Core Insights - The 2025 Hurun Rich List was released, marking the 27th consecutive year of publication, with the wealth calculation deadline set for September 1, 2025. Zhong Shanshan, founder of Nongfu Spring, became the richest person in China for the fourth time with a wealth of 530 billion RMB [1][5]. Summary by Category Wealth Rankings - Zhong Shanshan's wealth increased by 190 billion RMB, reaching 530 billion RMB, setting a new record for the richest person in China [5][11]. - Zhang Yiming, founder of ByteDance, ranked second with a wealth of 470 billion RMB, an increase of 120 billion RMB, driven by advancements in AI [6][11]. - Ma Huateng, founder of Tencent, maintained third place with a wealth of 465 billion RMB, growing by 150 billion RMB due to performance in gaming, advertising, and fintech [6][11]. Overall Wealth Growth - The total wealth of listed entrepreneurs reached nearly 30 trillion RMB, a 42% increase from the previous year, adding 9 trillion RMB [3][12]. - A total of 1,434 individuals with wealth exceeding 5 billion RMB made the list, a 31% increase from last year [2][3]. Market Performance - As of September 1, 2025, major stock indices showed significant growth: Shenzhen Composite Index up 54%, Shanghai Composite Index up 36%, and Hang Seng Index up 42% [3][12]. - The rise in wealth among entrepreneurs is attributed to a recovery in the stock market and the realization of undervalued companies, leading to a re-evaluation of their market value [3][12]. New Entrants - The list featured 376 new faces, a sevenfold increase from the previous year, with notable newcomers including Xu Gaoming and Xu Dongbo from Laopu Gold, and Li Qibin and Qi Yan from Card Game [9][12]. - The top new entrants include founders of popular tea brands and other emerging companies, reflecting a diverse range of industries [9][12]. Geographic Distribution - The distribution of listed entrepreneurs shows a "3+2+3" pattern, with Shanghai, Shenzhen, and Beijing leading in density. Shanghai topped the list with 152 individuals, followed by Shenzhen with 147 and Beijing with 146 [12]. - The increase in the number of entrepreneurs in Shanghai and Shenzhen is primarily due to the recovery of the A-share market and the concentration of industries such as semiconductors and biomedicine in these regions [12].

Core Insights - The 2025 Hurun Rich List reveals a total of 1434 individuals with wealth exceeding 5 billion RMB, an increase of 340 from the previous year, with total wealth nearing 30 trillion RMB, marking a 42% growth compared to last year [1][3]. Group 1: Wealth Rankings - Zhong Shanshan, founder of Nongfu Spring, tops the list with a wealth of 530 billion RMB, marking his fourth time as China's richest person and setting a new record for wealth [1][4]. - Zhang Yiming, founder of ByteDance, ranks second with 470 billion RMB, having seen a wealth increase of 120 billion RMB, or 34% [5]. - Ma Huateng of Tencent holds the third position with 465 billion RMB, reflecting a 48% increase in wealth [5]. - Zeng Yuqun of CATL ranks fourth with 330 billion RMB, a 65% increase [5]. - Lei Jun of Xiaomi, with a wealth of 326 billion RMB, experienced the highest growth rate of 151%, marking his return to the top five after ten years [5]. Group 2: Newcomers and Growth Sectors - A total of 376 newcomers made the list, a sevenfold increase from last year, with the top newcomer being Xu Gaoming of Laopu Gold, with a wealth of 69.5 billion RMB [8]. - The sectors showing significant performance include new energy vehicles, consumer electronics, new consumption, computing power, and biomedicine [9][11]. - In the new energy vehicle sector, both Lei Jun and Zeng Yuqun saw substantial wealth increases, driven by favorable policies and global market demand [9]. Group 3: Regional Distribution - The top ten cities account for 60% of the total number of listed entrepreneurs, with the Yangtze River Delta region having 483 individuals, representing 34% of the total [12]. - Shenzhen has 147 entrepreneurs on the list, with a combined wealth of 2.9 trillion RMB, while Beijing has 146 individuals with a total wealth of 3.1 trillion RMB [12].

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]