花旗发布研报称，将恒安国际(01044)2025至2027年各年净利润预测分别上调12.1%、18.8%及19.7%，主 要因为销售、管理及行政费用对销售额占比的预测获下调，并反映了花旗从近期的中国会议中得出的关 键要点，包括预计公司今年下半年将从低基数复苏，2026年展望稳定。因估值基准从2025年滚动至2026 年，花旗基于分类加总估值法，将公司目标价从23.1港元升至27港元，意味着其未来一年前瞻市盈率维 持11倍不变;又认为恒安未现重大结构性提升情况下，仍是一家收益型公司(收益率5.4%)，维持"中性"评 级。 ...

智通财经APP获悉，花旗发布研报称，将恒安国际(01044)2025至2027年各年净利润预测分别上调 12.1%、18.8%及19.7%，主要因为销售、管理及行政费用对销售额占比的预测获下调，并反映了花旗从 近期的中国会议中得出的关键要点，包括预计公司今年下半年将从低基数复苏，2026年展望稳定。因估 值基准从2025年滚动至2026年，花旗基于分类加总估值法，将公司目标价从23.1港元升至27港元，意味 着其未来一年前瞻市盈率维持11倍不变;又认为恒安未现重大结构性提升情况下，仍是一家收益型公司 (收益率5.4%)，维持"中性"评级。 ...

因估值基准从2025年滚动至2026年，花旗基于分类加总估值法，将公司目标价从23.1港元上调至27港 元，意味着其未来一年前瞻市盈率维持11倍不变；又认为恒安未现重大结构性提升情况下，仍是一家收 益型公司(收益率5.4%)，维持"中性"评级。 花旗发表研报指，将恒安国际2025至2027年各年净利润预测分别上调12.1%、18.8%及19.7%，主要因为 销售、管理及行政费用对销售额占比的预测获下调，并反映了花旗从近期的会议中得出的关键要点，包 括预计公司今年下半年将从低基数复苏，2026年展望稳定。 ...

Market Overview - Hong Kong stocks opened higher but closed lower, with the Hang Seng Index rising 0.24% to 26,095.05 points and a total turnover of 178.25 billion HKD [1] - The Hang Seng Tech Index fell 0.37% to 5,624.04 points, while the Hang Seng China Enterprises Index increased by 0.11% to 9,182.65 points [1] Blue Chip Performance - Galaxy Entertainment (00027) led blue-chip stocks, rising 2.81% to 40.98 HKD, contributing 3.88 points to the Hang Seng Index [2] - Other notable blue-chip performers included Hengan International (01044) up 2.69% and Budweiser APAC (01876) up 2.35% [2] - WuXi AppTec (02359) fell 3.13%, negatively impacting the index by 2.2 points [2] Sector Highlights - Macau's November gaming revenue reached 21.09 billion MOP, a 14.4% year-on-year increase, exceeding market expectations [4] - The mobile phone supply chain remained active, with notable gains in companies like AAC Technologies (02018) and BYD Electronics (00285) [4][5] - The automotive sector showed mixed results, with BYD (01211) up 2.19% while Xpeng Motors (09868) fell 5.52% [5][6] Notable Stock Movements - Conant Optical (02276) surged 10.58% to 54.85 HKD following the launch of AI glasses in collaboration with Alibaba [8] - Giga Biotech (02367) rose 8.53% after announcing a share buyback plan [9] - GAC Group (02238) increased by 7.32% due to positive management announcements regarding new battery technology and partnerships [10] - Longpan Technology (02465) saw a 4.1% increase amid industry price adjustments in lithium iron phosphate [11] - 3SBio (01530) faced pressure, dropping 4.61% after announcing a share placement to raise capital [12]

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11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: 恒安國際集團有限公司 呈交日期: 2025年12月1日 FF301 II. 已發行股份及/或庫存股份變動 | 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) | 01044 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,160,820,917 | | 1,300,000 | | 1,162,120,917 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 1,160,820,917 | | 1,300,000 | | 1,162,120,917 | 第 2 頁 共 10 頁 v 1.1.1 ...

Summary of the Conference Call for Hengan International Industry Overview - The consumer paper market is experiencing a slowdown in growth, but an increase in per capita usage and the penetration of high-margin products are driving price growth, leading to stable industry growth expectations [2][3] - The sanitary napkin market is seeing a decline in sales, but innovation in high-end products is pushing up unit prices, with future growth relying on high-end strategies [2][4] - The diaper market is significantly influenced by the number of newborns, necessitating differentiated products to increase average transaction value [2][4] Company Performance - Hengan International's brands, such as "Heart to Heart," hold a leading market share in the consumer paper sector, with an upward trend in the CR10 index [2][5] - The company reported sales exceeding 400 million yuan in 2024 and nearly 300 million yuan in the first half of 2025, with a significant increase in internal sales contribution [2][7] - The high-end brand Kimo has significantly boosted the diaper business, maintaining a growth rate of 20% [2][8] Product Innovation - Recent product launches include high-end items such as "Sunshine" and "Rong Lifang," which have positively impacted sales and gross margins. For instance, the price of "Sunshine" is 70% higher than traditional series [2][6] - The introduction of innovative products like "Rong Lifang," which utilizes CAD air-drying technology, has improved absorption and doubled the price compared to traditional products [2][6] Market Dynamics - The competitive landscape in the consumer paper industry remains stable, with major players maintaining their market shares while new entrants are eroding smaller brands' shares, leading to an increase in the CR10 index [5] - In the sanitary napkin sector, foreign brands are losing market share to domestic brands, which are aggressively investing in sales [5] - The diaper market is similarly affected, with significant declines in market share for foreign brands like Procter & Gamble and Kao, while domestic brands are rising [5] Cost and Profitability - Recent cost reductions are a key reason for optimism regarding Hengan International's performance in the second half of 2025. The prices of needle and broadleaf pulp are expected to decrease by 9.55% and 7.5%, respectively, which could restore profit margins by 3 percentage points [3][9][10] - The revenue structure shows that consumer paper accounts for 70% of revenue, while sanitary products account for 30%, but the profit contribution is reversed, with sanitary products contributing more [3][10] Valuation and Investment Outlook - Hengan International has a high dividend payout ratio, with a current valuation corresponding to an annual price-to-earnings ratio of approximately 11 to 12 times and a dividend yield of about 5.5% [3][11] - The company is expected to enhance its dividend levels due to short-term performance elasticity and long-term recovery expectations, making it an attractive investment in the Hong Kong stock market and the sanitary products sector [3][11]

