmaceutical received approval in Malaysia for its drug Selinexor to treat relapsed or refractory diffuse large B-cell lymphoma in adult patients [13] Group 13 - CIMC Enric's first large-scale biomass methanol project in Guangdong officially commenced production, with an expected annual capacity of 50,000 tons [14] - The project aims to achieve full operational capacity before the 2026 Spring Festival, contributing significantly to revenue [14][15] - The company is also exploring a second phase of the project, with plans for an annual output of 200,000 tons by 2027 [15]

Group 1: 52-Week Highs - A total of 37 stocks reached 52-week highs as of December 16, with the top three being Base Champion Group (08460) at 25.00%, HYGIEIA GROUP (01650) at 22.88%, and Kangqiao Yuelife (02205) at 22.34% [1] - The closing prices for the top three stocks were 1.000, 0.140, and 0.700 respectively, with their highest prices being 1.000, 0.145, and 1.150 [1] - Other notable stocks that reached new highs include Sunlight Holdings (08451) at 21.62% and Aobang Construction (01615) at 15.15% [1] Group 2: 52-Week Lows - Gome Retail (00493) recorded the largest decline at -21.43%, with a closing price of 0.014 and a lowest price of 0.011 [2] - XL Second South Strategy - U showed a decline of -17.49%, closing at 1.516 with a lowest price of 1.510 [2] - Other significant declines include Semmy Holdings (00756) at -12.50% and Dexin Service Group (02215) at -10.45% [2] Group 3: Additional Declines - Jindong Group - SWR experienced a decline of -1.09%, closing at 100.200 with a lowest price of 99.700 [3] - Shimao Group (00813) saw a decrease of -1.00%, with a closing price of 0.199 and a lowest price of 0.198 [3] - Other companies with minor declines include Huaxia Holdings (01981) at -0.99% and Joy City (06626) at -0.81% [3]