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10月31日 狀態: 新提交 | 2. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 第一類優先股 - 不設上限及無面值 | | | | | | 法定/註冊股份數目 | | 面值 | 法定/註冊股本 | | 上月底結存 | | | 80,200,000 | | | | 增加 / 減少 (-) | | | | | | | 本月底結存 | | | 80,200,000 | | | 致：香港交易及結算所有限公司 公司名稱: 宏利金融有限公司 呈交日期: 2025年11月6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) | 00945 | 說明 | ...

Core Viewpoint - The discussion centers around the valuation concerns of high-flying tech stocks, particularly Palunteer, amidst a backdrop of AI euphoria and market volatility [2][3]. Valuation Metrics - The company emphasizes the importance of using the PEG ratio (Price/Earnings to Growth) rather than just the PE ratio, as it provides a more accurate reflection of a company's valuation relative to its growth rate [3][5]. - Palunteer's growth rate is compelling, but it is coming off a low base, leading to concerns about its high PE ratio exceeding 100 [3]. Sector Performance - The technology sector is experiencing an aggregate earnings growth of 20%, which makes the elevated PE ratios more reasonable when normalized against this growth rate [5][6]. - Other sectors such as communication services, healthcare, and industrials are also showing strong earnings potential, particularly in 2026 [6]. Market Dynamics - The current market environment is characterized by high valuations and concentration risk, making it challenging to keep up with growth companies [6]. - The company is focused on identifying high-quality firms with strong return on equity (ROE) and low PEG ratios to navigate the market effectively [4]. Economic Context - There are concerns about the slowing economy, but corporate earnings estimates for 2025 and 2026 have been revised upward, indicating that companies are performing well despite economic headwinds [8][9]. - The health of the US consumer and job market is critical, as consumer spending drives economic activity, and a weakening job market could pose risks [9][10]. Federal Reserve Policy - The company believes the Federal Reserve's recent hawkish stance may negatively impact the economy, especially in light of a potential government shutdown [10][12]. - The Fed's actions, such as stopping quantitative tightening (QT), are seen as dovish and beneficial for the economy, but mixed signals from the Fed could create uncertainty in a fragile economic environment [12].

Core Insights - The article discusses the launch of the AI Creativity Competition by Manulife Hong Kong in partnership with Preface, aimed at empowering students in Hong Kong, Macau, and other Greater Bay Area cities to explore future career paths through artificial intelligence [1][3][5] Group 1: Competition Overview - The AI Creativity Competition invites primary and secondary students aged 6 to 18 to explore diverse career possibilities using AI technology [1][5] - The competition is divided into three age groups, with six finalists from each group competing for three major awards: "Future Career Visionary Award," "AI Creativity Excellence Award," and "Community Favourite Award" [6][10] - The total prize pool for the competition exceeds HK$15,000, with various prizes including laptops, subscriptions, and short courses [12][13] Group 2: Educational Initiatives - The competition is complemented by complimentary AI training workshops for the first 100 registrants, focusing on tools like ChatGPT and DALL•E to enhance creativity and application proficiency [9][10] - Workshops will be tailored for different age groups to ensure age-appropriate learning experiences, supported by Manulife's AI team and led by Preface instructors [9][10] Group 3: Industry Context - Research indicates that 65% of today's primary school students will work in jobs that do not yet exist, highlighting the need for technological knowledge and adaptability in the evolving job market [4] - By 2030, it is estimated that around 170 million new roles will be created globally, emphasizing the importance of equipping the next generation with skills for the AI era [4]

Core Insights - Manulife is sponsoring The Hinton Lectures, an annual series focused on AI safety, led by Nobel Laureate Geoffrey Hinton, to enhance public understanding of AI risks and benefits [1][3][4] - The lectures will feature global experts, including Owain Evans, and will take place from November 10-12, 2025, in Toronto [3][5] - Manulife emphasizes its commitment to ethical AI use through its Responsible AI Principles, aiming to deliver long-term societal benefits [2][4] Company Commitment - Manulife's sponsorship of The Hinton Lectures reflects its dedication to responsible AI development and public dialogue on AI safety [3][4] - The company was ranked first in AI maturity within the life insurance sector and among the top five in the overall insurance industry according to the Evident AI Index [4] Event Details - The Hinton Lectures will be open to the public and available via livestream, organized by the AI Safety Foundation in collaboration with the Global Risk Institute [5]

二零二五年十一月十二日星期三 (多倫多時間) 香港時間: 二零二五年十一月十三日星期四 截至二零二五年九月三十日止季度的財務報表將於會議上提呈董事會批准。 宏利金融有限公司 董事會會議通告 本公司謹定於加拿大多倫多舉行董事會會議: 宏利金融有限公司 助理公司秘書 Scott MacIntosh 多倫多，二零二五年十月十七日 ...