Core Insights - Executive Director Xu Qingliu increased his stake in Hengan International (01044) by purchasing 200,000 shares at a price of HKD 27.8527 per share, totaling approximately HKD 5.5705 million [1] - Following this transaction, Xu's total shareholding in Hengan International rose to about 283 million shares, representing a holding percentage of 24.36% [1] Company Summary - Hengan International's stock was actively traded with a significant purchase made by an executive, indicating potential confidence in the company's future performance [1] - The increase in shareholding by a key executive may reflect positive sentiment towards the company's market position and growth prospects [1]

Group 1 - The core point of the article is that the executive director Xu Qingliu has increased his stake in Hengan International (01044) by purchasing 200,000 shares at a price of HKD 27.8527 per share, totaling approximately HKD 5.5705 million [1] - After the purchase, Xu Qingliu's total shareholding in Hengan International is approximately 283 million shares, representing a holding percentage of 24.36% [1]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) has shown a positive performance with a closing increase of 0.58% on November 24, 2023, and a trading volume of 1.7916 million yuan [1] Group 1: Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1] - The management fee is set at 0.30% annually, while the custody fee is 0.10% annually [1] - As of November 21, 2023, the fund has a total of 160 million shares and a total size of 166 million yuan [1] Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF has accumulated a total trading amount of 183 million yuan, with an average daily trading amount of 9.1706 million yuan [1] Group 3: Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception, achieving a return of 3.44% during their tenure [1] Group 4: Top Holdings - The ETF's top holdings include: - Hang Lung Properties: 1.08% holding, 496,000 shares, valued at 4.0664 million yuan - Jiangxi Copper: 1.08% holding, 122,000 shares, valued at 4.0565 million yuan - China Shenhua: 1.05% holding, 110,000 shares, valued at 3.9728 million yuan - Far East Horizon: 0.99% holding, 588,000 shares, valued at 3.7202 million yuan - CNOOC: 0.96% holding, 210,000 shares, valued at 3.6159 million yuan - Sino Land: 0.94% holding, 384,000 shares, valued at 3.5443 million yuan - PetroChina: 0.87% holding, 496,000 shares, valued at 3.2921 million yuan - Hengan International: 0.87% holding, 134,500 shares, valued at 3.2589 million yuan - Henderson Land: 0.81% holding, 122,000 shares, valued at 3.0452 million yuan - Bank of China Hong Kong: 0.81% holding, 91,000 shares, valued at 3.0623 million yuan [2]

Core Viewpoint - The Penghua Hong Kong Stock Connect Low Volatility Dividend ETF (159117) experienced a decline of 1.33% in its closing price on November 21, with a trading volume of 8.4005 million yuan [1]. Fund Overview - The fund was established on September 30, 2025, and is officially named Penghua S&P Hong Kong Stock Connect Low Volatility Dividend Index Securities Investment Fund [1]. - The management fee is set at 0.30% per annum, while the custody fee is 0.10% per annum [1]. - The performance benchmark for the fund is the S&P Hong Kong Stock Connect Low Volatility Dividend Index return (adjusted for exchange rates) [1]. Fund Size and Liquidity - As of November 20, the latest share count for the ETF is 161 million shares, with a total size of 170 million yuan [1]. - Over the past 20 trading days, the cumulative trading amount reached 218 million yuan, with an average daily trading amount of approximately 10.8994 million yuan [1]. Fund Management - The current fund managers are Yan Dong and Yu Zhanchang, both of whom have managed the fund since its inception on September 30, 2025, achieving a return of 6.76% during their tenure [1][2]. Top Holdings - The ETF's top holdings include: - Hang Lung Properties (1.08% holding, 496,000 shares, market value of 4.0664 million yuan) - Jiangxi Copper Co. (1.08% holding, 122,000 shares, market value of 4.0565 million yuan) - China Shenhua Energy (1.05% holding, 110,000 shares, market value of 3.9728 million yuan) - Far East Horizon (0.99% holding, 588,000 shares, market value of 3.7202 million yuan) - CNOOC (0.96% holding, 210,000 shares, market value of 3.6159 million yuan) - Sino Land (0.94% holding, 384,000 shares, market value of 3.5443 million yuan) - PetroChina (0.87% holding, 496,000 shares, market value of 3.2921 million yuan) - Hengan International (0.87% holding, 134,500 shares, market value of 3.2589 million yuan) - Henderson Land Development (0.81% holding, 122,000 shares, market value of 3.0452 million yuan) - Bank of China Hong Kong (0.81% holding, 91,000 shares, market value of 3.0623 million yuan) [2].