Core Insights - The Chinese postal industry has seen a significant increase in delivery volume, with a total of 1,582.6 billion items delivered in the first nine months of the year, representing a year-on-year growth of 15% [1] - The express delivery sector specifically has shown robust growth, with a total of 1,450.8 billion items delivered, marking a year-on-year increase of 17.2% [1] Delivery Volume - In September alone, the postal industry completed a delivery volume of 183.4 billion items, which is an 11.2% increase compared to the same month last year [1] - The express delivery volume for September reached 168.8 billion items, reflecting a year-on-year growth of 12.7% [1] Revenue Performance - The total revenue for the postal industry in the first nine months amounted to 13,136.3 billion yuan, showing a year-on-year increase of 7.7% [1] - The express delivery sector generated a revenue of 10,857.4 billion yuan, which is an 8.9% increase compared to the previous year [1] Segment Analysis - In terms of delivery volume, same-city express deliveries totaled 118.7 billion items, growing by 4.3% year-on-year [1] - Intercity express deliveries reached 1,301.7 billion items, with a significant year-on-year increase of 18.6% [1] - International and Hong Kong/Macau/Taiwan express deliveries amounted to 30.4 billion items, reflecting a year-on-year growth of 13.7% [1] Decline in Other Services - The volume of postal letters decreased to 49 million items, a decline of 33.0% year-on-year [1] - Package deliveries totaled 21.08 million items, showing a slight decrease of 0.6% [1] - Newspaper deliveries fell to 12.21 billion copies, down 3.5% year-on-year, while magazine deliveries decreased to 450 million copies, a decline of 6.2% [1]

Market Overview - The Hang Seng Index fell by 245.78 points, a decrease of 0.94%, closing at 25,781.77 points [1] - The total turnover for the day was 227.536 billion HKD [1] - The Hang Seng China Enterprises Index dropped by 78.88 points, closing at 9,223.78 points, a decline of 0.85% [1] - The Hang Seng Tech Index decreased by 84.85 points, closing at 5,923.09 points, a drop of 1.41% [1] Blue-Chip Stocks - Tencent Holdings decreased by 1.11%, closing at 623.5 HKD [1] - Hong Kong Exchanges and Clearing fell by 1.58%, closing at 422.4 HKD [1] - China Mobile declined by 0.88%, closing at 84.45 HKD [1] - HSBC Holdings increased by 0.1%, closing at 102.5 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings fell by 0.26%, closing at 37.86 HKD [1] - Sun Hung Kai Properties decreased by 1.44%, closing at 92.35 HKD [1] - Henderson Land Development dropped by 0.87%, closing at 27.3 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.23%, closing at 4.36 HKD [1] - China Construction Bank fell by 0.13%, closing at 7.81 HKD [1] - Industrial and Commercial Bank of China increased by 0.17%, closing at 5.96 HKD [1] - Ping An Insurance dropped by 0.72%, closing at 55.5 HKD [1] - China Life Insurance decreased by 2.33%, closing at 24.36 HKD [1] Oil and Petrochemical Stocks - Sinopec increased by 0.24%, closing at 4.13 HKD [1] - PetroChina rose by 1.15%, closing at 7.89 HKD [1] - CNOOC increased by 0.93%, closing at 19.5 HKD [1]

Group 1 - UBS upgraded the investment rating of Cheung Kong Property (01113) from "Neutral" to "Buy," identifying it as the most undervalued stock among the real estate companies covered by the bank [1] - UBS removed Cheung Kong and Hang Seng Bank (00011) from its most bearish list, indicating a positive shift in outlook for these companies [1] - The bank's top picks include Henderson Land Development (00012), Sun Hung Kai Properties (00016), Link REIT (00823), Wynn Macau (01128), Galaxy Entertainment (00027), and Cathay Pacific Airways (00293), all rated "Buy" [1] Group 2 - Potential catalysts for value release in Cheung Kong include acquisitions of distressed Hong Kong commercial real estate assets, improving profitability of Hong Kong hotels, opportunities to convert hotels into student dormitories due to structural growth in non-local student enrollment, disposal of UK railway assets, and higher foreign exchange conversion gains following potential Fed rate cuts [1] - HSBC Holdings (00005) proposed privatizing Hang Seng Bank with an offer reflecting a price-to-book ratio of 1.8 times for the first half of the year, representing a valuation premium of 30% [1]

