ab Global Research owered by UBS Evidence Lab YES P 10 January 2026 China Consumer Sector 2026 Outlook: are we at the beginning of consumer confidence recovery? Green shoots, but bumpy road: multi-year consumption recovery underway With MSCI China Consumer Discretionary/Staples trading at 17x/15x 12-month forward PE, c1SD below the 10-year averages, we believe the depressed valuations do not price in a consumption recovery. With consumer confidence trending up since Q324, we turned positive on the consumer ...

招商证券国际发表报告指，百威亚太成本集中确认与高基数重压去年第四季度盈利，惟利空大部分已消 化，需求拐点尚待确认。该行下调百威亚太2025和2026年EBITDA预测约5%，维持"中性"评级，目标价 为7.5港元。 ...

该行预计百威亚太去年第四季的自然收入同比跌5.4%，EBITDA则降10.5%，对比第三季跌幅分别为 8.4%及6.9%。 小摩表示，百威亚太的中国业务持续疲弱，韩国的增长则因较高基数而放缓，而印度的强劲增长亦未能 推动集团表现。虽然公司增加其在家庭渠道的广告和推广投资，中国的销量和利润仍然受压。 摩根大通发布研报称，预计百威亚太(01876)的自然销售及EBITDA将在2025年分别下降6.4%和8.6%，并 在2026至2027年录得4%、6%的年均增长。另外，该行预计公司的股息率可达5.7%，为其股价提供下行 支持，维持其"中性"评级，目标价由8.5港元下调至7.9港元。 ...

该行预计百威亚太去年第四季的自然收入同比跌5.4%，EBITDA则降10.5%，对比第三季跌幅分别为 8.4%及6.9%。 小摩表示，百威亚太的中国业务持续疲弱，韩国的增长则因较高基数而放缓，而印度的强劲增长亦未能 推动集团表现。虽然公司增加其在家庭渠道的广告和推广投资，中国的销量和利润仍然受压。 智通财经APP获悉，摩根大通发布研报称，预计百威亚太(01876)的自然销售及EBITDA将在2025年分别 下降6.4%和8.6%，并在2026至2027年录得4%、6%的年均增长。另外，该行预计公司的股息率可达 5.7%，为其股价提供下行支持，维持其"中性"评级，目标价由8.5港元下调至7.9港元。 ...

Group 1 - The core point of the news highlights the short-selling ratios and amounts for various companies, indicating significant market activity and investor sentiment towards these stocks [1][2][3] Group 2 - The top three companies by short-selling ratio are Anta Sports-R (82020) and Li Ning-R (82331) at 100.00%, and Tencent Holdings-R (80700) at 90.68% [1][2] - The highest short-selling amounts are recorded for Alibaba-W (09988) at 3.199 billion, Meituan-W (03690) at 1.835 billion, and Xiaomi Group-W (01810) at 1.518 billion [1][3] - Tencent Holdings-R (80700) has the highest deviation value at 45.50%, followed by Beike-W (02423) at 40.51% and China National Offshore Oil-R (80883) at 40.26% [1][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 致：香港交易及結算所有限公司 公司名稱: 百威亞太控股有限公司 呈交日期: 2026年1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) | 01876 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 18,000,000,000 | USD | | 0.00001 USD | | 180,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 18,000,000,000 | USD | | 0.00001 USD | | 180,000 | 本月底法定/註冊股本總額： USD 180,000 ...

Group 1 - Budweiser APAC (01876) announced that Mr. Nelson Jamel will resign as a non-executive director and member of the Audit and Risk Committee to seek other opportunities [1] - Mr. Fernando Tennenbaum will be appointed as a non-executive director and member of the Audit and Risk Committee [1] - Mr. John Blood, Mr. David Almeida, and Ms. Katherine Barrett will no longer serve as Mr. Jamel's alternate directors and will be appointed as Mr. Tennenbaum's alternate directors, effective from January 1, 2026 [1]

Group 1 - Budweiser APAC announced the resignation of Mr. Nelson Jamel as a non-executive director and member of the Audit and Risk Committee to seek other opportunities [1] - Mr. Fernando Tennenbaum will be appointed as a non-executive director and member of the Audit and Risk Committee [1] - Mr. John Blood, Mr. David Almeida, and Ms. Katherine Barrett will no longer serve as Mr. Jamel's alternate directors and will be appointed as alternate directors for Mr. Tennenbaum, effective from January 1, 2026 [1]

Group 1 - Budweiser APAC (01876.HK) announced changes in its board of directors effective January 1, 2026 [1] - Nelson Jamel will resign as a non-executive director and member of the Audit and Risk Committee to seek other opportunities [1] - Fernando Tennenbaum will be appointed as a non-executive director and member of the Audit and Risk Committee [1] - John Blood, David Almeida, and Katherine Barrett will no longer serve as alternate directors for Jamel and will be appointed as alternate directors for Tennenbaum [1]

Budweiser Brewing Company APAC Limited 百威亞太控股有限公司 非執行董事 鄧明瀟 （董事會聯席主席） （John Blood先生、David Almeida先生及Katherine Barrett女士為其替任董事） Ricardo Tadeu （John Blood先生、David Almeida先生及Katherine Barrett女士為其替任董事） Fernando Tennenbaum （John Blood先生、David Almeida先生及Katherine Barrett 女士為其替任董事） 獨立非執行董事 （於開曼群島註冊成立的有限公司） （股份代號：1876） 董事名單及其角色與職能 自2026年1月1日起，百威亞太控股有限公司董事會（「董事會」）成員將包含下列 七名董事： 執行董事 程衍俊 （董事會聯席主席） （John Blood先生、David Almeida先生及Katherine Barrett女士為其替任董事） 鄧明瀟 （主席） 楊敏德 郭鵬 香港，2025年12月31日 郭鵬 楊敏德 曾璟璇 董事會設有三個委員會。各委員會的成員將如下： ...