Core Viewpoint - The upcoming earnings season is crucial for market direction, with a focus on earnings as the primary driver of stock performance rather than political developments [1][5][6] Earnings Insights - The technology and financial sectors have shown the best earnings revisions, indicating a symbiotic relationship where technology profits bolster financial sector profits [2][3] - Current expectations for earnings growth are around 8%, which is lower than the previous two quarters' growth of approximately 13% [7][8] - The S&P 500 is projected to have earnings growth of about 14% next year, while technology earnings growth is anticipated to be around 20% into 2026, which may be challenging to achieve [8][9] Global Earnings Comparison - U.S. earnings growth is significantly outperforming other regions, with European earnings growing at about 1% year-over-year and China's earnings showing no growth [10][11] - The S&P 500 earnings are growing at approximately 10-11%, making the U.S. market the most attractive for investment opportunities in global equities [11]

Core Viewpoint - The Federal Reserve has decided to lower the federal funds rate by 25 basis points to a target range of 4% to 4.25%, marking the first rate cut since December of the previous year, in response to signs of economic slowdown and persistent inflation above the 2% target [2][5]. Group 1: Economic Indicators - Federal Reserve officials noted a slowdown in job growth and a slight increase in the unemployment rate, indicating signs of weakness in the labor market [2]. - Inflation remains slightly above the 2% target, prompting discussions on monetary policy adjustments [2]. Group 2: Rate Cut Details - The voting result for the September meeting was 11 to 1, with the only dissenting vote advocating for a 50 basis point cut [3]. - More than half of the participating officials expect at least two more rate cuts this year, while some anticipate only one or no further cuts through 2025 [3]. Group 3: Market Implications - The rate cut is expected to benefit foreign consumption, as a weaker dollar allows for more favorable exchange rates for those holding renminbi [9]. - The dollar depreciation creates a temporary window for investment in overseas assets, particularly in Hong Kong dollar-denominated insurance policies [10]. Group 4: Insurance Sector Considerations - Insurance companies may face challenges in maintaining profitability as lower interest rates could affect their investment returns on new bonds [14]. - Strong investment capabilities will be crucial for insurance firms to navigate market volatility and achieve stable returns for clients [14][15].

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 宏利金融有限公司 呈交日期: 2025年10月8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) | 00945 | 說明 | 普通股-不設上限及無面值 | | | | | | 法定/註冊股份數目 | | 面值 | 法定/註冊股本 | | 上月底結存 | | | | | | | 增加 / 減少 (-) | | | | | | | 本月底結存 | | | | | | | 2. 股份分類 | 優先股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 第一類優先股 - 不設上限及無面值 | | | | | ...

Market Overview - The current market is characterized by strong momentum and technical factors, with valuations at approximately 23 times forward earnings, indicating that markets are priced for perfection in an imperfect environment [2][3] - The performance of international markets, such as the MSCI EA, which is up 30% this year despite only 1% earnings growth, raises questions about the sustainability of such trends [4][5] Earnings and Valuations - The earnings growth in the United States is crucial, with high-quality companies showing the best earnings revisions, which supports the current market performance [3][7] - Concerns exist regarding the reliance on AI-driven growth, suggesting that without AI, earnings growth may be limited [6][7] Investment Strategy - The focus is on investing in higher quality stocks with robust balance sheets within the technology sector while avoiding more speculative investments [8] - Midcap stocks are highlighted as a favorable investment area, trading at a 30% discount compared to large-cap counterparts, particularly in sectors like industrials and regional banks benefiting from M&A activity [11][15] Market Risks - The primary risk identified is the absence of perceived risk in the market, which could lead to a potential bubble [11] - There is a noted frustration among CEOs of midcap companies regarding the lack of attention to their earnings growth, despite strong performance [14]

Core Insights - The article emphasizes the importance of the Zacks Rank system in identifying strong stocks through earnings estimates and revisions [1] - Value investing is highlighted as a favored strategy that seeks to find undervalued companies in the market [2] - Manulife Financial Corp (MFC) is presented as a notable value stock with a Zacks Rank of 2 (Buy) and a Value grade of A [3] Valuation Metrics - MFC has a Price-to-Book (P/B) ratio of 1.67, which is lower than the industry average of 1.95, indicating solid valuation [4] - The P/B ratio for MFC has fluctuated between 1.43 and 1.75 over the past 12 months, with a median of 1.62 [4] - MFC's Price-to-Cash Flow (P/CF) ratio stands at 12.65, which is attractive compared to the industry average of 15.36 [5] - The P/CF ratio for MFC has ranged from 11.85 to 16.32 in the past 52 weeks, with a median of 12.92 [5] Investment Outlook - The combination of MFC's strong valuation metrics and positive earnings outlook suggests that it is likely undervalued at present [6]