Core Viewpoint - UBS upgraded the investment rating of Cheung Kong Property from "Neutral" to "Buy," identifying it as the most undervalued stock among the real estate companies covered by the bank [1] Group 1: Potential Catalysts for Value Release - Potential catalysts for value release include acquisitions of distressed commercial real estate (CRE) assets in Hong Kong, continuous improvement in hotel profitability, and opportunities to convert hotels into student accommodations due to a structural increase in non-local student enrollment [1] - Additional catalysts mentioned are the disposal of UK railway assets and higher foreign exchange conversion gains following potential interest rate cuts by the Federal Reserve [1] Group 2: Stance on Hong Kong Banks and Developers - UBS maintains a "Neutral" stance on Hong Kong banks due to increased provisioning expenses related to commercial real estate exposure and risks of net interest margin contraction from a potential rate cut cycle [1] - The bank holds a "Positive" stance on Hong Kong developers, with top picks including Henderson Land, Sun Hung Kai Properties, Link REIT, Wynn Macau, Galaxy Entertainment, and Cathay Pacific, all rated as "Buy" [1] - Conversely, UBS is bearish on MTR Corporation, rating it as "Sell" [1]

Market Performance - The Hang Seng Index fell by 128.31 points, a decrease of 0.48%, closing at 26,829.46 points [1] - The National Enterprises Index dropped by 49.51 points, closing at 9,523.87 points, a decline of 0.52% [1] - The Hang Seng Tech Index decreased by 36.11 points, closing at 6,514.19 points, down by 0.55% [1] Blue Chip Stocks - Tencent Holdings decreased by 0.37%, closing at 675 HKD [1] - Hong Kong Exchanges and Clearing fell by 0.76%, closing at 445 HKD [1] - China Mobile dropped by 0.78%, closing at 83.2 HKD [1] - HSBC Holdings declined by 0.27%, closing at 110.6 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 1.39%, closing at 37.96 HKD [1] - Sun Hung Kai Properties rose by 1.23%, closing at 94.35 HKD [1] - Henderson Land Development fell by 0.22%, closing at 27.1 HKD [1] Chinese Financial Stocks - Bank of China decreased by 0.95%, closing at 4.16 HKD [1] - China Construction Bank fell by 0.14%, closing at 7.28 HKD [1] - Industrial and Commercial Bank of China dropped by 1.06%, closing at 5.6 HKD [1] - Ping An Insurance decreased by 0.94%, closing at 52.75 HKD [1] - China Life Insurance fell by 0.37%, closing at 21.78 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation remained unchanged, closing at 4.08 HKD [1] - China National Petroleum Corporation increased by 0.42%, closing at 7.15 HKD [1] - CNOOC Limited fell by 1.39%, closing at 18.5 HKD [1]

Group 1 - UBS upgraded the investment rating of Cheung Kong Group from "Neutral" to "Buy" based on attractive risk-reward dynamics [1] - The target price was raised from HKD 31 to HKD 42.9, reflecting a comprehensive valuation approach [1] - However, the earnings forecast for 2025 to 2027 was revised down by 18% to 24% based on the latest development progress [1]

Core Viewpoint - UBS upgraded the investment rating of Cheung Kong Holdings (01113) from "Neutral" to "Buy" based on attractive risk-reward dynamics, raising the target price from HKD 31 to HKD 42.9, despite lowering the profit forecast for 2025 to 2027 by 18% to 24% due to the latest development progress [1] Group 1: Investment Rating and Target Price - UBS raised the investment rating of Cheung Kong Holdings from "Neutral" to "Buy" [1] - The target price was increased from HKD 31 to HKD 42.9 [1] Group 2: Profit Forecast Adjustments - Profit forecasts for 2025 to 2027 were lowered by 18% to 24% based on the latest development progress [1] Group 3: Valuation and Catalysts - Despite a 24% increase in stock price year-to-date, Cheung Kong Holdings remains the lowest valued among major developers [1] - Several catalysts for value release include the acquisition of local distressed commercial real estate assets, continuous improvement in Hong Kong hotel business profitability, redevelopment of student dormitories, sale of UK railway assets, and increased foreign exchange gains from US interest rate cuts [1] - Potential share buybacks could also support the stock price [1]

Core Viewpoint - UBS has upgraded the investment rating of Cheung Kong Holdings (01113) from "Neutral" to "Buy" based on attractive risk-reward dynamics, raising the target price from HKD 31 to HKD 42.9, although it has lowered the earnings forecast for 2025 to 2027 by 18% to 24% due to the latest development progress [1] Group 1: Investment Rating and Target Price - UBS upgraded Cheung Kong Holdings' investment rating from "Neutral" to "Buy" [1] - The target price was increased from HKD 31 to HKD 42.9 [1] Group 2: Earnings Forecast Adjustment - UBS has adjusted the earnings forecast for 2025 to 2027 downwards by 18% to 24% based on the latest development progress [1] Group 3: Valuation and Catalysts - Despite a 24% increase in the stock price year-to-date, Cheung Kong Holdings remains the lowest valued among major developers [1] - Several catalysts for value release are identified, including the acquisition of local distressed commercial real estate (CRE) assets, ongoing improvement in the profitability of Hong Kong hotel operations, redevelopment of student dormitories, sale of UK railway assets, and potential foreign exchange gains from US interest rate cuts [1] - Potential share buybacks could also support the stock price [1]

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: 長江實業集團有限公司 呈交日期: 2025年10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) | 01113 | 說明 | 普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | HKD | | 1 | HKD | | 8,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | | HKD | | 0 | | 本月底結存 | | | 8,000,000,000 | HKD | | 1 | HKD | | 8,000,000,000 | 本 ...

Core Points - The Hang Seng Index rose by 494.68 points, an increase of 1.89%, closing at 26,622.88 points [1] - The total turnover for the day on the main board was 309.096 billion HKD [1] - The Hang Seng China Enterprises Index increased by 151.02 points, closing at 9,454.12 points, a rise of 1.62% [1] - The Hang Seng Tech Index gained 129.14 points, closing at 6,324.25 points, reflecting a growth of 2.08% [1] Blue Chip Stocks - Tencent Holdings rose by 2.48%, closing at 660 HKD [1] - Hong Kong Exchanges and Clearing increased by 2.79%, closing at 442.2 HKD [1] - China Mobile decreased by 0.12%, closing at 84.9 HKD [1] - HSBC Holdings rose by 1.97%, closing at 108.8 HKD [1] Local Hong Kong Stocks - Cheung Kong Holdings increased by 3.58%, closing at 37.58 HKD [1] - Sun Hung Kai Properties rose by 1.69%, closing at 93.15 HKD [1] - Henderson Land Development increased by 2.06%, closing at 27.7 HKD [1] Chinese Financial Stocks - Bank of China rose by 0.71%, closing at 4.23 HKD [1] - China Construction Bank increased by 1.36%, closing at 7.48 HKD [1] - Industrial and Commercial Bank of China rose by 0.53%, closing at 5.73 HKD [1] - Ping An Insurance increased by 2.1%, closing at 53.5 HKD [1] - China Life Insurance rose by 4.61%, closing at 22.22 HKD [1] Oil and Petrochemical Stocks - China Petroleum & Chemical Corporation rose by 0.74%, closing at 4.1 HKD [1] - China National Petroleum Corporation increased by 2.39%, closing at 7.28 HKD [1] - CNOOC Limited rose by 0.84%, closing at 19.28 HKD [1]